NVHomes Cedar Lane Vienna Va, New Contruction REVIEWED

Disclaimer: I am a buyer's agent. I can represent the buyer, not the seller/builder in this situation.

Today I visited NVHomes and their new project they call NVHomes Cedar Lane, in Vienna Va. The homes are actually located on Amanda Place.

There are 16 homes in this project. The published starting price is just under $1M. While it does come standard with granite, hardwood and a brick exterior, you know you will end up wanting to add a bunch of features here and there. And that is where it starts to add up. Don't get carried away, because it makes it tougher for your resale (that is one area we can help as your buyer's agent).

What makes this place really unique is the price point. There is a major void in the $900k to $1.1M price range in Vienna 22180 specifically.

Here is a link to all active detached homes from $800k to $1M in Vienna and 22180 .

I have helped clients that looked for 6 months and couldn't find anything. They even considered buying a tear down and building a new, which we can help with too. NVHomes might not like to hear this, but these one off builders are their only competition.

Anyhow, here is a compilation of a few videos I made of the place. Maybe I will go back in a few weeks to show you a more completed home.



One of the benefits of buying early is a) getting priority in lot pick and b) they have a track record of increasing the prices the closer the community gets to being completed. It is much easier to sell when they have actual finished models.

Phoenix Condos in Arlington Clarendon, Video of Fire House Noise

I previously did a blog post reviewing Phoenix Condos in Clarendon. I was worried about the noise of the fire house. But I never heard it myself.

However, recently a listing agent at the Phoenix Condos in Arlington Virginia assured me that the fire trucks don't let off their sirens until they are far away from the building. I was impressed.

Until today when I heard and saw this and was able to get a few seconds on my phone.



Wow, can't imagine that. I have no idea if this was a rare special event, but it was LOUD!

So I am still biased toward Clarendon 1021, where I lived for 5 years. Much better rooftop with a DC view and hot tub, much lower condo fees (which equate to like $15k-$25k in buying power) and not firehouse next door.

Short Sale Stats in Arlington Virginia

Sorry for the raw data, but this was an email that I compiled for a client and thought I would just copy and paste the results to share since it took an hour to pull.

320 Active homes for sale from $300,000-$700,000 in Arlington Virginia now
21 are listed as "potential short sales"
only 1 listing didn't check the Short Sale box, but listed in the remarks "short sale"
(I thought there would be 5x more listing errors actually)

So about 7% Short Sales active on the MLS in Arlington now.

From $300,000-$700,000 in Arlington now
257 Under Contract total, 39 Are Short Sales. 15%

(shows you that short sales either take twice as long to close, or only half will be successful. Probably a bit of both.)

From $300m000-$700,000 in Arlington
696 SOLD homes since 1/1/09
20 Sold short sales. since 1/1/09
Therefore only 3% closed as short sales.
The days to close from going under contract ranges from a few at 4 months and a few at under 30 days.

Of those 20, 7 had the words "approved" in them.

Of those 20, I would have expected many to be under contract in a week. But only 3 were under contract in under a week and 2 more took another 1 week.

10 were conventional loans. 2 were cash. 8 were FHA or VA

In the same price range, there are 30 homes that were withdrawn or Expired Short Sales. These are people trying to sell short. It is not clear if any of these had Contracts that fell out. I also supposed that some of those 30 were relisted as active again.

------------
TOTAL in Arlington (all price) Short sales Under Contract now= 90
Total Active Short Sales in Arlington is 56.

Hope that helps. Short sales aren't too frequent in Arlington. They take longer to close and maybe about 50-75% actually close (vs the bank rejecting them and foreclosing).

Frank
Broker FranklyRealty.com

Phoenix Condominiums - Insider View

So I have written a few posts on the Phoenix Condominiums near Clarendon Metro, in Arlington Virginia. I have tried to show some of the pros and possible cons. People come to these blogs in droves looking for a 3rd party opinion.

Recently I have a client that is attempting to put a Phoenix Condo unit under contract. In an attempt to do some due diligence for him, I reached out to a former client that bought there. Here was the exchange:

Hey Edward,
How are things over at the Phoenix? I have a client that is interested in a unit there, so I wanted to see what the inside scoop was. Any plans to jack up the condo fees? How is the firehouse? Any other complaints? Like parking?
Hope all is well, Frank

Reply from Edward:
Hi Frank!
Good hearing from you. I haven't heard anything about jacking-up the condos fee - but I would think they wouldn't want to brag about that - just hit us with it... :)

The firehouse doesn't really bother me... For me, it's all part of the noises of city life, but that's just me. If your client is a light sleeper, then they will get woken up. In regards to the decibel level, it really no louder than when you hear the siren in ANY part of Clarendon. The sound seems to echo through the area quite nicely... ;) Personally, I really like it AND I'm not that fussy about things.

