Sun Gazette Arlington, Winter Real Estate Guide, January 25, 2018

2018 ARLINGTON

WINTER

REAL ESTATE GUIDE Wher e in

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Right here in Northern Virginia helping you with one of your largest investments. Whether you are buying or selling, call Mark Middendorf to endure a smooth and stress-free transaction. A real estate transaction should be a wonderful and pleasant experience and I can help you achieve that.

MARK MIDDENDORF

C: 703.928.3915 | O: 703.522.0500 mark.middendorf@longandfoster.com

Voted Best Realtor by Washingtonian Magazine

Predictions: Where Is the Market Headed in ’18?

Where is the national real-estate market headed in 2018? Trulia chief economist Ralph McLaughlin has a number of predictions for the housing market in 2018.

“Home-ownership will continue its comeback story in 2018 as Gen Xers who were hard-hit during the Great Recession become homeowners again, and as more Millennials buy homes for the first time,” McLaughlin said. “But homebuyers won’t be without challenges, as they’ll still face low inventory, slow wage growth and expensive starter homes.”

Among McLaughlin’s views, along with data from a Harris poll conducted in the fall for Trulia, are the following hot topics: Tax Plans May Help Cool Expensive Coastal Markets: As Washington has approved a tax overhaul that shifts some burdens for homeowners, the luxury market and housing markets in expensive, high-tax states in the Pacific West and Northeast might see cooling. This could include slowing home-price growth, new construction and existing home sales.

Home-Ownership Rate Will Continue to Climb: 2017 saw the first significant increase in the home-ownership rate in over 10 years. Meanwhile, the number of owner-occupied households grew faster than renter

ALEXANDRIA

households for three consecutive quarters – a first in 12 years as the number of renter households fell for two consecutive quarters.

As Gen Xers transition back from renting to owning and more Millennials become homeowners, the homeownership rate will continue to increase as it has trended in 2017, albeit slowly.

Markets to Watch: Trulia identified 10 housing markets to watch in 2018 among the 100 biggest markets, based on five key metrics: strong job growth over the past year, low vacancy rates, high starter-home affordability, more inbound than outbound home searches on Trulia and a large share of people under age 35 in the population.

Those markets: Grand Rapids, Mich.; Nashville; Raleigh, N.C.; El Paso, Texas; San Antonio, Texas; Fort Worth, Texas; Austin, Texas; Columbus, Ohio; Madison, Wis.; and Cincinnati.

Some Will Wait to Buy: One in four Americans (25 percent) believe buying a home in 2018 will be better than in 2017 – the same as those who say it will be worse.

One possible reason for the split sentiment: 40 percent of American renters who desire to buy a home say $319,000 rising homeN ARLINGTON/WOODBURY prices is their HEIGHTS biggest obstacle to home-ownership – the high-

$295,000

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1br/1ba condo steps to everything in Courthouse and Clarendon— location can’t be beat! This condo offers enormous balcony w/ access from living rm & master bdrm, new flooring, open plan living & dining rm! Bldg has tons of amenities!

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CLOSE TO BALLSTON METRO! Picture perfect 4br/3ba cape in A+ location — seconds to Ballston Metro, shops & restaurants! Open spacious floor plan, 2 wood burning fps & hardwoods throughout! Huge storage/ laundry room, finished lower level rec room & large backyard!

1301 Courthouse Rd #816, Arlington, VA

872 Kensington Dr, Arlington, VA 22205

www.chrissyandlisa.com Lisa DuBois | 703.350.9595

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3315 WYNDHAM CIR #1222, ALEXANDRIA, VA 22302 www.juliaavent.com julia@juliaavent.com Julia Avent | 703.850.6606

ARLINGTON 3311 Potterton Dr, Falls Church, VA

$1,700,000

Address St, City, ST, 22207 www.agent-or-listing-website.com

www.chrissyandlisa.com Lisa DuBois | 703.350.9595

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COMING SOON! HEART OF CLARENDON This elegant brick townhome is perfectly situated on a quiet street just steps from the amenities of Clarendon! The 4 Bed, 2.5 Bath unit has been updated from top-to-bottom: new windows w/ a lifetime warranty, updated heating & cooling, a new roof & more. You’ll find soaring ceilings & rooms flooded with natural light, gleaming hardwood floors & functional, generous spaces. It’s a must-see!

1114 N. Johnson Street Arlington VA 22201 cait.e.platt@gmail.com Caitlin Platt | 202.577.5846

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SWEEPING VIEWS OF LAKE BARCROFT! Updated 4BR/2.5BA home! Reno’d open kitchen w/ granite counters, island, stainless steel! Gleaming hardwoods, 2 fireplaces; expansive sunroom! Fully-finished lower level includes en-suite master bedroom, catering kitchen, loads of storage! Wrap-around deck, landscaped front yard with stone patio, secs to beach! Swim, boat, fish from private lake, mins to commuter routes, DC, Arl & Tysons!

SPACIOUS, UPDATED & GORGEOUS! HEADLINE www.juliaavent.com 3/4 br, 3ba. Open floor plan with main-level family room. Fully Max of 4 lines copy. Agents need to cut if what has been renovated kitchen with granite!julia@juliaavent.com En-suite master with walk-in provided is too long. Max of 4 lines copy. Agents need to cut if Julia Avent closet. 3 full baths — all upgraded!Lower level |rec703.850.6606 room with what has been provided is too long. Max of 4 lines copy. Agents bar area, den, plus bonus room. Sited on over half acre lot wit! need to cut if what has been provided is too long.

