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

The Best Home Designs in Arlington

The winner of Design Arlington 2009 Awards Program. These designs below are just beautiful. You'll be more impressed when you digging into more details (more like before and after) about their places, here. 

Awards of Excellence

 Fort Scott Residence,
(2765 Fort Scott Drive)

Owners: Michael Reamy and Andres Tremols
Architect: David Jameson Architect, Inc.
Other: Carl Petty Associates, Ltd.Spout Run Residence,
(2758 North Nelson Street)

Owners: David Harris and Elena Sterlin
Architect: David Jameson Architect, Inc.
Others: Added Dimensions, Inc.McGlone Residence,
(4521 32nd Road North)

Owners: William McGlone and Lisa Ruskowski
Architect: Wiedemann Architects, LLC
Others: McNamara Brothers, Inc.; Frank Chow, P.E.ECO-Art,
(Crystal City Water Park)

Sponsor: Crystal City Business Improvement District
Artist: Sergio Martinez
Others: Vornado/Charles E. Smith; Archstone-Smith

Awards of Merit

Flynn/Harless Residence,
(521 North George Mason Drive)

Owners: Eileen Flynn and J. Paul Harless
Architect: Susan Woodward Notkins Architects, PC
Others: Smeda, Inc.; Tony Beale, P.E.; Clark’s Lumber & MillworkHibbitt Residence,
(1028 North Daniel Street)

Owner: Karen Hibbitt
Architect: Moore Architects, PC
Others: GN Contracting; Structural Design Services, PLLC

220 Twentieth,
(220 20th Street South)

Owner: Vornado / Charles E. Smith
Architect: Dorsky Hodgson Parrish Yue
Others: Balfour Beatty; HOK; Hartman Design Group

The Shelton,
(3215 24th Street South)

Owner: AHC, Inc.
Architect: Bonstra Haresign ARCHITECTS
Others: Harkin Builders; Landscape Architect Bureau

The Wooster and The Mercer Lofts,
(1600 Clarendon Boulevard and 1615 North Queen Street)

Owner: Abdo Development, LLC
Architect: Cunningham|Quill Architects
Others: Abdo Construction, LLC; Davis Construction;
Ehlert/Bryan, Inc.; GHT, Ltd.

Kettler Capitals Iceplex,
(609 North Glebe Road)

Owner: Arlington County Board
Architect: Architecture, Inc.
Others: VIKA, Inc.; RTA Group;
Rathegeber Goss Associates

Arlington Arts Center,
(3550 Wilson Boulevard)

Owner: Arlington County Board
Architect: cox graae + spack architects
Others: McMullan & Associates;
Century Engineering, Inc.;
R.C. Fields, Jr. & Associates

[via Arlington County]

Where Do You Want to See Yourself Fit in the Green Revolution?

Note: This is the story I posted for  on Active Rain, a social networking site for real estate professionals. Since it's members only, I can't even link the post. So, here is the post in its entirety.

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About a month ago, I attended a forum hosted by the Switzerland Embassy on "Green Building Policy and Design: Best Practices from Switzerland," in DC. This forum was geared towards promoting Made in Switzerland green building certification, which takes a different approach than the widely recognized LEED certification over here. Their approach is a bit simpler than LEED. LEED has a more complicated scoring tools before coming up to the platinum, gold, and standard certification systems.

The point that I want to make is this: why is it residential Realtors, being in the forefront of green revolution, not jumping the bandwagon in droves? I don't get it. Whatever you call it, be it green, sustainable, eco-friendly, trends - is real. It's here for us to seize the opportunities. Yeah, foreclosure and short-sale, may be the 'subject of interest' for the moment. The trend won't last forever. Foreclosures and short-sale supplies will disappear before you know it. On the other hand, green home, is here to stay.

