The books for 2011 in The Arlington are closed and here are the results...
The Arlington had a just less than average year with 28 units sold, which was 10 less than the 2010 figure, but just slightly below the 31 unit average over the past 5 years. One needs to remember that 2010 sales got a pretty good goosing from the expanded home buyer tax credit, which greatly expanded the pool of buyers from the original credit created in 2009.
The early part of the year provided a great time to list a unit in the association, with 14 units of half of the entire years sales going under contract in two the months of March & May. As other condominiums across the country experienced, The Arlington's FHA certificate expired on June 1 and did not get renewed until mid-July. Since FHA insured loans are normally used for financing for 55%-60% of sales in the community, this put a definite "Speed Bump" in showings and contracts that really didn't go away until August. As is the case year after year, those units that had been updated properly (we are living in a HGTV world now) had the lowest number of days on the market and a higher net sales price. A few units tried to aggressively price for the dated condition of the unit, but this had limited results.
As the holidays came into clear view in early November, many owners elected to take their units off the market, as buyers tend to get distracted at that time of the year. A good question is how many of the units will be brought back to the market as we ramp into the Spring Market? Stay tuned to my blog and I will provide monthly updates to activity so that you have the true lay of the real estate land in The Arlington.
So far in 2012, it appears that buyers were waiting for the holidays to end to get back to business... 3 units have gone under contract since the dropped in Times Square fourteen days ago. Currently, there are just 2 units fully available in the 2 Bed/1 Bath configuration and 2 in the 3 Bed/2 Bath. The fact that interest rates for FHA & conventional 30 year fixed loans are below 4% again is almost certainly one of the driving factors in this activity increase. That and a great location that feels suburban, but very walkable to ample dining, live theatre, movies, shopping and the new County Library.
The Arlington is a garden style condominium development of 518 units that were originally built as apartments and then converted into condos in 1980. Spread over 24 acres, the community boasts 2 outdoor pools, 2 tennis courts, well over 500 trees (yes, they count and log all the major trees in the community), ample green spaces, unassigned surface parking in 17 parking lots and street parking on Wakefield Rd and S. 28th St. The close-in location is a community within the Shirlington real estate market and is conveniently located well within the Capital Beltway (I-495) and close to the Pentagon and Washington, DC.
If you are thinking of putting your unit in The Arlington, or elsewhere in Shirlington on the market this Spring, give me a call for a confidential consultation on your unit to see if it's ready for Prime Time!