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COMING SOON IN SOUGHT AFTER HOLLAND TOWNE! Gorgeous 3 BR, 2.5BA, 3-level Townhome with single car garage. Gleaming hardwoods in living room, dining room and foyer. Updated, Eat-in kitchen with ss appliances.

Fenced yard. Easy access to commuter routes and public transportation. Short commute to DC. NEW PRICE! IF NECC 5420 Wycklow Ct., AlexandriaBANNER VA 22304

Large(1096sf), sunny, 2 bedroom/2bath(both ensuite) condo for under $300k. Great location, close to 395 and DC. Free shuttle to metro. Gated community with pool, fitness center, and Clubhouse. FHA and VA approved. Pet friendly.

provided is too long. Max of 4 lines copy. Agents need to cut if what has been provided is too long. Max of 4 lines copy. Agents need to cut if what has been provided is too long.

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ARLINGTON

est level reported since 2013. Perhaps is one of the greatest obstacles to as a result, only 10 percent of Ameri- home-ownership (66 percent), along cans plan to buy a home as their pri- with rising home prices (47 percent) mary residence in the next 12 months and qualifying for a mortgage (37 perwhile 41 percent plan to wait at least cent) for Millennial renters who want to buy a home. two years.

Natural Disasters Causing HomRising Optimism for Home Selling Unlikely to Ease Tight Inventory Im- eowners, Home-Buyers to Rethink mediately: Nearly one in three Ameri- Where They Live: After 2017’s array of cans (31 percent) think 2018 will be floods, hurricanes, wildfires and other a better year for selling a home than natural disasters, 39 percent of Ameri2017, versus 14 percent who think it cans say they are more concerned will be worse – a 17-percentage-point about the potential threat of such disasters affecting their homes, with a differential, the highest since 2014.

This spells good news for the cur- higher proportion of those in the hurrent inventory crunch, but relief may ricane- and flood-ravaged South exnot come for a few years, as only 6 per- pressing concerns (43 percent). Only cent of homeowners plan to sell their 5 percent of Americans are less concerned about this potential threat. home in 2018.

More tellingly, a majority of AmeriMost Millennials Aspire to be Homeowners, But Saving Money cans said the potential for the aforeRemains Key Obstacle: Today, 73 mentioned natural disasters – floods percent of Americans aged 18-34 say (72 percent), hurricanes (61 percent) home-ownership is part of their per- and wildfires (58 percent) – would sonal American Dream; however, this influence their home searches if they majority is below 2015’s level of 80 were looking to purchase a home.

••• percent expressing this same sentiThis survey was conducted online ment.

Yet for many Millennials, their within the United States between Nov. home-buying plans aren’t happening 9-13 among 2,188 adults by Harris Poll soon: 65 percent who plan to buy a on behalf of Trulia. ...inviting you home!

The online survey is not based on home one day said they don’t plan to a probability sample, and therefore no do so until at least 2020.

NORTH ARLINGTON/BLUEMONT $749,000 $XXX,XXX sampling error Why are they waiting?

PerhapsCITY/NEIGHBORHOOD lack estimate of theoretical of funds – saving for a down payment can be calculated.

FAIRFAX

Agent Name | 703.xxx.xxx

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HEADLINE www.6417LakeviewDr.com Max of 4 lines copy. Agents need to cut if what has been Lisa O’Donnell provided is tooDuBois long. Max of&4 Chrissy lines copy. Agents need to cut if what has been provided is too long. Max of 4 lines copy.

Agents chrissy@chrissyandlisa.com | 703.626.8374 need to cut if what has been provided is too long.

Address St, City, ST, 22207 www.agent-or-listing-website.com Agent Name | 703.xxx.xxx

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BANNER IF NECC BANNER IF NECC Completely updated, 4BR, 2.5 BA Colonial! Spacious, eat-in kitchen opens to family room with NEW CONSTRUCTION! BANNER IF NECC fireplace. Upper level has 4BR all with ceiling fans, completely renovated baths with marble Superior new construction by acclaimed MR Project Management, Inc. Custom craftsman home HEADLINE HEADLINE and granite counter, dual sink in HEADLINE master. Walk out finished lower level opens to stone patio and features 6 BR 5.5 BA w/ almost 5000 sqft of living space on large lot near East Falls Church Max of 4 lines copy. Agents need to cut if what has been large, fencedMax of 4 yard. lines copy.

Agents need to cut if what has been Max of 4 lines copy. Agents need to cut if what has been back Gleaming hardwoods on main level! Situated across from community Thoughtful design extensive built custom detailsneed to cutcommon provided finishes, is too long.high Max ofend 4 lines copy. Agents if provided to is too long.neighborhood Max of 4 lines copy.

AgentsWoodson need to cutSchool if providedmetro. is too long.

Max of 4 lines copy.with Agents need to cut if ins, top quality area-host many events!

Pyramid. Close to shops, has been providedSpring is too long.

MaxORLEA of 4 lines copy. Agents been provided is too long.

Max of 4 lines copy. Agents &been features.

Tuckahoe, Yorktown Expected Delivery 2018. what has provided is too long.Williamsburg, Max of 4 lines copy.