There are many shades of green. This is a topic, which deserves a post on its own. For now, let's just talk about the trend in the new homes market from NAHB (National Association of Home Builders). Okay, NAHB may be in new homes, they're different, you say. However, we should see their efforts on pushing green as the 'best indicator' of what's coming in the pipeline for residential market.

Here's the latest survey from NAHB and MetLife Mature Market Institute done in September of 2009:

• 37% of consumers want an 'environment-friendly' home
• 94% of builders says that their buyers want more energy-efficient new homes
• 55% said buyers specifically want Energy Star-rated homes
• 25% of builders said buyers want homes with more recycled materials and less materials overall.

What's more, Kevin Morrow, NAHB Sr. Program Manager for Green Building Standard, said the bright spot of this recession is "builders building green homes are doing okay.." Hmm, wonder why not too many builders jumped the bandwagon sooner?

For us, Realtor magazine has an online exclusive talking about consumers interest on being green and the eco-friendly speak, published sometime in 2007. So, where are we today? Sadly, we're not there yet. We're kinda late in the game. Seriously.

The thing is, resale homes, is a huge and "untapped" market! For all purposes, i.e. remodeling, retrofitting, and more, which sometime in the future the same homes after 'green remodeling' will be bought and sold with green home label. Consider this:Energy Star plans to enter the resale market. Now, if we look at the alternative energy companies (selling solar, solar water heater, geothermal systems, etc.), they have targeted the residential market - long before any other clean, green industries enter the market! - because they see the 'upside' potential.

So, where do you see want to see yourself fit in this green revolution?

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For the purpose of Full Disclosure: I am currently in transition from being an agent to be a Realtor Outreach for GreenandSave.com, because I want to make a difference. GreenandSave, has a 20 year legacy in the 'Green' Energy saving market. NAR uses G&S data for their education curriculum. GreenandSave provides information on green home trends, tools, and marketing program for Realtors. Visit GreenandSave for more details. Enter promo code "REALTOR2, " and we will donate $10 to your local real estate association.

DC October Home Sales Up 40.58%. Ave. Home Price off 16.76%

According to MRIS data, Washington DC October '09 home sales inched up to almost 41%. Sales up because prices are down in single home and townhouse/ rowhouse market. The total number of homes sold up from 414 units to 582 units while the average sales dips -16.76% from $398,450 to $380,000. The median price (50/50 up or down prices) off -3.66%, down from $394,450 a year ago to $380,000.

This is where the segment of the residential market got hit the hardest: single family home (that includes rowhouse). Average home sales off -34.84% from $1,020,059 to $664,710. Ouch! The townhouse/ rowhouse segment, also see the average sales price down -14.35% from $545,562 to $467,279.

On a month to month trend from '08 to '09, the number of homes under contracts is the highest over a year span. The number of homes went under contract is a little bit above the 450 units mark. The trend is encouraging, but looking at the data (listings and under contracts), DC still have more than a year of homes supply. Home inventory for single home and rowhouse stands at a bit over 14 months! A *strong* buyers' market. Motivated sellers are willing to talk to you.

 
image: GCAAR

Condo sales last month is better than in '08. October sales up 25.9% from 189 units to 238 units with average sales around $412,983. The median price (usually use in comparison) is at $355,000 down from $360,000. The number of active listings also decline -18% from 1,459 units to 1,197 units. Condo inventory shows that it is still a buyers' market. It stands at 6.52 months.

Seventy-eight percent of condo sales is under $499,999! First-time home buyers? This trend corresponds to the type of financing use to purchase homes. One-third of purchases were financed with either FHA or VA loans.

Here's the breakdown:

Conventional     268

FHA                  173

VA                     12

Assumption        32

Cash                  85

On all types (single home, rowhouse, townhouse, condo, co-op), we are seeing a trend that inventory is down. Maybe sellers are decided to stay put. They are not selling their homes at this market, unless they're forced to make some life changing decision..

