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Market Conditions in Arlington : Real Estate Advice

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  • Local Info16
  • Home Buying52
  • Home Selling5
  • Market Conditions8

Activity 13
Tue Nov 22, 2016
Jennifer Daube answered:
A lot of investors tend to have their leases June-June to minimize vacancies, however, I would do July-july to give time to for families to finish school.
0 votes 1 answer Share Flag
Tue Jul 22, 2014
Matt Leighton answered:
No. It can't.

Just in the past 10 years there has been a tremendous amount of new inventory:

--New condo buildings
--New apartment buildings
--New homes

Right now we are seeing a demand for these because of 1) wealthy young families from out of town coming for jobs, 2) recent grads who benefit from a good job out of college/and help with finances from parents, and 3) move-up buyers that can afford the high prices.

It is inevitable that it can't grow at the same rate. New construction right now goes for between $1.2M and $1.8M. This is a huge chunk of the market. In fact, homes that sold for $1M + represent (I will have to double check) around 40-45% of the market of homes being sold.

But can it continue? Younger generations are graduating college with a tremendous amount of student loans and are in no position to buy a home, much less in Arlington. That is in addition to the younger demographic that does not value home ownership as much as generations before.

These two factors could limit Arlington's long-term growth.

In the next 5-10 years, there should be steady growth but nothing like we've seen in the past 10 years.
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Thu Mar 13, 2014
Adrienne Cicero answered:
Check out http://www.c21redwood.com/arlington-va-real-estate to search real estate available for sale in Arlington, and check out some of our very knowledgeable agents!

-Adrienne
0 votes 27 answers Share Flag
Fri Oct 18, 2013
Edith Karoline Jasser answered:
What is the exact question you are having?
Sincerely yours,
Edith YourRealtor4Life & Chicago and Northern Illinois Expert

Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE 
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties Brokerage, 30 Green Bay Road, Winnetka, Illinois 60093
EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)
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Fri Mar 29, 2013
Peg Bell answered:
According to a quick tax record search that I just conducted, the average home sale price in Country Club Hills for the year ending 1986 would have been appx $318,000
If I am reading your question correctly, you just need an average of all homes sold, not the specific sale price of the home that your family inherited at that time. As another respondent said, I can look up the specific sale price of the home in question if you provide an address.

If you would like or need the report I pulled with additional detail, please feel free to email me at: pbell@mcenearney.com or pegbell.realtor@gmail.com
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Sun Jan 27, 2013
albertodipl answered:
If you buy now...sell within 5 years. Tele-commuting will DEVESTATE the real estate market any where near DC. Over the next 5 years, Tele-commuting will increase 10 fold. People are going to buy cheaper homes farther out if they only have to go to the office once a week. I already have friends that are doing this and dumping their "close to work" homes. As the surrounding businesses in the DC area and VA lose customers that no longer live or frequent the area, places like Pentagon City and Crystal City will get run down and look more like housing projects. ... more
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Mon Nov 26, 2012
Rich Homer answered:
Best to go directly to a local pro at "Find a Pro" in the header of this website for local advice.
http://www.naplesrealestateguys.com/
0 votes 6 answers Share Flag
Mon Nov 26, 2012
Rich Homer answered:
Best to go directly to a local pro at "Find a Pro" in the header of this website for local advice.
http://www.naplesrealestateguys.com/
0 votes 9 answers Share Flag
Thu May 24, 2012
Adolphus T Miner Jr (301) 821-3136 answered:
Hello,

I think for sure the value of the respective properties in Arlington,Va will continue hold their value. There are some great plans slated for Arlington and they are happening as we speak. The best is still yet to come for this beautiful area of Virginia. It has the great erban life, great jobs, close to Georgetown and metro, etc... If you are planning to purchase in this neighborhood you will not be disappointed. ... more
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Wed May 4, 2011
Susanne answered:
I have lived in Arlington for 23 years and in the DC area for 43 -- I came here in 1964 to attend college at GWU. Yes, you can find what you want at that price in Arlington, which has excellent schools. I lived in Fairlington Villages for a few years. They were originally built WWII era, so they are SOLID (although I could hear the small children in the adjacent wall screaming when they were put to bed), are brick on all sides. They are town house style with small back yard patios, plenty of green space, several small community pools. Fairlington has about 14 different style "regular apts." that sit one atop the other. There are 6 villages, a few thousand units, with many rental units by the individual owners. Fairlington is convenient to bus lines that take you to the Pentagon, where you catch the Metro to Capitol Hill.

You DON"T want to drive to work, even if you get "free" parking with your Capitol Hill job (no hope of that parking space if you work on the Senate side, some hope if you are working on the House side).