Agents Schools.what restaurants what in FXhas City and commuter routes. need to cut if what has been provided is too long. need to cut if what has been provided is too long. need to cut if what has been provided is too long.

2610 N. Quantico Drive, Arlington, VA 22207 4371 Farm House Lane, Fairfax VA 22032 www.2610NQuanticoSt.com www.4371FarmHouseLn.com Address St, City, ST, 22207 Address St, City, ST, 22207 Address St, City, ST, 22207 chrissy@chrissyandlisa.com www.agent-or-listing-website.com www.agent-or-listing-website.com chrissy@chrissyandlisa.com www.agent-or-listing-website.com Chrissy O’Donnell | 703.626.8374 Chrissy O’Donnell | 703.626.8374 Agent Name | 703.xxx.xxx Agent Name | 703.xxx.xxx Agent Name | 703.xxx.xxx

www.byinvitationrealty.com www.byinvitationrealty.com 703.677.8730 4784 Lee Hwy | Arlington, VA 22207 Preferred partners with:

703.677.8730 4784 Lee Hwy | Arlington, VA 22207

2 | WINTER REAL ESTATE GUIDE | JANUARY 2018

Celebrities: Homes of the Famous (Living or Not) Elvis, Johnny, Marilyn. The most iconic celebrities don’t need last names. But they do need places to live.

The past year brought several homes once owned or occupied by Hollywood A-listers to market, or saw them find a buyer. The Web site www. toptenrealestatedeals.com has compiled some of the most interesting.

The Audrey Hepburn and Eva Gabor Estate Since the 1920s after Douglas Fairbanks and Mary Pickford built their Pickfair Mansion in the new town of Beverly Hills, many of Hollywood’s top stars chose the area for their trophy homes. One home on Delfern Drive attracted more than its fair share of celebrity owners, including – at different times – actresses and fashion icons Audrey Hepburn and Eva Gabor.

Located in the celebrity-infused neighborhood of Holmby Hills, the 7,000-square-foot traditional mansion is accessed through a gated entrance down a paved drive to the motor court.

The private compound includes over an acre of lawns, tennis court, swimming pool, terraces, a 700-square-foot guest house and a detached 1,000square-foot staff quarters/office.

The main house, built in 1938 and designed by architect-to-the-stars Paul Williams, includes a foyer with

Elvis Presley paid $21,000 for a one-year lease on this futuristic California home, where he spent his first year of matrimony with Priscilla. It can be yours; the listing price is $5.9 million. (Photo courtesy Rodeore.com)

focal curved stairwell, formal living room with fireplace and dedicated library nook, dining room, family room, kitchen, breakfast room and two staff bedrooms on the first floor. Upstairs are four bedrooms, including the master suite, totalling six bedrooms and four baths. Some rooms have glass walls overlooking mature gardens.

Not surprisingly, the house also had a strong attraction to other stars of the era who lived there, including David Niven and Mia Farrow.

On the market and listed at $13.995 million, the listing agent is Jade Mills of Jade Mills Estates through Coldwell Banker Global Luxury, Beverly Hills.

Marilyn Monroe’s Home Iconic Marilyn Monroe, starred in many of the most iconic films of 1950s and early ’60s, including “Some Like It Hot,” “Gentlemen Prefer Blondes” and “The Misfits.”

Proceeds from her films, which grossed over $200 million, would have

afforded her the ability to buy almost any home her heart desired. However, she purchased only one house in her own name during her 36-year lifetime when she bought a home in the Brentwood neighborhood of Los Angeles in early 1962, just a few months before her death.

She paid $75,000 for the partially furnished home; her mortgage payments were only $320 a month.

Continued on Page 16

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JANUARY 2018 | WINTER REAL ESTATE GUIDE | 3

2017: Solid Year in the Region’s Real Estate A Staff Report Home sales and total sales volume across Northern Virginia in 2017 stood at their highest point since 2005, according to new data, while average sales prices hit an all-time high.

A total of 22,555 properties went to closing last year, up 6.9 percent from the 21,097 transactions in 2016, according to preliminary data from the Northern Virginia Association of Realtors.

The totals represent transactions in Arlington and Fairfax counties and the cities of Alexandria, Fairfax and Falls Church, and are based on each year’s preliminary report of sales in order to be an apples-to-apples comparison.

(Therefore, figures may not directly correlate with those published elsewhere.)

The annual sales were the highest since the 29,235 reported in 2005, which marked the end of a six-year boom in the local real estate market that would be followed by nearly as many years of declining sales before the market rebounded starting in 2012.

Total sales volume for 2017 – $13.1 billion – was up from $11.7 billion in 2016 and also was the highest since the all-time record ($15.7 billion) was set in 2005, according to preliminary data.

Last year’s average (and preliminary) sales price of $579,498 was up 4.1 percent from the $556,368 reported a year before, and surpassed the $558,988 of 2016 as the highest on record in the region.

The average sales price represents all types of homes, including singlefamily, attached and condominiums.

Looking back on more than 40 years of sales data from across the suburbs, the average price has grown from $58,739 in 1975, surpassing the $100,000 mark for the first time in 1981, the $200,000 mark in 1991, the $300,000 mark in 2002 and the $400,000 mark in 2004 before peaking at just above $538,000 in 2007.

It then dropped for two years, to $431,018 in 2009, before starting a rebound that has seen prices rise in seven of eight years and average prices grow 34 percent during that period.

