U r b a n T r e k k e r

Bees at Work

I was just looking to take pictures of the streets around where I live, when I heard the bees buzzing around these flowers. It's fascinating to see how they work. And these guys work really heard. 

Check this out. 

Streets of Arlington: Clarendon

When you have a camera and wandering around the neighborhood, this is what you get. Pictures of streets in Clarendon.

How is the (Housing) Market?

“How is the market?” That’s usually the first intro question that anyone I’d met in my past career life as a Realtor, would ask me. Listening to what agents have told me, at the present time, there is a shortage of supply.

According to the new report by Delta Associates and MRIS (Metropolitan Regional Systems), the Mid-Atlantic housing market showed signs of moderate recovery. No housing boom yet. But it’s moving. Via Washington Post.

Sales volume was up 9 percent over the same time a year ago, and prices ticked up 3.3 percent. The average home spent 71 days on the market, down from 110 days during the first quarter last year -- the shortest time since 2006.

First American Logic reports that home prices in Washington-Arlington-Alexandria, including sales of foreclosed homes (also known as distressed properties), increased by 4.48 percent in February 2010 compared to the same period last year.

REPORTS FOR NORTHERN VIRGINIA and WASHINGTON DC

NVAR (Northern Virginia Association of Realtors) region – Arlington and Fairfax counties:

The total number of homes sold in March up by 4.62 percent from 1,384 to 1,448 homes. Average days on market dropped from 89 days to 52 days. Homes for sale currently under contract (for the same period) increased by 12.49% from 2,306 in 2009 to 2,594 in 2010. That brings to year-to-date sales price of $429,605, up from $385,285 or 11.5%.

Among the three types of dwellings – single family, townhouse and condo – sales of condos actually improved a lot in March, it’s up from 385 to 446 units.

Here’s why we have shortage in the market, via NVAR.

• total number of active listings drop 10.37% from 8,096 to 7,232 homes for sale.
• inventory of homes falls 14.33% for number of months supply 4.99 months.

GCAAR (Greater Capital Area Association of Realtors) – Washington DC:

SINGLE FAMILY HOME

Total number of single family homes sold in March up 49.5% from 204 to 305 units, which brings the year-to-date sales of 742 units up 39.2 from last year at 533 homes. However, the average sales price have been trending down. In 2009, average sales was $551,236. March 2010, the average sales price was $487,648, a drop of 11.5%. Ditto for median sales: from $408,000 to $335,000 or 17.89%. [via GCCAR]

 
 via: GCAAR

Homes for sale supply up 11.7% from 599 units to 669 units. In comparison to last year, single family homes supply on a year-to-date basis drop by 30.6%. This is the same situation Northern Virginia faced: shortage of supply.

CONDOMINIUM

The number of condominium sold up 19.2% from 172 to 205 condos. What’s striking is the number of condos under contract: it’s up 58.5% from 248 to 395 units. Year to date data showed an increase of under contract condos up 40.3%, from 590 to 828 units.

Sales price stay flat at $408,000- $409,000 level. Even median price shows not much of a drop around $350,000- ish. [via GCCAR]

Condos supply for DC paint a different picture than single family homes, because supply is actually trending up.

THE FORECAST

This is the forecast per Center for Regional Analysis (CRA), George Mason for up to June 2011.

TAKEAWAYS:

For buyers still on the sideline, waiting for something perfect to come. Nothing perfect will ever come. You’re the only one who can make your house perfect! Yes, YOU.

With regards to the right price, the one thing that I learned from the day of peddling mutual funds and stocks, home prices will always fluctuate. No one has control over it. So you will have to trust your gut and move forward. Take the plunge.

That’s my take.

How about you? What have you heard about the housing market lately? If you’re buying, what's your experience been?

Technorati Tags: housing market,business,current affairs,washington dc,northern virginia,arlington,fairfax,homes for sale,first time buyers

Urban (City) vs. Suburban Living (in Pictures)

Images speak louder than words. Here are some pictures I took recently in DC and Arlington East Falls Church neighborhood. You can see the striking difference between urban (city) living and living in the DC suburb like Arlington. I took the pictures of the streets in Arlington's East Falls Church and Dupont Circle at the same day. 