Distressed Properties, the Issue that is Still Hanging (in the Cloud)

Yesterday, a former co-worker who now live in Florida, stop by to chat with me. We talked about the state of the market over here and there. One of the things she mentioned is that in the place where she lives, the market seems to be bouncing back, however, on a cautious note she says that '..if we get another round of foreclosure, prices will go down one more level, before it bounce back..' After all, she comes from Florida, one of the states with high foreclosure. Add to it, only a handful condo buildings FHA-approved.

Analysts pegged the number of foreclosed properties that have not been released by banks somewhere in the 5+ million range. So, if this is true, what we've seen happening lately (even here) - multiple contracts, heard it as high as 32 competing bids for one 'foreclosure' property - for lack of a better word, is somewhat inflated. In the sense, that the crisis ain't over yet. 

Short-sale, is another story. Though, banks are getting better processing short-sale. A few months ago, we wrote about  that there are more short-sale than foreclosure on the market. The myth that foreclosure tends to hit lower priced homes, while short-sale tend to hit mid priced homes is no longer true. A quick look into MRIS database, for Washington DC and Northern Virginia hoods, there are 422 active listings under foreclosure with price range from the lowest $24,000 to highest $3.689 million! 85 listings or twenty-percent homes priced over $400,000. So, the pinch starts to hurt prime borrowers.

On the short sale side, there are 717 active listings from the lowest $50,000 to highest $5.5 million. Twelve listings are homes over a million dollars. Thirteen percent of homes is priced between $500k to $1M. The crowded field are homes on market under $500,000 with average price somewhere in the neighborhood of $266,032.

The point I want to make is this: inventory of distressed properties still cloud the market. Prices can go down one more level before it stabilized. Because no one knows for sure when the next batch of foreclosures going to cram the market. Only lenders know what they're holding in their bags.

The longer view.

"Of course, there are always some homes destined for foreclosure. But usually the number isn’t enormous. In early 2005, near the peak of the housing bubble, the total was about 1.27 million, Ms. Goodman says.

So how does she get to 7 million now? Ms. Goodman uses data from the Mortgage Bankers Association to estimate there are 55.9 million American homes with mortgage debt. She notes that at the end of the second quarter, an MBA survey found that more than 13% of single-family home mortgages were at least 30 days delinquent or in foreclosure.

Then Ms. Goodman looked at “cure” rates, the percentage of delinquent loans that return to current status. Those cure rates lately have been puny. The report assumes that about 99% of loans that are 90 days or more overdue will result in homes lost to foreclosure. The assumption for those 60 days or more delinquent is that 96% are toast, and for 30 days or more, 72%.  All in all, she estimates that 12.4% of the mortgages outstanding as of June 30—representing about 7 million homes—are going to end up changing hands on the courthouse steps."

[Via Wall Street Journal]

Related articles by Zemanta

• 9% of all home loans are delinquent (money.cnn.com)

Do You Know Who Your Agent Works For - 'Exclusively'?

Image by Kathy McGraw via Flickr

We skip weekly roundup for this more important topic.. - dewita

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There are three types of representations (agency relationships) for buyers and sellers in any real estate transaction. 

Agency relationships in residential real estate transactions involve the legal representation by a real estate broker (on behalf of a real estate company) of the principal, whether that person or persons is a buyer or a seller. The broker (and his/her licensed real estate agents) then becomes the agent of the principal. [wiki]

Buyers: do you know if your agent "only" represent you exclusively, as your buyer agent?

Buyer agency can exist exclusively (where a brokerage firm chooses to only represent buyers and never sellers, as an exclusive buyer agent) or, in a full service company, by offering buyer agency to buyers who become clients. [wiki]

Or, does your agent also work for the sellers as their "listing agent?" Sellers: the same question goes to you.

If your agent is working both sides of the transactions, we call this 'dual agency' or 'dual representation'. Many states, including Virginia, allows dual agency. Most agents only represent one side at a time, but, there are agents out there who are doing both sides.