A complete year-by-year roundup of the local real estate market by the Sun Gazette staff, with sales data and anecdotes, from 1975 to 2017 can be found at www.insidenova.com/news/ real_estate/.

4 Decades of Home Sales Across Northern Virginia YEAR

1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

AVERAGE SALES PRICE

TOTAL SALES

For year

Change

For year

Change

$58,739 $62,373 $66,722 $71,639 $79,389 $90,744 $100,050 $103,631 $105,388 $108,049 $113,120 $121,922 $142,163 $162,850 $174,975 $174,616 $204,886 $202,534 $209,381 $210,557 $211,098 $214,102 $220,932 $229,151 $238,496 $252,374 $285,159 $319,293 $364,684 $441,253 $537,116 $537,741 $538,463 $461,039 $431,018 $469,018 $483,160 $504,338 $540,034 $551,220 $558,988 $556,368 $579,694

N/A +6.2% +7.0% +7.4% +11.4% +11.7% +10.3% +3.6% +1.7% +2.5% +4.7% +7.8% +16.6% +14.6% +7.4% -0.2% +17.3% -1.1% +3.3% +0.6% +0.3% +1.4% +3.2% +3.7% +4.1% +5.8% +13.0% +12.0% +14.2% +21.8% +21.7% +0.1% +0.1% -14.4% -6.5% +8.9% +3.0% +4.4% +7.1% +2.1% +1.4% -0.5% +4.1%

14,260 14,593 17,953 22,802 23,043 19,527 15,155 12,435 17,877 18,093 22,422 27,052 24,128 24,879 19,780 23,278 15,761 16,818 16,287 15,747 13,783 15,289 16,795 22,264 22,715 26,062 27,741 27,936 30,580 32,735 29,235 20,753 18,042 17,400 19,035 17,858 16,704 18,623 20,355 18,696 20,309 21,097 22,555

N/A +2.3% +23.0% +27.0% +1.0% -15.3% -22.4% -18.0% +43.7% +1.2% +23.9% +20.6% -11.8% +3.1% -20.5% +17.7% -32.3% +6.7% -3.2% -3.3% -12.2% +10.9% +9.8% +32.6% +2.0% +14.7% +6.4% +0.8% +9.4% +6.6% -10.7% -29.0% -13.1% -3.5% +9.3% -6.2% -6.5% +11.6% +9.3% -8.2% +8.6% +3.7% +6.9%

VOLUME (Billions)

$0.84 $0.91 $1.1 $1.6 $1.8 $1.7 $1.5 $1.2 $1.8 $1.9 $2.4 $3.3 $3.4 $4.0 $3.4 $4.0 $3.2 $3.4 $3.4 $3.3 $2.9 $3.2 $3.7 $5.1 $5.8 $6.5 $7.9 $8.9 $11.1 $14.4 $15.7 $11.1 $9.7 $8.0 $8.2 $8.4 $8.1 $9.4 $11.0 $10.3 $11.4 $11.7 $13.1

HISTORICAL/CULTURAL NOTES OF INTEREST

‘Saturday Night Live’ debuts Democrat Carter wins election R.I.P. Elvis Presley John Paul II becomes pope Incident at Three Mile Island GOP’s Reagan trounces Carter Egypt’s Sadat is assassinated It’s a boy for Charles, Diana Riggins is Super Bowl MVP ‘Cosby’ is nation’s top TV show Michael Jordan’s rookie year Shuttle ‘Challenger’ explodes Iran-Contra scandal tops the news Bush manhandles Dukakis Earthquake strikes Bay Area Americans With Disabilities Act First Gulf War starts ... and ends L.A. riots after Rodney King verdict Bill Clinton is inaugurated GOP takes control of Congress O.J. Simpson found not guilty Richard Nixon dies after stroke Tiger Woods wins the Masters Monica Lewinsky in the news Clinton acquitted by Senate Florida determines presidency Terror attacks strike on 9/11 New war in Iraq looms Joe Gibbs returns to Redskins Kerry falls to Bush in election Katrina swamps Gulf Coast Democrats win back Congress Oil prices through the roof Economy plunges; Obama wins Unemployment hits double digits GOP makes a comeback Economic malaise lingers ‘Derecho’ storm slams region Democrats win Va. statewide races U.S. Reps. Wolf, Moran retire Syrian civil war heats up Election stunner: Trump wins North Korea poses nuclear threat

Totals are based on sales figures for Fairfax, Arlington, Alexandria and Falls Church. Sales totals, average sales prices and volume come from data of RealEstate Business Intelligence, Bright MLS and the Northern Virginia Association of Realtors, as analyzed by the Sun Gazette, and may differ from other published figures. To be consistent, figures used are the preliminary ones reported each year, not the final totals reported later. Historical notes are compiled by the Sun Gazette staff.

Survey Says: Home Prices Could Continue to Rise in 2018 Housing experts are increasing their expectations for home price appreciation as rising prices show no signs of slowing.

Experts expect home prices to climb 4.1 percent in 2018, according to the 2017 Q4 Zillow Home Price Ex-

pectations Survey, an increase in their expectations for 2018. One year ago, experts predicted home prices would grow 3 percent in 2018.

The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing

4 | WINTER REAL ESTATE GUIDE | JANUARY 2018

experts, market strategists, and economists about their expectations for the U.S. housing market in 2018 and beyond.