I like it because of the area and I walk around quite a bit.

Parking is fine, I've really not heard too many complaints there. There seems to be some discussion about Comcast and a poor signal, but the condo group is taking care of that.

I wouldn't say it's quite a party complex though... A few people are trying to get things going - that might be part of being in a new building... No problems with more questions if you got them!
Take care! Edward

If anybody has any other questions, please email me or add a comment below and I will reach out to Edward.Written by Frank Borges LL0SA- Broker FranklyRealty.com

Clarendon 1021 Rooftop Parties

Clarendon 1021 Summer Rooftop Parties are the best thing in Arlington.




Nothing beats having 100-200 friends at your rooftop.

Just last night, we had a rooftop party where 4 different groups got along on the rooftop.
The music, hottub and pool are open til midnight.

The best part of the rooftop is the Washington Monument view.

Also when I think about the other condos that have pools on the ground level (besides the fact that they only get sun 50% of the day) , I just can't imagine them being able to pull in such a large crowd. The noise would go up into the condos and it just wouldn't work. The only place that might have a better rooftop would be the Odyssey Condos in Courthouse... but that is Courthouse. When everyone was done last night at midnight, they walked 1 block to the Clarendon bars.


Written by Frank Borges LL0SA- 1021 Owner and Realtor

Odyssey vs Clarendon 1021 in 22201 Arlington VA

(Bias alert: I live in and own a unit at 1021 in Clarendon, or see blog post & video and I love it.)

But the Odyssey Rocks.

Construction Material
I’m not a builder, but since 1021 was built initially as a rental apartment, Odyssey was built more solidly. Also the upgrades are all a level nicer from flooring to appliances.

Green Building
I don’t know if the building has an official “Green” status, but the sellers we have helped have shown us their utility bills and they were as low as $35 a month total. About ½ of 1021. Sorry if this post doesn’t add new information. I’m just telling you what I know and not Bsing what I don’t.

The View
If you think 1021 has a great view, the Odyssey’s roof top will blow your mind. Couple that with an amazing rooftop party room (1021 had one, but it got sold off as a unit) and rooftop gym and it puts 1021 to shame. (no hot tub in the Odyssey though)

Location
This is where 1021 skyrockets back on top. 1021 is located in the more expensive Clarendon vs Courthouse. It is just 2 blocks from wholefoods, shops, restaurants, and night life. Meanwhile people that I know in Courthouse (1 metro to stop away) head to Clarendon 80% of the time. But not so fast, the nextdoor Dr Dremos and Taco Bell are being replaced with a retail area similar to Clarendon.

Metro
They are both about the same distance to their respective metro, with courthouse being one stop closer to DC, but also one stop more full of people.

The best thing to do when in these buildings is to talk to the neighbors. Recently I was working with a client and my 1021 bias was apparent so I thought I’d strike up a conversation with a resident.

“Excuse me, we are considering the Odyssey Condominiums and 1021 Condos. When you bought did you look at both?”

He went off on 1021 and how much he loved the Odyssey. On top of that, the 2 br run about $30-40K less for a similar sized 2 bedroom on a similar floor level. For him it was a no brainer, The Odyssey won him over.

When showing places I try to keep my opinions to myself.

It doesn’t matter if I like brown or rooms that can hold a projection TV. Or a condo that is 20% larger. Who am I to say how much room you need to live or how much you might not mind walking a few extra blocks.

Bottom line is the Odyssey is worth looking at. Here is a link to Odyssey Condos for sale today. Here are 40 photos from 3 units we sold here.

Do watch out since some units are wildly overpriced there. As in over $100,000 overpriced. Also email me if you want to see a spreadsheet that my agent Megan (our agent) did. She analyzed 30 past sales and it runs a ratio of the average profit and loss by the initial purchases (don't just go by the tax records, the seller subsidy matters!).

Written by Frank Borges LL0SA- Broker FranklyRealty.com

Review: Williamsburg Condos in Arlington's Courthouse

Williamsburg Condos on 1276 N Wayne St Arlington, VA 22201

I have 3 friends that live in the Williamsburg Condos in Courthouse. They love it!

The 1st thing that stands out is the huge floorplans versus the newer buildings in the area. This building was built in 1982 1993-1994 and to a certain degree it shows in the common areas and the lack of a rooftop social area.

I didn’t know if rooftop pools are much more expensive, but it seems like a waste that the Williamsburg condos doesn’t use their rooftop at all. No pools, no party room, no nothing.
Since the units were built in 1982 some will have renovations and some will be original.