The 'dual agency' transactions might not happen so much in resale. But it's not so with the new homes.

Before you walk into any new homes' sales office, you need to understand this: that builder's sales reps work for the builder to represent the builder - and "not" you, the buyer! Their sales agents work exclusively for the developer to protect builder's interests. So, if a builder sales rep writes a sales contract for you, and you are not represented by any Realtor - that means you have "NO" representation - at all! Nothing. If they write contracts, they're just doing admin stuff for you. And they have no fiduciary responsibilities to you, other than "you are" the company's customers. Yup- you read that right.

 To put it in perspective, here's something worth reading. (I'm putting it in its entirety). Via MarketWatch e-newsletter (subscription):

When home prices are rising and houses are selling like hot cakes, realty agents don't have to worry so much about where their next commission check is coming from. In the boom times in the middle part of the decade, the market pretty much maximized incomes.

Not so today. Commission checks are much harder to come by and they are way smaller when they do come, given the drop in home prices across most of the country. That can lead to shenanigans among unscrupulous agents as they try to pocket as much cash as the can from deals, including the unethical practice of favoring buyer offers from their own clients or their brokerage-represented buyers, practices that let them keep both sides of a commission split.

That's why this is a good time to remind home buyers -- and sellers -- what the concept of agency means and why it is critical that you know who your real estate representative really works for. That's especially important when you are dealing with situations of dual agency, in which a broker is acting for both sides -- a situation ripe for abuse. (emphasis added)

Not that there weren't plenty of nasty tricks going on in the boom, too, especially in the sale of mortgages. But in the bust the financial incentive to stray can be boosted by desperation as well as greed.

-- Steve Kerch, assistant managing editor/personal finance

Q2 2009: Top 10 Foreclosure Deals in DC Region

Yesterday, we posted the Top 10 deals for all types of sales. Today, we're going to explore the foreclosure market, for a change. There were 4,309 home sales tagged as foreclosure on MRIS for DC region (DC-MD-VA).

STATS: Q2 Foreclosure

• 90% (3,894 homes) of foreclosures sales are homes under $400,000.  The remainder 10% foreclosure sales is  spread out on all price ranges up to the highest foreclosure home sold in second quarter at $3,695,000.
• Q1 to Q2 in 2009, foreclosure sales jumped 180% from 1,524 to 4,309 homes.
• Total number of foreclosure sales in 2008: 5,365 units.
  

  (data: MRIS)
  

So, if foreclosure sales goes like Q2 '09 pace, this year's sales will outweigh last year's sales by a big margin.

Only 13 units of million dollar homes sold in the second quarter. There's not a single dominant neighborhood in this category of luxury homes. As you probably guess, these homes are located in neighborhoods where you typically could find million dollar homes, like Potomac, MD, McLean, etc.

Here are the Top 10 Foreclosure Deals for DC region:

1. 9115 Fox Meadow Lane, Potomac, MD 20854

A 4BRs, 4 baths mansion sits on 3.8 ac.  of lot over at Bradley Farms in Potomac. Originally listed for $4,795,000 and sold for $3,300,000.

2. 8636 Old Dominion Dr., McLean, VA 22102

A contemporary house has 5BRs, 6.5 baths, in a gated community of Alphonse J Audet in McLean. This house as an indoor pool. List price: $1,649,900. Sold: $1,425,000.

3. 11713 Centurion Way, Potomac, MD 20854

This house has 6 BRs, 6 baths and multiple balconies. It sits on a 2 acre lot over at Palatine hood in Potomac. You think because it's price in the millions, there's not multiple contracts on the table? Wrong. It got 15 offers. And sold price went above list. List price: $1,399,900. Sold: $1,500,000.

4. 1923 15th St. NW, Washington DC 20009

A row house that has been beautifully remodeled in Dupont Circle. It has 5 BRs, 3.5 baths and has a garage. (a rare thing here). List price: $1,349,000. Sold:$1,315,000.