The United States is in the middle of a supply crisis – the number of homes for sale has fallen on an annual

basis for the past 33 straight months.

Although building activity picked up slightly toward the end of the year, the biggest surprise of the 2017 housing market was the slow pace of singlefamily home building, according to the panelists.

Survey Says: Idaho Was Fastest Growing in 2017 Idaho was the nation’s fastest-growing state over the last year, according to new Census Bureau data, with its population increasing 2.2 percent to 1.7 million from July 1, 2016, to July 1, 2017.

Following Idaho for the largest percentage increases in population were Nevada (2 percent), Utah (1.9 percent), Washington (1.7 percent) and Florida along with Arizona (1.6 percent).

“Domestic migration drove change in the two fastest-growing states, Idaho and Nevada, while an excess of births over deaths played a major part in the growth of the third fastest-growing state, Utah,” said Luke Rogers, chief of the Census Bureau’s Population Estimates Branch.

With an estimated population of 8.47 million, Virginia’s yearover-year population growth was 0.7 percent.

The U.S. population grew by an estimated 2.3 million between July 1, 2016, and July 1, 2017, representing a 0.72-percent increase to 325.7 million.

The population of voting-age residents (adults age 18 and over) grew to 252.1 million (77.4 percent of the 2017 total population), an increase of 0.93 percent from 2016

California remained the most populous state in the nation in Idaho is Nation’s Fastest-Growing State July 2016, with an estimate of Population Change From July 1, 2016, to July 1, 2017 39,536,653 residents. Texas was second (28,304,596), followed Percent population change Percent change by region

by Florida (20,984,400). RoundAK Northeast 0.2 Greater than 2.0 ing out the top 10 were New 0.5 to 2.0 Midwest 0.3 York, Pennsylvania, Illinois, Ohio, 0.0 to 0.4 South 1.0 George, North Carolina and Population loss 1.0 West Michigan.

Texas had the largest growth in raw numbers, with its population growing an estimated 399,734 in the year ending July 1, 2016. Florida added 327,811, while California brought in 240,177.

Eight states lost population between 2016 and 2017, with Illinois having the largest numeric decline, losing 33,703 people (a relatively small percentage change compared to its population of 12.8 million). Wyoming had the largest percentage decline (1 percent). Three states HI that had been losing population in the previous year, Pennsylvania, Connecticut and Vermont, Source: Vintage 2017 Population Estimates saw slight increases. www.census.gov/programs-surveys/popest States in the South and West continued to lead in population growth. In 2017, 38 percent of and 2017, making it the first drop (249.5 million). the nation’s population lived in Net international migration de- since 2012-13, but still added just over the South and 23.8 percent lived in creased 1.8 percent between 2016 1.1 million people. the West.

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JANUARY 2018 | WINTER REAL ESTATE GUIDE | 5

Q&A: Managing the Expectations of Sellers DAVE FACINOLI Staff Writer

If a seller insists on a specific listing price, whether too high or low, what steps can (or should?) Realtors take to convince a seller to bring it in line with the market? Also, have agents ever turned down a listing because they thought it was a waste of time?

A number of local region’s top Realtors provided their views: Casey Margenau, Fine Homes and Estates: “You have to quickly make

up your mind if you want to work for a client who insists on pricing their home too high. Pricing too high causes multiple problems, and that plays out over and over and over again.”

Carol Temple, Coldwell Banker:

“The first thing is to make certain you want to get on that train. I have turned down listing on multiple occasions because you can tell right from the start it will not end well. Some listing presentations can be very brief, then you wish them good luck getting the price they want. With no exception, a home will sell for less than the market value if it is priced wrong to begin with. You try to stress that to the seller and keep nudging them to adjust to the right price, and remind them that time is not their friend.”

Casey Samson, Samson Properties: “I make every effort to educate the

seller on pricing and the fact they will get the best price in the first 30 days. If they are unrealistic, I do not take the listing. I have seen that movie and know how it ends. They will lose and lose big. We all have a limited supply of time, energy and money and we need to spend it on our sellers who are realistic. I look at ‘not taking the problem listing’ as protecting my good sellers. Unfortunately, every once in a while, I list a home I love but struggle to get the seller where we need to be. They rarely do. I always regret it and promise I won’t do it again.”

Debbie McGuire, Keller Williams: “We try to understand the seller’s expectations, but if it is unrealistic, we may have to say no to a listing. It is the partnership between the seller and the agent that gets results. We usually recommend a price range. We may take the listing if the seller wants to try the higher end of the range, especially if we see strong sales trends, but with the understanding that the price will be adjusted if needed to sell into the current market. If there is not this understanding, then both parties will be disappointed.”

Steve Wydler, Wydler Brothers Real Estate: “Sometimes it’s hard for

homeowners to disassociate themselves and be objective. It’s a lot about dialogue. We try to be highly analytical and rely on as much data as we can get our hands on, then compare and narrow the price range. Yes, we will absolutely turn

down a listing if someone’s expectations are so unrealistic. We don’t want them to be set up for disappointment. Some sellers fall in love with the agent who gives them the highest price.”

Karen Briscoe, Huckaby Briscoe Group, Keller Williams Realty: “We

always look at the comps and market study and point out what is comparable.

We can try a higher price the seller wants, but the market will tell us pretty quickly if that price was too high. Then we have to respond. It’s pretty rare that we turn down a listing if the seller is open to listening about the market.”