A renovation can alter the price by $50,000 so make sure you compare apples to apples.

Also each floor can be about $4,000 in value.

The building does have a pool tucked in the back corner.

METRO
This building is about twice as far from the metro vs Odyssey and 1021.

PARKING: I love the 5 short term 30 minute spots in the front. I wish everyone had that. I rarely see even half of them taken. Also street parking is plentiful (I think it is all metered, can somebody verify that?). Spots tend to go for only $10k-$15k (vs $40k elsewhere)

Also the parking inside the building is plentiful. I understand you can rent a spot for as little as $50/mo and buy for as little as $10,000, but now more like $20,000.

So the building is less expensive than Clarendon 1021, since it is older, but also Courthouse is about $40,000 less than Clarendon.

A list of all Actives for sale in: Williamsburg Condos.

Please let me know if you have any questions about this condo, wanna see more photos, or if you would like to contact my friends and ask them specific questions. We have bought and sold several units in this building (see 60 photos of 3 sold units) .

-Written by Frank Borges LLosa- Broker FranklyRealty.com
ps. Here is the official site for this condo.

Bromptons at Cherrydale Arlington Voted to be Demolished

From Cherrydale Arlington's Sweet and Sour News.:

"On May 7, 2008, the Arlington County Planning Commission recommended to the County Board by a vote of 12-0, that the unfinished Bromptons building be considered a blight under County ordinance and that the County move forward with its demolition"

More on Ed Peete and Zoso here.
Here are the homes for sale in Cherrydale Arlington Virginia on FranklyMLS.com (add photos if you visit any of these homes).
-Frank

Builder Pricing... Mark It Up & Go "On Sale"I

It is tricky these days buying a new construction condos (read post on the risk of new construction). Why? You don't know the freaking real price. Some builders are actually INCREASING prices. I think they are doing that because they feel pressure to give a large % off list so the buyer gets a "deal."

Meanwhile other builders are using this as an opportunity to aggressively drop their prices to look like a steal... but then they won't budge. Not even $5,000.

Also I have been hearing from these builders about several buyers coming into their offices after reading my blog. They come in without a Realtor (including me). So I blame myself for obviously not fully explaining our value vs being a paper pusher. Builders love unrepresented buyers... since they have a big "sucker" pasted on their forehead. Why have an agent that knows which buildings drop by how much?

And if you only know the BS that I have heard come out of these builder's sales teams mouths.

It doesn't cost you anything (and some of you now are thinking, but I can get a better deal if I can cut out the buyer agent, and that is also just wrong)

Don't like me? Ok, I probably wouldn't like you. So go buy with Jay, Rick or Brian, (all 3 different firms) I don't care, just don't walk in solo.

Sign up for the main blog over at blog.FranklyRealty.com and I'll try and do a better job outlining a good agent's added value.


Written by Broker FranklyRealty.com

Palatine Condos Give Ups, Returns Deposits

I have to give credit to Realtor Rick Bosl for this one.

People have been asking me about official word on Palatine Condos in the Courthouse area of Arlington. Here is his post on that: Palatine Goes Rental

The only thing I would add is to see if you get some sort of interest on your deposit. Read your contract closely. Some builders are trying to get out of their obligation to pay interest. Sometimes that can be $2,000.

$135,000!? EOS 21 Auction: A Steal or Bait

Only $135,000!? EOS 21 Condos in Alexandria Virginia just announced a condo-conversion auction of 43 units. A "Once in a Lifetime Opportunity!"

This is the second condo-conversion project to take this "liquidation" sales technique. I know I say in my blog "I told you so" a lot, well no exception here. The risks with buying new construction (or conversions) is huge when they have excess inventory. New Construction Bargains: Risks or Rewards?

So what about EOS 21? Well the auction is brought to you by the same people that held the Parkside at Alexandria auction back in October 2007 (see Parkside at Alexandria 1st post). Parkside had "starting prices" at $225,000, but ultimately got bid up to $280,000 to $290,000 (see post #2 the Results show with video). "Down" from an inflated sticker price of $340,000 (2lvl TH).

All in all they sold for maybe 5-10% off the price you could have gotten the week before with a written offer.

And now a few months later... they STILL have units that are priced starting at $290,000 (and there are a ton of short sales on the MLS in Parkside) which is just about what they went for at auction time.

WHAT A STEAL! Ha!

POSSIBLE BIAS ALERT! One thing that really ticks me off is the buyer agent broker offering. They offer only 1% to the buyer agent. In Virginia 95% of the time the offer is 3%. Why would they want to discourage a buyer from having an agent???? Um, because then the agent can get in the way of the transaction and actually represent their client.

