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Vertical Forests May Help Solve Climate Change And Housing Shortage In Arlington

The National Climate Assessment report on the impacts of climate change on the United States outlined the effects of climate change, such as heat waves, flooding, drought, and more frequent extreme weather. In 2013, Arlington adopted a transformative Community Energy Plan which aimed to reduce Arlington's greenhouse gas emissions by 75 percent by 2050. This came as Virginia continues to feel the impact of rising sea-level. With buildings contributing to 39 percent of carbon dioxide emission in the United States, Arlington has to come up with creative ways to solve its shortage of affordable homes and still keep up with its 2050 vision. According to an article at Greater Greener Washington the shortage of affordable homes has become even more pressing given Amazon’s decision to move one of its new headquarters to Arlington.Continue reading

How Will Arlington Benefit From Amazon’s HQ2 Performance Agreement?

In November 2018, Amazon announced that it had selected Arlington County from more than 230 jurisdictions in America as their new headquarters, commonly known as HQ2. This announcement capped a 14-month process that had galvanized Northern Virginia localities to form a multi-jurisdictional partnership in their bid for the headquarters. An article by Northern Virginia Realtors recently reported that Arlington County Board has unanimously approved the County's proposed direct financial incentive to Amazon. This is an annual pay-for-performance grant that is valued at approximately $23 million tied to the company's meeting target of occupying at least six million square feet of office space over the next 15 years. Arlington County Board chair, Christian Dorsey, said that this performance agreement will be a long and productive partnership between Arlington and Amazon. "I view this agreement as a new model of economic development, where most resources are devoted to improvement in infrastructure and developing human capital," he said. Arlington County also committed to using the portion of the new increment revenue generated by the arrival of Amazon within the existing Crystal City, Potomac Yard, Pentagon City Tax Increment Financing (TIF) area to make strategic infrastructure investments in and around National Landing. The TIF revenue is estimated to be around $28 million over 10 years. 3 New Investment Opportunities for Arlington 
  1. Technology- As part of its incentive package, the Commonwealth of Virginia proposed over $1 billion for a Tech Talent Investment Fund. This fund will produce 25,000 additional bachelors and masters degrees in computer and science-related fields throughout Virginia. The Commonwealth will also provide new resources related to computer science education statewide that will be accessible to the Arlington and Alexandria public schools. These resources will include professional development for current and future teachers, high-quality curriculum-related resources, summer and after-school programming for students, and meaningful career exposure and work-based learning opportunities in high-demand fields.
  2. Transportation- The Commonwealth will invest up to $195 million of non-general fund money in new or expanded transportation projects to improve mobility in the region. The planned investment will include New entrance to the Crystal City Metro Station; Improvements to U.S. Route 1 in Arlington County; Pedestrian bridge from Crystal City to Reagan National Airport and a Transitway expansion supporting Pentagon City, Crystal City, and Potomac Yard in both Alexandria and Arlington.
  3. Affordable Housing- With the new revenues generated by Amazon, Arlington and Alexandria will be able to fund affordable housing, workforce housing, and public infrastructure. Together, the two communities plan to invest at least $150 million over the next decade in affordable housing. This will result in the creation and preservation of 2,000 to 2,400 affordable and workforce units in and around the Crystal City, Pentagon City, and Columbia Pike areas and throughout Alexandria.

Properties in Crystal City

Crystal Park Condominiums offer a prime location in the heart of Crystal City, making it an ideal residence for those seeking proximity to Amazon's new Headquarters and the vibrant energy of the area. This spacious two-bedroom unit, originally a 3-bedroom, boasts 1523 sq. ft. of living space, with a thoughtfully designed layout that caters to both formal and informal lifestyles. The main living area is expansive, featuring a wall of custom-built ins that provide ample storage and add to the aesthetic appeal of the space. With east-facing windows, residents can enjoy perfect daybreak and morning sunshine, creating a bright and inviting atmosphere throughout the day. Additionally, an oversized balcony off the main living area offers a perfect spot for outdoor entertainment or relaxation. The eat-in kitchen is spacious and well-equipped, with plenty of room for a café or banquet-style table. Ample counter space allows for easy meal preparation, making it ideal for both casual dining and entertaining guests. The formal dining room seamlessly connects the main living space and kitchen, offering seating for 8+ guests and featuring custom built-in cabinetry for dishware and serving essentials. Both bedrooms are generously sized, with one boasting extensive built-in bookcases and the other serving as a primary en-suite with walk-in closets. Two underground parking spaces and an additional storage unit add to the convenience of living in this condominium. Residents can take advantage of the building's amenities, which include a fantastic pool, library, party room, recreation area, fully equipped gym, and designated outdoor grills. Additionally, the Capital Bike-share Station at the front of the building provides easy access to bike rentals for exploring the surrounding area. The location offers unparalleled convenience, with the Crystal City Metro just five minutes away, the Mount Vernon Trail three minutes away, and Long Bridge Park and Recreation Center nearby. Pentagon City Mall, Whole Foods, Costco, restaurant row along 23rd Street, Arlington County Library, and Reagan National Airport are all easily accessible, ensuring residents have everything they need right at their fingertips. [1805 Crystal Dr #213s, Arlington, VA]