Dean Yeonas, Yeonas and Shafran Real Estate: “We present the data to

a seller and tell them why we think the property is worth X. If a seller is someone we have known and is reasonable, we can try it at a price the seller wants, but with the understanding that after a two-week period, we might need to make the proper market adjustments.

You do your best to educate sellers, but if the relationship is not a fit, we will not take a listing.”

Ann Wilson, Keller Williams: “I recommend to get an independent appraisal done, and it’s a 50-50 chance that they get that done. I also like to take sellers around to look at like homes so they can see the competition. That can put them back into reality. If the expectations are unrealistic, I will turn down a listing.”

giance: “We like to show a seller what

might happen if the original listing is too high. If the price is at a fair-market value from the beginning, they will get more for their home than pricing it too high at the start. You don’t want to end up chasing the market down. Buyers are smart and do their research. If a seller continues to be unrealistic, then there is not a lot we can do.”

Gloria Adams, TTR Sotheby’s International Realty: “You show them

comps. That seems to be helpful and they have different viewpoints after that. I will always take a listing, with the caveat that will we need to have a price reduction after so many days, weeks or months. You have to keep your sellers aware of the market adjustments.”

Jack Shafran, Yeonas and Shafran Real Estate: “We deliver them the mar-

ket information and comps. If they don’t agree, we respect that and will give them the benefit of the doubt, with the agreement that if there is no action, and there usually isn’t, there will be a conversation about reducing the price. If the chemistry does not exist from the start, sometimes you recommend another agent.”

Dawn Wilson, TTR Sotheby’s International Realty: “The only thing I

can do is give my best professional advice. I discuss the marketing strategy.

Ultimately, it is the seller’s decision. If it is

Rob Ferguson, Re/Max Alle-

Continued on Page 7

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REALTOR® Continued from Page 6

overpriced, the seller will likely be chasing the market and the final sales price will probably be lower than if the home had been priced correctly at the beginning, or the seller may not receive any offers. If the seller insists on a list price that is unrealistic for the market, I discuss that it is important to respond quickly to the feedback we receive from the market and make the necessary corrections as soon as possible.”

Mark Middendorf, Long and Foster: “You explain to your clients there

are two values – a personal value and a market value. You can always negotiate with a seller and try their price for two weeks. Then if there is no action, we try my price. Buyers in this market are too savvy. They know if a property is priced too high.”

Lori Shafran, Yeonas and Shafran Real Estate: “It is a tightrope and a

dance, sometimes with sellers. It is a team approach and you [the agent] are invited to be the coach because of your skill level. You have to devise strategies where both can win. The agent is the expert and valued professional. You can try a few plays the seller’s way, then make adjustments if that becomes necessary.”

Karen Close, Century 21: “I try not to turn down business but instead work toward an asking price that is supported by recent sales of like/kind homes, market atmosphere/condition and seller motivation.”

Betsy Twigg, Washington Fine Properties: “I have a bit of a different

perspective. A lot of the time it’s about a seller’s motivation. Do they really want to sell? They might want to price it too high on purpose because they really want to keep the home?”

Mike Highman, Acquest Realty:

“First, we must remember as Realtors we have a fiduciary duty to our clients to meet their concerns and needs. I try to understand why the seller has that stratosphere number, then after a thorough and in-depth comprehensive market analysis that shows the property’s market value, we review a pricing strategy. One such plan is a step-down offering price schedule. After a mutually agreed upon time frame, we analyze the traffic interest and then move on to the next appropriate price offer if need be.

Turning down a listing means you are not comfortable with going outside the envelope.”

David Howell, McEnearney Associates: “Sometimes, we and the seller

agree to a pre-agreed price reduction written into the listing agreement if the property hasn’t gone under contract by a defined time on the market. Or, we agree that the seller can try their price, and if it doesn’t work, we’ll sit down for a serious conversation about changing the price.

Yes, we have walked away from possible

listings because we think it would be a waste of our time and – more importantly – the client’s time. If there isn’t a mutual, trusting relationship up front, then there are likely to be problems ahead.”

Anslie Stokes Milligan, McEnearney Associates: “If the seller insists on a

list price that the agent feels is unrealistic, the agent has a few options: negotiate in pre-determined price reductions; insist on a retainer fee to cover marketing costs if the listing ultimately fails to sell; or decline the listing. I love the quote, ‘No one has the ability to waste my time except for me.’ Turning down a listing should be an agent’s last resort, but it is a powerful thing to be in charge of our time.”

ADU Investments Erich and Mairead Arnold Stephanie Bednarek Linda Bethune Stacy Bohlen Paul Boltz, Jr. Mark and Nora Jean Boulware Elizabeth Buskell Jeannie Byrne Steve and Pat Carlson Adam Cecin Brent and Brenda Christensen Walker Cluff

Glenn Lewis, McEnearney Associates: “When a seller lists an unrealistic

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Timur Loynap, McWilliams Ballard: “It all depends on my relationship

with the seller. If it’s long-standing, I might bite the bullet and take on a listing that is overpriced. I would make it clear to my seller that the list price has no basis in reality by providing a comparative market analysis that puts the list price into perspective. I have turned down listings not because I feel they were a waste of time, but because sellers refused to take my advice on pricing and marketing strategies.”