So even though I write this post and people will learn about the auction, I won't take any clients to this auction unless they make up the difference. Why?

1) They will not go for anywhere near $135,000, so I won't even get the 1% ad it will be a wait of time for me.

2) My buyer agent contracts state what I get paid, so a buyer would have to make up the difference.

3) But even if a buyer is ok with paying #2, see #1.

Unless you are SERIOUS about bidding up to 90% of list price, and agree to pay my fee, then I can help you. I know, damn greedy Realtors! Why won't they waste 5 hours with me for that Once In A Lifetime!

Why would they want to DISCOURAGE REPRESENTATION??

So you won't know your rights. Did you know that you can still back out of the contract, even after the auction, if you don't approve of the HOA docs? These auctions do not trump the HOA review period (it does for a foreclosure).

(Sidenote, the "out" that you have is a double-edged sword. Because people know they have an "out" they will probably be MORE comfortable bidding $20,000 higher, so don't just see it as a win win for you)

Disclaimer: EOS gave me permission to post their ad, as long as they reserved the right to ask me to take it down if they don't like the blog post. I'm curious to see if they will request for the ad (not the blog post) to be removed.

- Written by Frank Borges LL0SA Broker FranklyRealty.com

Clarendon 1021 Green Day

A couple of months ago, Clarendon 1021 held a GREEN DAY.

They invited several merchants and Fresh AIRE – Arlington Initiative to Reduce Emissions to teach residents how to reduce energy and recycle. This initiative was created by several owners at 1021 that are very environmentally aware and they work with management to make everything as Green as possible.

Here is AIRE's blog about this event.

Here are some more photos of the Green Event at Clarendon 1021.

For a list of active for sale, go to 1021Clarendon.com a
nd the blog and video walking tour can be found on the other blog post on Clarendon 1021 in Arlington

- Written by Frank Borges LL0SA- Owner of a unit at 1021
Broker FranklyRealty.com

Phoenix Condos in Arlington Va Reviewed. Pros & Cons ie Fire Dept

The Phoenix Condo in Clarendon Arlington Virginia (video tour) was completed in 2007.

After two other Arlington Condos, including Zoso went "non-condo" there was speculation whether or not Phoenix would continue their condo project. While they had 100+ units under contract, the risks were high. Subsequently they decided to go for it. And as expected, many people backed out of their contract (ask for details).

I live in Clarendon 1021, just around the corner. I have a strong bias toward that building, but I'll do my best in comparing the two.

Background: The Phoenix initially priced their units at the TOP of the market, comparable to 1021. The first 10 sellers of Clarendon 1021 made a $80,000 profit (now they lose $25k). That is when Phoenix priced their "Pre-construction" prices. A 2 bedroom in 1021 went as high as $670,000, now you can get a similar one for $570,000. A $100,000 price drop. Now do you see why people forfeited (and some fought, ask for details) their $35,000 deposits at Phoenix?

So now the question is if you like Clarendon (side note, all my friends that bought in Courthouse or Ballston, they all meet up... in Clarendon), is the Phoenix a "deal?" Yes it is less expensive after subsequent price drops versus 1021, but I go at length in my post about the risks with new construction.

Blatant side note: I know many of you think Realtors are worthless. You have two legs right? You can just walk on into a new construction. You don't need no stinking agent! Well maybe, just maybe, we know a thing or two that might help you. Don't like my style, find somebody else. Whatever you do, have somebody on YOUR side. Oh, and did I mention, there is no additional cost to you.

Anyhow, here are a few photos of ThePhoenixCondo :




Here are another 28 photos of The Phoenix Condos in Arlington
I have more photos of units, but those can't be published online without seller permission. But I can email them to you upon request.

Pros:

1. Less expensive. For the most part this is true. But if there is a bank owned 1021 unit, you might get a similar price.
2. Built to be a condo. Meanwhile 1021 was built to be an apartment complex, and was later converted. Builders cut more corners for apartments complexes.
3. Nicer appliances
4. Rooftop pool, slightly deeper pool and larger areas for events, but no DC view.
   
5. Large party room (the one at 1021 was sold off! as a unit)

Cons:

1. Fire Department! Is located just behind the building. So depending on where your unit is located, the noise will be a factor for many buyers.
2. Large remaining inventory to sell. What if they auction off units like Parkside Alexandria.
   
3. No Hot-Tub. Clarendon 1021 has a great rooftop, now with an outdoor HotTub that is even on during the winter. With a monument view.
   
4. No Monument Views. An apartment complex blocks any Washington Monument view.
5. Cathedral View? Currently yes, some units have a Cathedral view. However, last week a 12 story building was announced. Just over Clarendon Grill. I have asked the sales team to look into whether this would block any unit's views. They are looking into it, they didn't know about the upcoming building (see above why it helps to have somebody on your side asking the right questions, all for no extra cost to you)

So the location is great. The price is currently lower than other Clarendon Condos, but there are many things to weigh in making the right choice.