If you have/plan to have children, Arlington's schools are THE BEST. No racial problems, only 20,000 children in the school system. Fairfax County has over 160,000 KIDS in the school system. Somehow, Arlington never runs short of money (unlike Fairfax), so in hard economic times, the schools don't really "cut back." Services are MARVELOUS here in the "People's Republic of Arlington," where things are done by consensus -- known as "the Arlington Way," we talk it to death over a period of several years of study.

Yes, welcome to sticker shock, but rents are as bad -- expect to pay over $2,000 for a 2 BR 2 BA new rental apt. in Arlington which isn't even walking distance to Metro. Many new buildings were built with the intention that they'd be sold as condos, but the market has soured, so they are rental and LOVELY. But, you pay for parking, all utilities, etc., and have a GORGEOUS exercise room, party room, 24 hr. attended front desk, etc.

Remember the 3 most important words in real estate: "LOCATION, LOCATION, LOCATION." There is always a market for Arlington properties, but the further out you go, the harder it is to sell.

When you say "30 min." you mean RUSH HOUR. My husband's office mates HOWLED when a new hire, a political appointee, who had househunted ONE WEEKEND came in on a Monday and reported that he'd bought a house "only 15 min. from the office!!" Sure, when he did the drive on SUNDAY MORNING, but otherwise, on a DRY WEEKDAY, the drive took well over an hour. His wife wanted a place with room for horses.

The commute killed him and he left after a year.

There isn't a "bad neighborhood" in Arlington and there isn't a less expensive one either, unfortunately. Things used to be cheaper in South Arlington (on the other side of Rt. 50, the dividing line between north and south).

Well priced homes sell FAST -- sometimes before the first open house.

Advice: Choose a FULL TIME realtor, tell them EXACTLY what you want. Think SERIOUSLY about renting for a year, unless you think your boss won't lose the 2012 election.

I have owned a condo in the District for 34 years -- hundred year old bldg, renovated in 1976, 704 sq. ft., one bedroom plus den, purchased in 1977 for $42,000, in a PLAIN JANE no elevator 3 story bldg. whose only amenity is the coin operated machines in the laundry room. NO JOKE. My unit is on the first floor. Current assessment: $367,000. No nighttime street parking, 20 min. walk to Metro. Public schools are not great. Lovely neighborhood, but how much time does anyone spend walking around the "hood?" And, in this EXCELLENT NEIGHBORHOOD, CRIME is a problem -- muggers figure wealthy people carry money -- we don't, we carry credit cards!!

Good luck. Now you will find out why Federal govt. salaries are allegedly so "high." Wait until you buy groceries, the food prices are out of sight because there is no competition -- only 2 grocery store chains!!

I love it here (why else would I have remained for 47 years?). Mild winters, people from everywhere around the country and internationally as well. Extremely well educated. Interested in current events, etc.

Susanne
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0 votes 12 answers Share Flag
Mon Oct 4, 2010
Bret Brock answered:
If you can share the condition of the property, # of bedrooms/baths at that time it would be a big help. When those obvious parameters are out of the way alot of the mystery is revealed. The local mls MRIS has some data that dates back around that time, but some of it is guess work which will be pulled from tax records. I've been selling houses 22207 since '95. I'd be excited to help you with this project. ... more
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Fri Sep 10, 2010
Anna M Brocco answered:
Keep in mind that rates will depend on location, what's included or not --for example heating, competition in the area, etc.
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Sat Oct 17, 2009
Don Tepper answered:
Assuming Matt's number of 1.8-2.0 million is correct (the IRS says 1.4 million had done so by September 17--see http://www.irs.gov/newsroom/article/0,,id=213375,00.html ), I'd guess the actual number might be in the range of 1.3-1.4 million.

The large majority of the 1.8-2.0 million will have been renters. However, that doesn't take into consideration the number of college graduates (and some high school graduates) who might not have previously been classified as renters. According to the Bureau of Labor Statistics, an estimated 1.24 million bachelor degrees were awarded in 2008. See http://www.bls.gov/opub/ooq/2000/Fall/art01.pdf So, add in a few more who graduated from graduate school, subtract about the same number who probably went on to graduate school, and throw in some high school graduates, and you have an additional population of at least 1.25 million eligible buyers. True, a lot of them will rent. Some will return home to live with their parents. But let's say that 10% of them buy. Maybe they saved the money themselves. Maybe their parents helped with the down payment. (Anything to keep Junior from moving back in!) Maybe after 21 years they were just tired of living at home, living in dorms, etc., and finally wanted a place of their own. I'd be willing to guess that at least 125,000 college graduates (and probably closer to 200,000, maybe even higher) purchased a home in 2009.

Hope that helps.
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