At EFC streets, you don't see that many people as on the streets of Northwest DC in downtown, Dupont Circle and George Washington University. Living in the city have its advantage: people, walkability to stores, easy access to public transportation, etc. In the suburb of DC like Arlington, unless you're really close to the center of - along orange line metro in Arlington - there's practically not much going on around your neighborhood. People seldom walk. Walk means exercise. Other than that, they drive. (I'm guilty of it, too). 

What do we have here in our hood? The closest stores we have around our neighborhood in North Arlington (a mile from EFC metro), is CVS, 7/11, a Chinese restaurant, a deli and a few other mom and pop stores.. that offer basic services.

That's the suburb for you.

A side note: the pictures you see below are mixed with some old pictures I've taken from around Rosslyn neighborhood in Arlington. I have taken like thousands of neighborhoods pictures in Northern Virginia and Washington DC, but just haven't had the chance to upload them. I'll add more sets when I have time. 

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Energy Plan for Arlington County Community

Last Saturday, Jay Fisette, Chairman of Arlington County Board hosted the first community energy plan townhall meeting. The community energy plan is a holistic approach that paved the way for the county's transformation moving away from a fossil-fuel economy toward a clean energy economy. The idea is to look into energy needed per neighborhood by neighborhood, comparing scenarios between business as usual with efficiency. Energy use is divided into heating, cooling, lighting and other type. The types of building stock for the county includes hotels, offices, retails, homes (condominium, single family, townhouse) and other.

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THE primary driver of the community energy plan is to make Arlington competitive in the carbon constraint economy. We're no longer in competition with another American city, but we're competing within the global community. Think Copenhagen. They started implementing clean energy policies at the same time the U.S. was faced with oil crisis. That was in the '70s. The "big" difference is, the Danes put to work a comprehensive energy (read: clean energy) policy moving away from fossil-fuel to clean energy. They had a mission: survival. They keep practicing what they preach, perfecting the technologies. Thirty years later Denmark becomes the world's leader for wind energy, assortment of clean technologies. (New York Times has a story on Denmark's trash - should say waste to - energy). It sums up in one phrase: go to Denmark if you want to see it.

The county has done some preliminary work. This image below shows the county energy use. 

 

According to one of the officials spoke at the meeting, the big users of energy in Arlington is the commercial (real estate) sector. So if energy use can be efficient, just by reducing the use from this sector alone, the move could save businesses' money that in return would be good for bottom line.

Listening to inputs from residents, one of the things mentioned was the language in condominium document that couldn't make assessment when they tried to something for newer more efficient, that the language of the doc says ".. improvement has to be in-kind." It has something to do with Virginia Condominium Act. It is universal language, at this moment. Only Virginia assembly can change this.

While at the meeting, I interviewed Jay about Arlington's energy plan. Here's what Jay said..

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Are We There Yet? DC's Transportation Blueprint

This show is part of PBS' Blueprint America series about U.S. infrastructure, where Kojo Nnamdi hosts a panel of transportation experts to talk about the metro Washington DC transportation blueprint and where's taking us. The first 5 minutes or so is the most important part of the whole discussions. It lays out all kinds of transportation projects each jurisdiction - District of Columbia, Maryland, Baltimore, and Virginia - are working on. (yours truly was among the audience.)

“Its not about getting people from point A to point B, but more about building better communities,” said Robert Thomson aka “Dr. Gridlock” of The Washington Post, one of three guests panelists along with Ron Kirby, Director of Transportation for the Metropolitan Washington Council of Governments; and Alice M. Rivlin, Senior Fellow and Director of the Greater Washington Research at the Brookings Institute. [via Blueprint America]

Building better communities, that's the challenges we have...

Are We There Yet? D.C.'s Transportation Blueprint from WHUT-TV on Vimeo.

Are We There Yet, D.C.'s Transportation Blueprint (2) from WHUT-TV on Vimeo.