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Craig Mastrangelo, Re/Max Allegiance: “I may not take the listing and

Continued on Page 18

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price, I’d simply hit them head on by saying the comparable data didn’t support their desired price and wish them luck with the sale. All the marketing in the world won’t sell an overpriced listing. I have definitely turned down overpriced listings. They can be costly and a waste of time for all.”

tell them: ‘I would prefer to disappoint you now [during a listing presentation] than let you down three to six months down the road if/when price becomes the main buyer objection. If the price they desire is closer to market absorption, I may agree to their higher price, but request that timelines be built into our listing agreement to ensure price reductions, at specific periods.”

Dee Murphy, Long & Foster: “Luckily, the majority of sellers in this market are sophisticated enough to be reasonable. To prepare for an aggressive seller, it is critical to provide relevant data on recent sales, with pictures and stats. If the seller insists, I would negotiate a time period to test their price (two weeks), and if the feedback is that it is priced too high and we have no offers, we agree to adjust the price immediately. I have respectfully passed on a listing when the seller is insistent on an absolutely unreasonable asking price. It does not reflect well on an agent to have their for sale signs sitting in people’s yards for months on end.”

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www.AnnWilsonHomes.com JANUARY 2018 | WINTER REAL ESTATE GUIDE | 7

A Classic Cape Cod That Looks to Future

Updated Lyon Park Property Showcases Exceptional Style, a Great Locale

T

hink back to all the hubbub of six weeks ago, when changes came to Interstate 66 and commuters from areas in the outer suburbs had to scramble to make sure they had cobbled together the best route to and from work.

Now, consider the case of those who live in the always-in-fashion neighborhood of Lyon Park. They benefit from a friendly, charming community with all the benefits of bucolic living, AND they have easy access to all manner of commuter routes. It’s an easy trip in and out of D.C., or, for that matter, just about Constructed in 1932 and set creativeanywhere in the local area. No mess, no ly on a corner lot, the home contains stress. many of the typical characteristics of a This week’s featured property offers Cape Cod property, but from the mothe opportunity for a lucky someone to ment we spy it from street-side, it’s aplive in this sought-after community, and parent there is something special here. as an added bonus, to occupy an amazThe original part of the home retains ing Cape Cod that retains all its historic plenty of charm while also benefiting style and patina while being fully updat- from modernization, and the entire ed, expanded and modernized for 21st- package is augmented by the familycentury urban-village living. room addition, which features a vaulted Creative inside and out, the home is ceiling for gracious spaciousness. in move-in condition and ready to exThe living and dining rooms are loveceed expectations – all at a price that ly, and the kitchen has been updated. An offers much bang for the buck. added bonus is the main-level bedroom INSIDENOVA pocket-sized.

The property currently is on the mar- (with full bath), perfect for a multitude ket, listed at $969,900

by Billy Buck of of uses and just right for those who plan Now no matter where you are, Buck & Associates. to embrace Arlington’s “aging-in-place” you can get all your local news, INSIDENOVA pocket-sized. sports, and traffic.

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strategy.

The upper level includes additional bedrooms, while on the lower level you will find a recreation room, kitchenette, bedroom with full bath and copious storage. From here, there also is access to the extra-deep garage.

Bonuses throughout the home include fresh paint and large closets.

The nice deck and the fenced, level rear yard only add to the overall effect of the property.

Maintaining a tone of comfortable elegance for which Lyon Park is known, this week’s featured property is a standout ready to welcome its next owners.

••• Articles are prepared by the Sun

Gazette’s real estate advertising department on behalf of clients.

For information on the home, contact the listing agent. For information on having a house reviewed, contact the Sun Gazette’s real estate advertising department at (571)333-6272..

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Address: 116 North Garfield Street, Arlington (22201).

Listed at: $969,900 by Billy Buck, Billy Buck & Co., Buck and Associates (703) 524-9000.

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2018: Convergence of Factors Will Impact Market

Those hoping for relief from the ongoing inventory crisis won’t find it in 2018, although home-appreciation rates are expected to ease slightly in the new year, according to a compendium of predictions from Zillow.

“We’re on the other side of the housing recovery, and the real-estate market looks quite different than it did 15 or even five years ago,” said Zillow chief economist Svenja Gudell.

“We have a huge generation entering the market. They really want to be homeowners, and they’re faced with an inventory crisis that leaves them with few options.”

Zillow’s 2018 housing predictions include: • Inventory shortages will continue to impact the housing market: The lack of homes for sale will remain a top concern in 2018, playing a signif-

icant role in rising home prices. Inventory has been falling since 2011, and there are 12 percent fewer homes for sale than there were a year ago. This will be particularly difficult for firsttime home-buyers who don’t have the capital from a previous home sale to help with the down payment, especially in hot markets.

• Homeowners will choose to remodel instead of sell: Homeowners, wary of becoming buyers in such a limited market, will choose to remodel their homes instead of moving, worsening the inventory crisis.

“In most markets around the country, housing has become a game of musical chairs, and nobody wants to be the last one without a seat,” Gudell said. “Homeowners who are looking for a change will turn to remodeling and redecorating instead of selling

their home and facing the challenges of being a buyer in a sellers’ market.

• Baby Boomers and Millennials will drive home design: Livable design features that appeal to both Millennials and Baby Boomers will be a focus in new construction.

Homes will be designed to make living simple and comfortable – for example, with wide hallways that can accommodate both strollers and wheelchairs.