I'd like to open this forum up for people to list other pros and cons (when comparing Clarendon condos) that I might have missed.

Written by Frank Borges LL0SA- Broker FranklyRealty.com

Trend: Phoenix Condos= Backing out. In Arlington Va

A ton of people have been emailing me about the New Phoenix Condos in Arlington Virginia (which just started closings) after reading my blogs about: IO PIAZZA. Possible Class Action? Default? Deposits + Interest and Zoso Officially Drops out of the Arlington Condo Market

So I thought I'd write about The Phoenix in Clarendon Virginia specifically.

Ok, so here is the scoop... oh wait, before that, how about a nonobligatory donation of $500 to the St. Bernard Pr0ject (Katrina relief)? All I'm saying, is if this blog saves you at least $10,000 in one form or another, will you give a donation to them? Yes, great, No? Shame on you!

First off, a little "Wow! How did you know!?" mind reading...

So you are in a contract to buy a Phoenix condominium and you thought... "Why don't I call and pretend to be a prospective buyer and see what the units are going for!!!!!!!!!!!!"

Low and behold... they are selling for MORE than your contract price! You are rich!

Yet you wonder why they aren't advertising, and how are they able to sell units for a premium in this marketplace. Well, I'll tell you why... Probably 90% of their calls today are people FAKING as prospective buyers. They sniff you out like a 10 year old sniffs Elmer's.

If you were trying to sell a ton of units to people under contract for 2 years, wouldn't you artificially keep your prices HIGH until they all closed?... and then after they close, start advertising your blue light specials!

Yes, my prediction is that after the current contracts close, the prices will fall and get more in line with other available units on the market, like at Clarendon 1021 Arlington Condo.

So you think you have two options...
1) Close on your unit at the current price and hope that you don't go bankrupt like 5 people over at 1021. Or hope that you can sell in 2 years and break even. Maybe. But a very possible, maybe not! (especially after those damn Realtor fees, check out Go FSBO! Save $20,000!)

2) You walk away from your $25,000 deposit.

I say you have a few options, but it will cost you a few bucks (but nothing compared to your options above)!

1. Get a good lawyer. I don't care if you are a lawyer and you have read the contract and there is no way out, get a lawyer that knows specifically about new constructions.

   
   

2. Get your own independent appraisal! What you are gonna use the condo recommended lender, who will use a lender recommended appraisal? If you already got one, look at it. I won't say they are fraudulent, but how about "highly suspect"

3. Renegotiate. Oh, you tried? Of course they will say no. Even if you pant and yell and scream. For this, please see #1 above.
   

And for all of you that bought these places without a Realtor, can you at least stop and recognize that we are not as worthless as you initially thought? The cost is the same to you, yet you figure, "I'll just walk in and sign the papers, I don't need no stinking Realtor."

Best of luck, if you need the name of a lawyer or appraiser (no I don't get kickbacks, but I can guilt you into giving a donation as I mentioned above) please send me an email and post a comment about your situation (don't put your email in that comment).

Also I encourage comment postings so that others can be kept in the loop. My other Io Piazza blog had many conflicting comments, so lets get a good discussion going here.


- Written by Frank Borges LL0SA- Broker/ Realtor
www.FranklyRealty.com

(please email me typos, I don't like looking dumb, oh and sign up for new blogs via my main blog blog.FranklyRealty.com)
Keywords: 1020 N. Highland North Clarendon 1021 Zoso Mcwilliams Ballard ed peete The Phoenix at Clarendon Metro 22201

IO PIAZZA. Possible Class Action? Default? Deposits + Interest

Apparently IO PIAZZA, a new construction Arlington Condo in Shirlington, is claiming to not be under contract for sale of the entire building (initial reports said they were, but that deal, if any, might have fallen through like other nearby deals). Here is the May 2006 blog about Io Piazza rumored to be under contact.

Meanwhile, they refuse to close on units that are under contract (probably since they are still trying to sell the building) and they are refusing to consider themselves in "default" which would trigger a 2% penalty on the deposit. The total amount might only be a couple of thousands of dollars, and I guess they figure it isn't worth hiring a lawyer for such a small amount.

But if we get 5-25 people together, the legal fees will be very small and everyone might be entitled to get their deposit plus interest.

Please contact me if you have a contract at Io Piazza (and other new construction condos like Eclipse, Phoenix, Zoso)

Written by Frank LL0SA- Broker FranklyRealty.com

IO PIAZZA Shirlington Now Under Contract. Closing Next 45-60 Days

July 2007: Update Possible Class action vs Io Piazza .