Arlington Community Energy Plan

Image via Wikipedia

Arlington is leading the way to progressive change in community energy plan. This is probably the first community energy plan in Virginia aimed to get everyone from the community to participate in setting the direction for the future of the county's energy use.

The community energy plan is part of the initiative from Energy Planning and Management. 

Arlington County is embarking on a community energy planning process to address the  burdens and opportunities of energy supply, delivery, and use in our community.  Energy planning and management is needed to minimize the economic costs and environmental harm from energy use.  Smart energy planning can produce opportunities for economic growth and sustainability.

The process of developing the Community Energy Plan is divided into two elements:

1. Community dialogue, where Arlington will host 2 community town hall meetings in 2010 and want participation from the community to share their thoughts on energy challenges and opportunities for the community.
2. Community Sustainability Task Force. This is where County Board Chairman, Jay Fisette, convened a group of local energy and business leaders to form this task force.

Got voice? 

Come to their energy townhall meeting, which is going to be held on Saturday, April 17, 2010 from 2-5pm at Washington Lee High School Commons Room, 1301 N. Stafford Road, Arlington, VA 22201. The info for the invite to the townhall meeting is here.

Going Green? Here are the 10 Tax Breaks for 2010

Image by Getty Images via Daylife

Looking to fix up your house? Here are the 10 tax breaks for going green, via Forbes.

1. If you fix up your house. $1,500 off your tax bill - a 30% credit for the first $5,000 you spend in 2009 or 2010 for improvements to your house energy efficiency. (for further reading: Energy Efficiency Home and Vehicle Tax Credits)
2. Buy a new refrigerator. States are rolling out $300 million worth of rebates for home owners who replaced their clunker apps with new energy-efficient models. (check out Department of Energy approved Energy Efficiency Rebates)
3. Get hot water from the sun. Solar hot water system to heat your shower or radiators (not hot tub or pool) qualify for a 30% federal credit with no dollar cap. 
4. Install a solar energy system. Uncle Sam will give you a tax credit equal to 30% of the price of a solar system you install to generate electricity in your home. For a $60,000 system, that's a whopping $18,000 off your taxes.
5. Take the bus. Bus, train, subway, and van-pool commuters can now get equal tax benefits with those who drive solo to work an pay to park. (up to pre-tax $230 for employers sponsor plans).
6. Buy a Ford hybrid. Taxpayers stuck paying the AMT can finally claim the credit for hybrid cars purchased in 2009 or 2010, but only if they buy Ford motor hybrids. (FYI: Honda and Toyota no longer qualify). Check out Alliance to Save Energy for Vehicle Tax Credits for more info.
7. Plug In a Chevy Volt... slated later for showrooms in November with projected price of $40,000, qualifies for federal tax credit of $7,500. Nissan Leaf coming out in December, should also qualify for the credit.
8. Bike to work. A new law lets your employer reimburse you $20 a month for bicyle commuting as tax-free fringe benefits. Can't take both with train, it's one of the other.
9. Dig for heat. Uncle Sam will give you a tax credit for 30% of the cost of geothermal heat pump system that feeds off the warmth in the ground to heat your home.
10. Put a windmill in your yard. A basic residential windmill runs $40,000, but you can get a federal tax credit equal to a full 30% of your windmill cost.

More on tax tips "How to Save Money on Going Green" and watch video on 'Tax Tips for 2010.'

For further reading you can check out few sites:

• Alliance to Save Energy: Energy Efficiency Home and Vehicle Tax Credits 
• Energy Savers Rebates, Tax Credits, Financing: Approved Energy Efficient Appliance Rebates
• Virginia Energy Efficient Appliance Rebate Program
• Maryland: Residential Incentives and FY 2010 Comprehensive Program Guide
• Green DC: Energy Star Appliance Rebates
• DSIRE: Database of State Incentives for Renewables and Efficiency

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2010-2011 Projection: Washington DC Home Prices +1.84%

You know that all real estate is local. This is the local forecast for our market for 2010-2011. According to data recently released by First American Core Logic, home prices for Washington DC- Arlington- Alexandria including sale of distressed homes (foreclosures & short sales), would increase by 1.84%.