New adjusted price! Planes trains, automobiles, and boats - we have them all! Enjoy Monument and Potomac River views year-round from this spacious two bedroom plus den unit at The Eclipse. You can even see the Nats score board light up during a game! Million Dollar Views, without the million-dollar price tag. Hard to find Monument and River view properties at this attractive price point. National Landing is so close to everything! New Potomac Yard Metro station is just blocks away, as is the new Virginia Tech Innovation Alexandria Campus, and much more! Lots of energy and development in this area, plus you can watch the Fourth of July Fireworks from your own private balcony! Engineered hardwood floors thru out, and unit freshly painted. Lots of large windows and doors to see the Potomac River, Washington DC Skyline, National monument buildings as well as a wonderful view of the Alexandria Masonic Temple from the office window. Living room built-in shelving and Bose surround sound stereo system conveys. There is a large dining room space, and off the dining room is the office with wall shelving and wonderful views. The kitchen features, granite counter tops, stainless steel appliances and gas cooking. Several of the appliances are just a year old and there are lots of counter and storage space. Off the foyer hallway is a newer stackable washer and dryer unit. The owner's suite is large and enjoys a wonderful view of the Washington Monument and DC skyline, not to mention Reagan National Airport and every changing views. There is a walk-in closet with custom California Closet wood built-in system with drawers, shelves and hanging areas. There is a second large closet included in the owner's suite along with a renovated shower, double vanity with granite countertop and side by side showers. Everyone gets their own shower! The second bedroom is an ensuite with full bath, spacious and also affords monument views. Both bedrooms have Casablanca ceiling fans. If you are not familiar with The Eclipse there is an amazing large party room on floor 7 with a theater room, great entertaining spaces, and a spacious outdoor rooftop deck with spectacular views. This area be enjoyed by residents 24/7 if not privately reserved for an event. A wonderful place to unwind and relax and feel like you are on vacation. There is also an outdoor pool, and fitness center on level 2 in building 3650. This unit is being sold with two side by side parking spaces on P2 very close to the elevator, as well as a secure extra storage unit. There are various retail establishments on site as well as a large Harris Teeter grocery store complete with pharmacy, making it so convenient and easy to shop and dine. There is also a private child day care facility on site and a tot-lot for Eclipse residents only. Great lifestyle living! This unit is one of the largest in the development and offers a wraparound balcony with wonderful river, city and monument views. Trains, Planes, Automobiles and Boats! So much activity to watch and enjoy. Come be a part of this growing area and enjoy all the benefits the National Landing neighborhood affords, as well as unknown future developments. Lifestyle living at its best! Spacious unit with river and monument views, garage parking, on-site grocery store convenience and so much more! [3650 S Glebe Rd #456, Arlington, VA]