May 2007: Just a quick follow up to my Next up: Io Piazza will Convert to Apt (don't miss the comments) blog. My sources tell me that Io Piazza is now under contract.

I already know people with contracts there are putting neighboring houses under contract. If you already plan to buy (I'm not telling you to buy) you might consider doing it before all the other people figure this out!

Remember, supply and demand.

Here is a link to the 30 active properties (from $300k to $700k) in the 1/2 mile radius as of 5-5-07 . I put the newest listings first. 30 properties near Io Piazza

Let me know if you want to see one.

- Written by Frank Borges LL0SA- Broker FranklyRealty.com
Don't miss the main blog over at BLOG.FranklyRealty.com

Clarendon 1021 Arlington Virginia Condo. From a Realtor Resident's View

I'm a Realtor, and I live in Clarendon 1021 a condo in Arlington Virginia.

I put up this page to give those searching for information that you can't find on the MLS. Feel free top post specific questions.
If you want to see what is active, go to my site http://www.1021clarendon.com/

While allowing for some bias, Clarendon 1021 is the single envy of all of Arlington.

Walking tour video of Clarendon 1021:



It has the absolute best location with a rare rooftop pool and 24 hour security/concierge. It is unmatched in all of Arlington

(even by The Odyssey since the Odyssey people will be cabbing it in from the Courthouse location to hang out in Clarendon) Clarendon 1021 is one of only 4 condos in the Clarendon area as of 5/08 (Station Square, Clarendon 1021, The Phoenix Condos, and the smaller Hartford . There were going to be a couple others, but they converted to apartments (Le Joule and Zoso).

The good:

• The rooftop pool and hot tub is amazing in my opinion. Rooftop pools are VERY rare in Arlington, with maybe 10% of the condos being able to boast this. Ours also has an amazing Monument and Capitol view (click to see). However, you should know that the pool is a shallow 3.5 feet and is more for wading then doing laps. Pool hours are posted and currently not 24 hours. Pool parties (photo) on the roof are also a blast and a makes this building the envy of Arlington.
• 
  
• We have a great online message board for residents to talk about issues and get those issues immediately addressed. That board is private until you become an owner.
  
• 24 concierge. I just found out that I rank #1 with online purchases in my building. I can't imagine not having somebody at the front desk to get a package. Would I have to go to another building? (View lobby)

  Upgraded interiors. Each unit comes with stainless steel appliances and granite countertops in the kitchen and baths. (photo of kitchen)
  






• Location, Location, Location. I have friends that used to rent in Clarendon, but bought in Ballston and Courthouse. While they might have saved $30-$50k, they still hoof it to Clarendon for 80% of their nightlife. And guess what happens (regardless of the market going up or down) when you go and sell your place, it will STILL be worth $30k-$50k more then the same unit elsewhere.

The not great:

• It was initially built as an apartment complex and then was sold off to a developer as condos. What that means is every unit's interior is nearly identical (a few floors have lighter cabinets).


• It isn't soundproof. Buildings that are initial apartments won't be as quite since it costs more to soundproof. I'm talking about floor to floor foot traffic.


• About 6 months ago there was a flooding problem that was pretty severe. I was told it was the worst rainfall in 50 years or something. The roof was since re-designed to drain the water faster. Management was quick to repair the common areas effected to prevent any molding. Experts and the county came out to verify that everything was done properly. Several buildings had this problem after this flood.


• No rooftop entertainment room. The builder converted it to a condo at the last second. This kinda sucks, but the rooftop pool makes up for it. We do have a conference room and lounge with free wireless (thanks for a high tech friendly neighbor)

Differences in Units:

Email me for a full size building layout. Applicable for floors 2-8. It will give you an idea which unit # faces where and if it has a balcony and # of BDRs. (photo of 1 unit)

• Units with Balconies will get anywhere from 20-$35k more than a same floor, same size unit with no balcony.
  
• There are 4 directions your unit can face. Units facing the courtyard will be $10k-$20k higher than if you face the higher trafficked Washington Street or North Garfield Street.


• Morning sun or afternoon sun. Courtyard units get sun in the morning.


• Floor level can be about $4k to $8k per floor (not that some "1st floor" units are actually on the 2nd floor and above the B level


• Some B level units have walk out access to a patio and courtyard. Easy access for dog owners too. B level units have been slower to sell.
  


• Floorplan differences. The efficiencies start at 600sq ft. 1 BDR start at 700sq feet and go up to 850 with 1 BDR and dens at 900. With the 2 bdrs you have some with 1 and some with 2 full baths.