  

[via First American Core Logic]

The price outlook for across the US, "..the Home Index Price (HPI) for the year will continue to go down well into the spring before beginning to stabilize and then recover modestly in the remainder for the year."

If you're selling, you should feel much better now because the prices started to pick up again - locally.

Market pulse for Northern Virginia as of February 2010, via MRIS.

• Condo sales grew 12%
• Single family, townhouse showed slower activity
• Good news for sellers: Northern Virginia home prices up 20% from a year ago from $267,500 to $320,660. Compare that to 2008-2009 period where 2009 Feb prices was down -26.7% at $267,500 from previous year at $365,000.

For DC, Maryland suburbs, February sales 2010,  it's a mixed bag.

• Number of homes sold up 35.8% for the month, from 1,573 to 2,136 homes. On the longer track, it wasn't as strong as 2007 sales.
• Sales of lower home prices pulled the sales price down to $270,000 from $287,000 a year ago. 2009 prices were down -22.4% from a year earlier.

Incentives work. Overall for DC metro area, the perfect buying conditions come from: federal tax credit for buyers, low interest rates and low prices.

The one thing that could continue to drive prices up is this: low inventory of homes.

Buying a House Using Walkability Score

The other day I posted Getting to Walkability presentation from DC office of Planning. It got me thinking that the same method can also be used by buyers. DC is using the walkability for different things related to planning, for transportation and neighborhood livability. I know from my days in the trenches, few of my buyers were looking for the walkability factor.

Personally, for me, the ability to walk to everything comes to reality, when we had the snowoverkill last January. After two days of home stay, I walked to the nearest store 7/11.. and you know what, we had lines. As crazy as it sounds, people were actually find comfort to know that their neighborhood's store is open.

Washington DC is number 7 out of 2,508 walkable neighborhoods in the nation. You can find walkers paradise or neighborhoods that have high score of walkability in DC. Out of perfect 100 score, these are best 10 walkable neighborhoods in DC: Dupont Circle (99), Logan Circle (98), Downtown (97-all points), U Street Corridor (97), Foggy Bottom (95), Mount Vernon Square (95), Adams Morgan (93), Kalorama (92)    , Friendship Heights (90) and Georgetown (90). Low on the list is Catholic U (61), Petworth (60), Foxhall Village (58), Berkley (54), Deanwood (49), The Palisades (48), Anacostia (48) and Barnaby Woods (44).

The walkable neighborhoods mostly concentrated in the District. Across the river, depending on where you want to buy - Arlington County, City of Alexandria and Falls Church - these neighborhoods offer somewhat walkable. Along the orange line, that stretch from Rosslyn to East- West Falls Church, they have some neighborhoods that have higher walkable score.

There's an advantage to living in walkable neighborhoods. You're within walking distance to shopping, transportation, parks, library and other neighborhood amenities. However, good location has something to do with home prices. The price per square footage will be higher.

Let's say, you are looking for a single home somewhere in Falls Church near zip code 22043, which is outside the boundary of the City of Falls Church. Using Homes Database, I picked these four single homes below. These four homes are somewhat comparable #1 and 2, #3 and 4.

House #1: 2003 Miracle Lane, list price $680,000

House #2: 6727 Montour Drive, list price $670,000

House #3: 6503 Orland Street, list price $649,000

House #4: 2400 Claremont Drive, list price $649,000

First thing you do is to enter the address of each of the home you're looking at to get the walk score here. Once done, it'll populated with information that can help you decide, i.e. metro station, stores, library, school, etc. - anything that's close by.

Here's what the score tells you:

• House #1: is totally car dependent. Score is 20 out of 100. The nearest 7/11 (in case of snow) is about 0.92 mi. 
• House #2: car dependent. Score 28. However, you're about half a mile walk to Orange line .
• House #3: car dependent. Better score 30. It's close to Haycock Elementary school, about half a mile. 
• House #4: still car dependent. Score 45. This one has the best score so far. Subway, Starbucks within half a mile. But away from a metro station. 

So now you decide, which one that best fits your needs.

SELLERS: you can also do the same - find the score - to give that extra kick on the value of your home.

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