April 21 NOTE: All carpeting will be replaced within a week or so. When that is finished, the closet shelves now in the living room will be replaced in the master walk-in closet. The main bedroom will be repainted soon. The association is in the process of cleaning the outside of the windows which should happen soon.
* * * * * THE UNIT: Come home to this bright, modern, wide open-plan, corner unit in the Eclipse, which includes an extra-large double-aspect balcony, a garage space (RP2-150), and an extra storage space (SB D-15). Special features include gas cooking, stainless steel appliances, premium countertops, a kitchen island, ceiling fans, and a washer and dryer. You will truly enjoy havig a supermarket in the basement.
* * * * * THE ECLIPSE: Be sure to see the gym and the pool which are on the second floor of the East building #3650. Also go to the 7th floor and turn right out of the elevator to the super party room with a theatre, pool table, full kitchen, and a large outdoor terrace with a great DC view. There is a 24/7 concierge to welcome your guests and receive your packages, and there are bike storage areas. Be sure to go down to the P1 level and see what a luxury it is to have a Harris Teeter supermarket in your basement: This is easiest to do after the unit key is returned to the concierge.
The Eclipse is the newest high-rise condo in the area by about 2 decades. Construction is solid, with concrete columns and floors, a plus for fire safety and quiet enjoyment, not to be confused with nearby residences that are 6 stories or less, and are stick-built despite the look of their brick facades.
* * * * * THE AREA: Amazon and Virginia Tech are building campuses and the Eclipse is at the epicenter. Boeing and Raytheon have recently moved their headquarters here. Be sure to notice the bus stop right across 36th Street. The new Metro stop is just to the south on Potomac Avenue. We are very convenient to the W&OD bike trail that runs from Purcelville to Mount Vernon. Rent a bike right on the corner. A little-known advantage: One can walk home from Reagan National Airport in about 5 minutes. Just take the airport bus to Economy Parking Stop #12, hop over the Jersey-wall, and down the trail. Also it's an easy walk to the River or to the Potomac Yard shopping center with everything you need. [3600 S Glebe Rd #317w, Arlington, VA]

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The Recession Changes Americans’ Moving Patterns

Brick sidewalk
Brick sidewalks are common in the 22314 zipcode
Moves across county and state lines are falling, with the 2007-2009 recession blamed for changing Americans’ moving patterns, according to an analysis of census data through 2010. The Great Recession caused more Americans to move because they could no longer afford to remain where they were. That's a big change in what traditionally motivates Americans to move -- a bigger home or higher paying job, USA Today reports about the analysis. Nine percent of Americans stayed local with their moves during 2007-2009 period -- the highest in a decade. "Typically, over the last couple of decades, when Americans moved, they moved to improve their lives," says Michael Stoll, author of the research and chairman of UCLA's public policy department. "This is the shock: For the first time, Americans are moving for downward economic mobility. Either they lost their house or can't afford where they're renting currently or needed to save money.” More than 23 percent moved for more affordable housing during the recession. Prior to the recession, that percentage stood at 20.8 percent. Also, prior to the recession, 41.3 percent of Americans moved in order to own a home or settle into a better neighborhood. However, during the recession, that percentage dropped to 30.4 percent. Source: “Americans on the Move Start Moving Down, Not Up; Setback in Upward Mobility Hits Blacks, Sun Belt Spots Hardest,” USA Today (Feb. 20, 2013)

  • Home Prices In Arlington Continue To Hike

    Glendale
    The housing market in Arlington County is getting more and more expensive as potential buyers continue to have fewer homes and condos to choose from.

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  • Inlet Cove is near Fort Belvoir and Potomac Mills

    Inlet Cove outside Belvoir
    Inlet Cove is alongside Route 1 This neighborhood of townhouses is near grocers and eateries Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge Interior to these properties are multilevel Inlet Cove is serene

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  • Pending Home Sales on an Upswing

    home inspector
    Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1…

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  • A Good Time to Buy a High-End Home

    Station Square
    Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move…

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  • Who is today’s homebuyer and why are they buying?

    Nesbitt Realty 703 765 0300
    The National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home. Cost savings; Children over the…

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Housing Affordability: A Possible Good Omen