Watch out when buying:

• Watch out for "1 bdrs and Dens" that are listed as 2 Bdrs.


• Watch out for units near the entrance. Some were built after the building was completed.


• Watch out for $100k overpriced units. This is NOT a "you get what you pay for" place. You can EASILY overpay if you don;'t know the ins and outs of the building. Recently one 2bdr was $100,000 overpriced. There is a long history of price fluctuations in this building. It skyrocketed upon the initial opening with some making $100,000 profits. Now some are trying to make that same $100k, while others are selling for a $30k loss (this is because of the market, not the building).


• The address is NOT 1021 Clarendon Blvd. The building is called "Clarendon 1021" but the address is 1021 N Garfield St Arlington Va 22201

Again, if you want to see a list of the active units go to: http://www.1021clarendon.com/

Let me know if you have any questions about Clarendon 1021 and I hope you will share your comments and observations.

- Written by Frank Borges LL0SA- Broker FranklyRealty.com

Check out Odyssey vs Clarendon 1021 in 22201 Arlington VA

Also Clarendon 1021 Rooftop Pool Parties

Also here is a tour of all of Clarendon:

Next up: Io Piazza will Convert to Apt.

As you can see with my Zoso (Ed Peete) prediction (see next blog) the builder decided to stop trying to sell Zoso as condos, I now am fairly certain that Io Piazza in Shirlington (also Ed Peete) will no longer try to sell as condos.

If you would like the name of a lawyer that has been successful in getting dozens of people out of their contract WITH all their money, let me know. Sorry she done answering "quick questions" for free. Now it will cost you $500 just to talk to her and more to get your money back. Why? Because this blog overwhelmed her with people looking for free advice and that doesn't pay the bills. Don't be stupid and try and go it alone first, you'll actually just make things worse.

Update 5-5-07- My sources say that Io Piazza Condos in Shirlington, Arlington Virginia is Under Contract to be sold. Once the property closes, all contracts will be canceled and the deposits returned. If you want to live in this area, you might want to beat the rush of 100+ buyers. You are ahead of the game by reading this blog, but not by much! Email me.

Now the big question is the Phoenix!

Written by Frank LL0SA- Broker FranklyRealty.com

Zoso Officially Drops out of the Arlington Condo Market

As predicted in my blog: Arlington Condos: Joule Converts to Apts. Next up: Zoso & Phoenix? Zoso has officially stopped selling condo units

Here is the official word:
Hello Frank, At this time, the builder has indicated that current contract holders will be released. This action has not yet been initiated, although calls to purchasers have been made. There are no definitive plans at this time for the future of the building.
Tammy B. (A Realtor working for the developer.)

Now the next one to go is Phoenix condos in Arlington Virginia. I give it a 65% chance of converting to rentals. Make sure to read the other blog on Local.FranklyRealty.com that warns you about other new construction pricing guarantees.
Publish
Written by Frank Borges LL0SA- Broker FranklyRealty.com
703-827-4006

"Lowest Price Guarantee?" Park At Courthouse in Virginia. Real or Fluff?

In 2003 and 2004, the demand for new construction condominiums was so high, builders didn’t offer any incentives (either price or upgrades) to the buyers. Now that the market has changed, we’re noticing the builders for these new construction condos are lowering prices, negotiating offers, and even offering “Lowest Price Guarantees.” One particular property, the Park at Courthouse, is offering this guarantee and I decided to investigate to write about it here. My questions were: 1) is the guarantee real? and 2) how can they offer such guarantee, considering the prices are probably lower than most nearby condos to begin with?

Since 2003, the prices of condominiums in Arlington (among many other places) sales prices soared, but only to come back down. Now we know the double digit increase is a thing of the past and the immediate future of condo or real estate market looks cloudy. Regardless ofwhat the experts say about the future of real estate, builders in Arlington have continued to move forward to construct new condominium buildings. One particular building I visited was the Park at Courthouse. Their advertising theme of "Turn back the clock to 2003 prices" seemed very appealing so I took a client there for a visit. As advertised on their website, the one bedroom condos at the Park really started at $328K WITH a parking space, which is generally much lower than existing nearby condos. If I were a buyer, at these prices, I would definitely choose a new construction over a unit that someone else has already christened, given all things equal. But all things aren’t equal for new constructions since there are higher risks with new condos: a) you’re buying at the same time and many others and therefore a larger % of these units are selling at the same time. Simple supply and demand says this should lower the prices considering the current market; which leads us to b) people can sometimes buy at a far lower price than others, which was catastrophic experience for Parkside Alexandria buyers. Not only that, the Park at Courthouse has an appealing "Guaranteed Lowest Price" program (which I'm sure the neighboring condo associations aren't happy with) that screams "I'm Perfect! Guaranteed!"So, I decided to do some research to see if you're truly getting a bargain with a built in insurance policy.