5. 6240 Linway Terrace, McLean, VA 22101

A relatively new custom built home (built in 2004) that has 6 BRs, 6 baths and 2 half baths over at Chesterbrook hood in McLean. List price: $1,325,000. Sold: $1,276,000.

6. 3620 Stanford Ctr. Falls Church, VA 22041

A contemporary house on the Lake. Lake Barcroft it is, in Falls Church. This house has 3BRs and 5 baths.

7. 6616 Ladyslipper Lane, Clifton, VA 20124

Now this house is located outside the beltway in Clifton. A 2 level contemporary house with 5BRs, 5 baths that has 8,000 s.f. of living quarter. Home is modeled after Frank Lloyd Wright's design. List price: $1,249,000. Sold: $1,178,120.

8. 3109 Key Blvd., Arlington, VA 22201

A 4-level1928 farmhouse that has 3BRs, 3.5 baths in Lyon Village hood in Arlington. List price: $1,225,000. Sold: $1,185,000.

9. 12515 Monterey Circle, Ft. Washington, MD 20744

This is a relatively new house. Built in 2006. It has 6BRs, 4.5baths near National Harbor. List price: $1,999,999. Sold: $1,100,000 + $60,000 seller's subsidy. The first time I saw a concession in multi-million dollar market.

10. 1376 Northwyck Ct., McLean, VA 22102

A colonial home located over at Spring Hill hood in McLean. It is a 3-level house with 4 BRs, 4.5baths and 2-car garage. List price: $1,164,888. Sold: $1,092,000 + $20,000 seller's subsidy (bank's concession). 

More details here.. 

(if the link above doesn't work, try this one.. )

source: MRIS

Q2 2009: Top 10 Real Estate Deals in DC Region

According to MRIS data, 637 homes over $1M have been sold between January 1 to June 30, 2009 in Metropolitan DC that includes all hoods in DC-Bethesda-Northern Virginia- PG County.

• Of those 311 are sold in the Spring, the busiest season in residential.
• Neighborhoods in Chevy Chase, Georgetown, Kalorama, Avenel, and McLean dominate the sales of over $1M luxury homes.
• Of the top 10, 8 sales was in DC.

 

image: Q2 2009 Top 25 comps

Here are the "Top 10 Sales Deals for Q2 (3/31 to 6/30)":

1. 7724 Georgetown Pike, McLean, 22102

A custom built home with 22,500 s.f. 9 BRs, 12FBs, and 5 HBs sits on a 5 acre lot. Wow. Whoever bought it, this is a pretty huge home, er, mansion. List price: $10,500,000. Sold: $7,850,000.

2. 3006 Albermarle St. NW, DC 20008

Colonial home built in 1910. It has 7 bedrooms, 7 baths and 1 half-bath in Forest Hill subdivision. List: $7,950,000 Sold: $7,050,000.

3. 3150 South St. NW #PH2D, DC 20007

Penthouse condo in Georgetown 4 BRs and 4.5 baths with 4,413 s.f. of living quarter. List: $7,500,000  Sold: $7,295,000. (fyi, its condo fee is $5,575 a month).

4. 2412 Tracy Pl. NW, Washington DC 20008

This is an 6 BRs and 6.5 baths single home in Kalorama that was built in 1924. List: $6,495,000. Sold $6,100,000.

5. 4934 Indian Lane, NW, DC 20016 

Single home in Spring Valley hood with 7 BRs, 6.5 baths. It was built in 1931. List: $5,999,000. Sold $4,600,000.

6. 19 St. N. #3001, Arlington, VA 22209

3 BRs, 3.5 baths luxury condo over at the Waterview in Rosslyn. List: $5,650,000 Sold: same price as list.

7. 3203 R St. NW, DC 20007

A 6 BRs, 5 full and 2 half-baths home in Georgetown that was built in 1890. List: $5,600,000 Sold: $5,000,000.