Four Leaf Clover 068
Four-leaf clover
Amid all the media reports on how housing is still “in the tank,” one piece of news seemed to have escaped many of the pundits. Housing affordability could possibly reach an all-time high of near 200 in the second half of this year. That is, a household making the median income would have twice the income necessary to buy a median-priced home in America. To date, NAR’s housing affordability index reached an all-time high of 184 back in early 2009. It was only slightly above 100 during the housing bubble years, meaning that qualifying income barely met the requirements to buy a home even with a 20 percent down payment (if not using teaser-rate, funny/toxic mortgages). Historically over the past 40 years, the average affordability index was 118. The principal reason for the expected record high housing affordability index reading is the rock bottom mortgage rates of 4.4 percent on a 30-year fixed rate. Add to that modest gains in the average wage rate, which rose 3 percent in 2009 and is up 1.2 percent this year-to-date in spite of the high unemployment rate. Consider now versus then when home prices were at their “bubble” peak in 2006.
Shiny Penny Macro April 30, 20101
shiny penny
Of course, like all things “real estate,” affordability is local as well. There will be considerable local market variations in affordability conditions. Remember that one of the main components of NAR’s affordability index is home prices. Some markets encountered only minimal price declines while others such as Las Vegas experienced a 60 percent nose dive. Still, on a nationwide basis, the affordability conditions have risen to compelling levels. However, if a sizable number of people view – rightly or wrongly – that home prices will fall further and raise the affordability levels to even higher levels, then homebuying will continue to remain soft. That will lead to a further build up of inventory and thus hold back a true price recovery. The price decline potential was evident in July’s housing data. Existing-home sales plunged 27 percent to 3.83 million seasonally adjusted annualized units – their lowest level since 1995. Even though there was little change in inventory (with 4 million homes available for sale), the actual months’ supply of inventory rose sharply to 12.5. The sales decline reflected the aftermath of taking the stimulus medicine away. For nearly all of June, homebuyers knew they had to close the deal by the end of June to qualify for the tax credit. Therefore – and naturally – people rushed in to close in June and not wait till July. Qualitative REALTOR® member survey data about recent homebuyers suggest that investors, all-cash buyers, and buyers of expensive homes stayed in the market in July, but first-time buyers did not.
Sky Palette
rainbow
Going forward, home prices may fall, although I doubt in any meaningful way. Even if they do decline, there is no guarantee that affordability conditions will improve. Again, the principal reason for our current exceptionally high affordability conditions is lower mortgage rates. If prices were to fall 10 percent but mortgage rates creep up to 5.4 percent, then the affordability conditions could actually worsen. As for home sales, there are far fewer people in the pipeline to buy a home in the immediate months after the tax credit expiration. Consequently, expect continuing low sales at least through autumn. But sales should slowly come back because of the high expected affordability conditions. Winter months are generally slow ones for home sales. If sales this coming winter matches up with past “normal” winters, then it would be a good sign that the housing market is getting back on track to normal sales levels. If sales this winter remain 20 to 30 percent lower than normal, then we are looking at trouble with high inventory stuck at a double-digit months’ supply. Remember that the months-supply figure is also impacted by the raw count of homes listed for sale. Since inventory generally declines from summer to winter, the months’ supply will steadily fall, hopefully to 8 or 9 months, and close to the level consistent with continuing price stabilization. For example, inventory fell by 600,000 to 800,000 from July to December in each of the past 3 years. If a similar decline occurs this year and home sales slowly bounce back to 4.5 million (annualized sales) then we can have continuing price stabilization. A compelling argument can be made about the best affordability conditions, but it will be for naught if consumers lack confidence. Confidence in turn will be directly impacted by the general direction of the economy. Unfortunately, the economic recovery is coming to a virtual halt. GDP growth rates in the past three successive quarters were: 5.0%, 3.7%, and 1.6%. The upcoming GDP growth rates could be even lower figures. (If it turns negative for two straight quarters, then another fresh recession is at hand). At such tepid growth rate the unemployment rate could well reach 10 percent. GDP growth in a post-recessionary environment should be 5 percent or better, not only to start growing but to compensate for the recessionary downfall.
Jamieson
Entrance to the Jamieson Condominium
The weak economic expansion means that the job market will continue to look bleak and the unemployment rate could top 10 percent. This does not mean the country is necessary losing jobs on net right now. There have in fact been 763,000 private sector job creations from the beginning of the year to August. The soft economic expansion just means that the job creation pace is too slow to accommodate the rise in the labor force, particularly the recent high school and college graduates looking for work, aside from the need to fully re-hire the near 8 million job losses that occurred in the 2008 and 2009 recession. In a normal good year, there would be 2.5 to 3 million annual private sector job gains. The homebuyer tax credit appears to have done its job in preventing home price over-correction. NAR prices show stabilizing pattern for the past 12 months while Case-Shiller price data show stabilizing patter for the past 18 months. We’ll still need to wait several more months to get a definitive gauge on price stabilization. At this point, we’ll see how the housing market behaves in the absence of the stimulus medicine. As with any sectors in the economy, it is very unhealthy to be dependent on government help for a long period. Compelling affordability conditions and some job creations are a move in the right direction and we have to just allow some time for these factors to work their way into the system. But an important question that will linger is of when consumer confidence will genuinely return to close on the deal. by Lawrence Yun, NAR Chief Economist