Foggy Bottom

In the radius of 0.3m from the Foggy Bottom Metro station, there are 22 rental units on the market. THe cheapest is $1,600/mo for a 1 bedroom unit, and the most expensive is $10,000/mo . It is a luxurious 3 level Penthouse at the Ritz Residences. They have just dropped!!! the price from $12,000/mo...
As for sales, as usual this is one of the most desirable places, if people are looking for urban living. There are more than 50 properties available as of today. The cheapest is $209,000 for a 1 bedroom on the ground floor. The most expensive one is over $4mln - it is a unit in penthouse: 3 bedroom and a den about 4,400 sq.ft.
There are 10 short sales at walking distance to the metro. $274,900 for a 1 bedroom unit (583 sq.ft) is the leasr expensive, and over 2mln for a 3 bedroom 3 full bath unit in West End (2,776 sq.ft.)
It is still a very good investment, simply because location is unbeatable. Invest today - the interest rates are still attractive.

WHAT IS GOING ON?

Mortgage bond prices had another terrible week pushing mortgage interest rates considerably higher. (The interest rates rose by about 1 and 1/2 of a discount point!!!). Oil prices continued to escalate hitting over $70/barrel. The Fed attempts to keep rates in check were not very effective as selling pressure continued. Bernanke tried to calm the markets by reiterating forecasts of tame inflation but his words fell on deaf ears among bond traders. Unemployment was 9.4%, higher than the expected 9.2%.
The low mortgage interest rates that everyone considered a given have quickly gone away.
How does this affect the real estate market? Purchasers have started withdrawing from the market... Most likely, we will see more short sales and foreclosures in the months to come....
As expected, properties at walking distance to metro stations remain very attractive for purchasers.

West Falls Church metro

Today, we can find several properties for rent near this metro station. The cheapest is $1,500/mo - a 1 bedroom condo in the Pavillion and the most expensive is $2,100/mo for a 3 bedroom 2 full bath detached house in Ellison Heights.

Sales: Out of 13 properties in the radius of 03.m around metro, 11 are detached houses and 2 - 2 bedroom condos. The most expensive detached house is a new house listed for $1,374k. The cheapest is listed for $389.5 - but the value is only in land which is less than 0.2 acres.
Condo units -$400k and $475k respectively. Both are 2 level 2 bedroom units. About 1,200 sq.ft each. Both are normal sales - not foreclosure or short sale. Hurry! Interest rates are creeping up...

Need to get more info - email or call me.

East Falls Church

Today, you can find 8 properties for rent as close as 0.2 miles to the metro. Their price range is between $1,650/mo for a 2 bedoom condo to $5,200/mo for a 4 bedroom 3 full bath detached house.
As for sales, there are 8: the cheapest is $390k for a 1 bedroom condo in Westlee and the most expensive is $1,180,000 in Madison Manor - a detached house with 5 bedrooms 4 1/2 baths. There are only 2 townhouses at walking distance to metro that are offered for sale today: $750 and $860 respectively. The owner can do financing on the second house. It is pretty rare these days. You will probably need to get an attorney or a very experienced realtor to walk you through the whole process. Hurry! Need help? Call or email me. Good luck!

Steps to Huntington metro

In the radius of 0.3 miles from Huntington metro station in Alexandria there are 19 properties for sale. The cheapest is 85k (1 bedroom condo - short sale) and the most expensive one - a townhouse listed at 530k. Some of them are foreclosures in good condition. And all of them are walking distance to the metro.
If you are thinking about renting, this link might help you. http://matrix.mris.com/Matrix/Public/Email.aspx?ID=30846957480
Midtown at Alexandria has a few available units. Sometimes you can even come across a furnished unit for rent there. Convenient location, ample parking, all kinds of amenities. Need to view any? Just email me.

Economy is Recovering

Housing market has been showing some interesting signs lately - multiple offers in the first couple of days; offered price increasingly higher than the listing price; fewer contracts falling apart before settlement, etc... It is no surprise that Forbes publishes an article suggesting that US recession is over. http://www.forbes.com/2009/05/04/recovery-indicators-unemployment-opinions-columnists-recession.html?partner=commentary_newsletter
It is definitely the right time to buy: still a large inventory of houses on the market, reasonable prices and a low interest rate. And my strong belief is that the best investment is into real estate located at a walking distance to a metro station. Need to look at houses? Call me. But.... please get a preapproval letter first.:)

Courthouse Metro

There are 42 properties for sale around the metro, and only 5 are townhouses - the rest are condo units. The cheapest townhouse is 750k and the most expensive is 970k.
Two townhouses are in BROMPTONS AT ROSSLYN and the monthly HOA fee is over $200...
5 are under contract,=; 7 sold since April 1. Interesting to notice that one townhouse was sold within 0 days and listed at 1,100,000 and sold at 1,043,500... None of them were either foreclosures or short sale.
Location, location, location.... That's what sells even in slow markets.