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Archive for the 'Wednesday’s Blog – Buying a Home' Category

There are Coops in Arlington County?

There are Coops in Arlington County?

Hi!

More than 1.2 million families live in coops in the US. We have very few coops in Arlington. You may know the most notable one due to its incredible location near the Potomac and with views of DC: River Place.

Occasionally, I get questions about coops, so I thought I would share some information. This is part 1 of 3 in a series I will do on coops. This one covers the “what” of coops, the second will share the advantages and disadvantages, and the last will provide information on financing a coop.

So, what is a coop?

It is a business, essentially, complete with a board of directors, with each owner being a “shareholder.” What does this mean – bottom line? That each owner does not actually own her or his unit, and instead shares in the business. The most obvious and greatest benefit of being a shareholder is that you get to live in one of the housing units.  No surprise then, that the larger the unit you choose to live in, the more shares you need to purchase.

There are three types of coops. One of the most common is Limited Equity housing. These are created often for buyers seeking more affordable housing than they might find elsewhere in their area. A shareholder or member is allowed to have some equity in their unit.  When they go to sell, they can only sell for their share in the coop for the amount they originally paid. This is how the co-ops are kept more affordable.

Contact us if you would like more information, or to see one of our coops in Arlington or the DC area. See you here for parts 2 and 3 of this series soon. Have a great day!

Cheers!

Ken & Tea Yes I Ken!

Arlington Housing Prices Cheaper

Arlington Housing Prices Cheaper

How did Arlington County housing fare in March 2014?

The median home price in Arlington was lower than a year ago, last month, down 1 percent.

While the number of sales were down across northern Virginia, the number of units sold in Arlington was 25 percent below that of a year ago.

Arlington is the Northern Virginia’s most expensive county based on the median sales price, currently at just over $500,000.

What does this indicate? The market slowed last month. Note that it’s, traditionally, a month when the market is picking up steam in Arlington for our strongest market of the year – spring.

orig_MW Washington Bd 01_1893189

What does this mean for buyers?

It is a good time to buy. While a 1% decrease may not sound like a lot, it is significant for Arlington, where we normally see home prices increasing in the spring market.

Call us for a free Buyer (or Seller) consultation. We look forward to providing you more expertise on Arlington’s housing market.

Cheers!

Ken

Arlington Neighborhood Home Expert

Arlington County, VA, Board Lowers Real Estate Tax Rate

Arlington County, VA, Board Lowers Real Estate Tax Rate

The Arlington County Board adopted a $1.5 billion General Fund Budget for FY 2015.  The real estate tax rate was cut by a full 1 percent. Funding for schools and yard wast pickup was increased.The real estate tax rate was lowered to $0.996 per $100 of county-assessed value. Arlington’s tax rate is still the lowest in the region.

Tax Rate House

Under the proposed budget, what does this mean for “the average Arlington homeowner?”  With the average Arlington home being valued at $552,700, it means an increased tax/fee increase of 4.6%, or approx. $27/month – or a handful of of fancy lattes at favorite coffee shop.

Cheers!

Ken & Team Yes I Ken!

Hillwood at Landmark, Alexandria, VA, condo: Open House Sun., 3/16/14

Hillwood at Landmark, Alexandria, VA, condo:  Open House Sun., 3/16/14

We will hold open our clients new listing at Hillwood at Landmark in Alexandria, VA,  this coming Sun., 3/16, 2-4pm.

Come visit us and see this home. It is incredible. Please see two former blog posts about it.

Cheers!

Ken & Team Yes I Ken!

New to market! Alexandria – Hillwood at Landmark – Open House, Sun., 3/9/14

New to market! Alexandria – Hillwood at Landmark – Open House, Sun., 3/9/14

Come see this stunning condo from 1-4pm.

This 3 level, totally renovated condo features so many bells and whistles: Stainless steel appliances, granite counters, beautiful cabinets, wood floors, a loft for much extra space, storage and 2 parking spaces.

Here are some sneak peeks! We hope to see you there!  Ken & Team Yes I Ken!

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