8. 1901 24th St. NW, DC 20008

A 5 BRs and 6.5 baths home in Kalorama, built in 1926. List: $4,995,000. Sold: $4,350,000.

9. 3150 South St. NW #2B, DC 20007

A 3BRs, 4.5 condo in Georgetown's Ritz Carlton. List: $4,600,000. Sold at the same price.

10. 2107 Wyoming Ave. NW, DC 20008

A 6BRs, 5.1 beaux arts style home in Kalorama. List: $4,495,000 Sold: $3,950,000.

You see, even the luxury market is not immune to declining prices. In-depth stats of second quarter Top 25 sales, here.

I'll continue to write-up the top 10 sales in other neighborhoods (DC, Arlington, Alex, Fairfax) sometime this week. So, check back later...

At a Glance: Vienna

Vienna is unique because it has two metro stops (Dunn Loring and Vienna), there's the Town of Vienna and there's the rest of it (including Merrifield). In April of 2009, Fairfax Board of Supervisors created a Community Development Authority for the proposed Mosaic-Merrifield development. This Merrifield redevelopment deserves a revisit.

 Here's a little bit of history for Vienna, via Wiki.

The town was originally called Ayr Hill, after the name of the house built by early settler John Hunter, who named it after the place of his birth, Ayr, in Scotland. The name of the town was changed in the 1850s, when a doctor named William Hendrick offered to move there if the town would rename itself after his hometown, Vienna, New York.^[5]

The three zip codes for Vienna are 22180, 22181 and 22182. Below is comps for the three zips for the month of May.

Vienna

Zip code: 22180                               2009                           2008                 %

Ave. sales  price                                $520,835                 $566,265        -8.02%

Median sales price                           $450,000                $529,950        -15.09%

Total units sold                                         23                              26                 -11.54%

Days on market                                       134                             68               

Ave. list price for solds                 $560,661                  $611,798       -8.36%

Zip code: 22181

Ave. sales price                                $554,367                 $603,329      -8.12%

Median sales price                          $557,500                 $572,500     -2.62%

Total units sold                                       24                               24      

Days on market                                      75                               58

Ave. list price for solds                $587,321                   $632,396     -7.31%

Zip code: 22182

Ave. sales price                               $672,560                  $846,776     -20.57%

Median sales price                         $629,000                  $795,000    -20.88%

Days on market                                     25                                17

Ave. list price for solds                $716,189                   $920,553     -22.2%

Clearly data shows the higher priced market got hit the hardest. That is, zip code 22182.  Like any other hoods in the Metro DC area, Vienna is not immune to foreclosures, short-sales - because in some pockets - you can still find distressed homes in the $200's range.

More info on Vienna's demographic, population, education, etc. here and here..

data: MRIS

Builders Sentiment Hits 7 Mo. High

Builders sentiment index rises to 16 in May, according to Market Watch. Low interest rates and re-emergence of first time buyers help pushed the index to its 7 month high (after Lehman collapsed).

The NAHB-Wells Fargo index rose to 16 in May from 14 in April on a scale of zero to 100. It's the highest since the 17 recorded in September. The index got as low as 6 in January. Before the current housing meltdown, the index had never gotten below 20 in its 24-year history. It peaked at 72 nearly four years ago.

At 16, the index shows that about one in six builders thinks the market for new homes is "good." The industry trade group received 733 responses to its survey in May.

Builders are still have to clean up their inventories, however, they're more hopeful. Low interest rates, affordable home prices, the $8,000 tax credits and ample supply (in some pockets) should help fuel more sales.  The latest news on the $8,000 credit is that buyers can use the credit as part of downpayment for your FHA loans. 

Oh, by the way, builders are (also) sweetening the deals to help the sales by offering low, low interest rates (and other incentives). 

Full story here and here.

Carpeted Wonderland to Eco-Friendly Bathroom Makeover