What I found is that the "Guaranteed Lowest Price Program" is a marketing ploy (albeit a good one). Heck Frank got them (the Park) into the Washington Post since he loved the initial marketing idea and thought all new condos would need to go in this direction to sell large quantities. The guarantee instead says the lowest price if the builders decide to lower their LIST prices overall. The key is the word “List” when it should be based on the NET price, including all incentives and upgrades. List is too easy to manipulate in order to look good.
For example:

-Customer A enters and buys a 1 BR unit at $350K and purchases upgrades for $6K to make the total; net sales price at $356K.
-Customer B is thinking of buying an identical unit at the list price of $350K but is unsure. The builder could then offer customer B the unit at the list price of $350K and offer the same upgrade as customer A for free, to make the total netprice at $350K and customer B “saved” $6K.

The problem is that the total list price remained at $350K and the builder actually makes more money with this strategy then to lower the prices of all the units by $6K. I'm not saying that the builder at the Park are offering such deals to everyone, but a good Realtor can identify such situations and a) warn you about their trick or b) try to get you that $6K upgrade for a significant discount. The sales office's argument will be that the builder has already reduced prices twice already, but the average reduction is unknown. They won’t disclose it, I asked several times. How convenient. If I were a builder I would drop prices $1,000 two times, for the mere marketability to say “Oh don’t worry, we have already dropped prices two times, see it is real”, but their Achilles heal is when you say “show me exactly how much”. I think I would rather get the free $6K upgrade then to have the prices reduced by only a thousand dollars.

If you already bought a unit, ask your Realtor, and if you don’t have one, ask a lawyer if what they are doing is legal.

However, even if their “Lowest Price Guarantee” is not real their prices are still relatively low compared to the condos in the area. So, my question is how can they price it lower than their competitors? One of the reasons why the Park at Courthouse can keep the prices lower is by providing very basic features inside the claimed “luxury” condos and all the luxury features count as a paid upgrade. For example, the standard appliances are the typical white regenerators and microwave. To get the, sleek looking, black appliances, you have to upgrade for about $1,000 more (for 1BR unit). Stainless steel appliance upgrade package is $3,500 more (at Home Depot you can start with SS at $2500, but I doubt they will take off the value of the basic white $1,200 appliances and let you put in your own). The cabinets tell a similar story, where the basic cabinets are not as desirable as, nor are they as luxurious as the basic cabinets offered at other luxury condominiums. And, most of the units don’t even offer balconies, which many people feel it’s a must to have a “home” feel. Basically, the overall features offered at the Park are not as upscale as other new constructions, such as the Palestine or even existing newer condominiums. Further, the Park does not offer the same amenities as other condos. The Park does not have a pool, rooftop access, or 24-hr concierge (although they have a 9-5 hour concierge from their adjacent apartment building).
But even if you upgrade all the appliances to match with other luxury condominiums and account for the floor, VIEW, sq footage, the prices at the Park are still lower than other condos, such as the Palestine. My question is then, how can they sell their units for lower than everyone else AND have the lowest price guarantee? We go back to simple and demand. They have larger quantities available and limited number of buyers. This and the fact that guarantee is a weak one at best.

One other side note – the Park at the Courthouse has 92 or so units and they are really pushing for additional sales with this guarantee. As of March 10, 56 units were still available and this is a concern because, I think there’s a requirement on the % of units that must be sold in order for the builder to transition the ownership to condo association (maybe a lawyer can verify this for me). This could be the builder's final desperate attempt to try to sell the minimum required units for the condo conversion. If they fail, then it's possible they may convert to apartments as other builders have done. The Park at Courthouse already has a sister apartment building built and it would only take minimal work to manage another very similar (maybe identical) building.

Anytime you buy a property, or anything else for that matter, think: Caveat Emptor – Buyer Beware. Before you decide to purchase, you must understand/know all the risks so that you can make the most informed decision. That's why Realtors are recommended and they are “free” and paid by the builder (most builders aren’t allowed to adjust their price for buyers without Realtors. Despite the myths FSBO people may think, Realtors are not here to get paid for the same work you can do on your own, nor are they here to get you a steal of a deal in the most desired neighborhood/condominiums. Rather, Realtors are here to help you find a property, identify the risks and benefits of different buildings, neighborhoods, and then develop a strategy to get you the home you desire for as little as possible. The biggest mistakes I hear people make are from those who have jumped into a decision without the inside scoop. A good Realtor can get you that inside scoop.

- Written by Ray Hwang- Realtor

www.FranklyRealty.com

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