• More entry-level homes: Builders will respond to the demand created by more first-time buyers entering the market and increase new construction of entry-level homes.

Builders won’t ignore this hungry market, and we’ll start to see a rise in new construction at the more affordable end, instead of all the luxury buildings we’ve seen lately,” Gudell

said. “However, builders are also facing high costs, so instead of adding density in cities where zoning laws and land costs often preclude affordable building, we’ll see the suburbs grow and expand outward.”

• Suburban sprawl will return: The suburbs will expand as the cost of land and construction reaches a tipping point in urban areas. Urban living is popular among those looking for close access to job centers and cultural amenities, but building costs and regulations will lead to increased development in the suburbs.

• Home price growth will slow: Home prices will grow 4.1 percent, according to more than 100 housing experts and economists surveyed in the latest ZillowHome Price Expectations Survey. Home values are currently growing at 6.9 percent annually.

The rate at which renters moved in 2017 was at a historic low of 21.7 percent, compared to 35.2 percent in 1988, according to new U.S. Census Bureau data.

However, renters still moved at a higher rate than owners (21.7 percent compared with 5.5 percent, respectively), according to the new data.

“Although renters continued to move at higher rates compared to

owners, the decrease in the overall mover rate was partially driven by declining mover rates for renters,‚“ said Charlynn Burd, a geographer with the Social, Economic and Housing Statistics Division of the U.S. Census Bureau.

“Housing reasons continued to be the most often cited reason for moving.“ In 2017, 43 percent of movers reported moving for a housing-related reason. In comparison, 27.9 percent

said they moved for a family-related reason, 18.5 percent said they moved for an employment-related reason, and 10.6 percent said they moved for some other reason.

The mover rate for U.S. residents 1-year-old and over was 11 percent (34.9 million), which remained statistically unchanged from last year’s alltime low of 11.2 percent (35.1 million), according to the new data.

The lowest mover rate by region in 2017 was the Northeast (8.3 percent), followed by the Midwest (11.4 percent), West (11.5 percent) and then the South (11.8 percent). The Midwest, West and South were not statistically different from one another.

The highest mover rates by race were the African-American population

Moving: For Renters, Rate is Still Near Historic Lows

Continued on Page 18

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ALLEGIANCE

1/6/17 4:58 PM

Home Sales: Millennials Tend to Go Over Budget Millennials poured some $514 billion into the U.S. housing market over the last year as the largest generation of home buyers. But new survey data shows their home-ownership aspirations are stymied by affordability issues, frustration with the buying and selling process, and a cutthroat housing market.

More than half of young buyers (53 percent) make multiple offers to buy their first home, and only two in five Millennials (39 percent) are able to make the recommended 20 percent or more down payment.

The results of the Zillow Group Report on Consumer Housing Trends 2017 show how the nation’s highly competitive housing market is changing the way a new generation approaches buying a home. The second annual report is the largest and most comprehensive survey of real estate consumers ever conducted.

More than half of Millennials (62 percent) shop for a rental while they’re looking to buy a home, indicating they accept the fact that buying a home is

not a sure thing. They are more likely to say they struggled to find a home in their price range and on their time frame, and over one-third (37 percent) of Millennial buyers say they went over their budget, compared to 29 percent of all buyers.

Coming up with a down payment is one of the biggest hurdles young buyers face, and the Zillow Group Report sheds light on previously unknown statistics about how Millennials are pulling together enough cash.

Less than half (39 percent) of Millennials put down the recommended 20 percent or more on their home purchase, while one in four (21 percent) put down the bare minimum – 5 percent or less – in order to secure a home loan.

One in three (29 percent) Millennial buyers now gets financial help from friends or family to make a down payment, and one in three (31 percent) Millennial buyers cobbles together a down payment from multiple sources.

“In many cities across the U.S., the

housing market is extremely competitive, especially for first-time buyers who are looking to purchase a starter home,” said Zillow chief economist Dr. Svenja Gudell. “Young buyers often start their careers in fast-growing cities in which the market is particularly tough – and they’re trying to save for a down payment while making recordhigh rent payments.”

“Gen Z” – those born between 1995 and 2010 – already makes up more than 21 percent of the U.S. population, and is the most ethnically and racially diverse generation in U.S. history. They are beginning to enter the housing market as renters.

The Zillow Group Report reveals that those in Gen Z are just as likely as those in older generations to say owning a home is a key component of the American Dream; 57 percent say they considered buying a home when they looked for their last rental.

Generation Z renters work hard to win a home and end up submitting more rental applications than any other generation (3.1 applications

compared to 2.5 for all renters), yet they also move quickly through the process, spending the least amount of time searching (less than one month, compared to 26 percent of all renters).

“It’s encouraging to see that Generation Z is inheriting the same notion of what home means as their parents and Millennial siblings,” said Jeremy Wacksman, Zillow Group chief marketing officer. “These tech-savvy yet risk-averse renters . . . prefer living with others to living alone, and they put their vast social networks to work during every step of the rental-search process. As they mature and look toward home-ownership, it will be interesting to see how their aspirations and preferences will shape the housing market.”

The 2017 Zillow Group Report is the 2nd annual largest-ever survey of U.S. home buyers, sellers, owners and renters, and surveyed more than 13,000 U.S. residents aged 18 to 75.

The full report is available for free to the public at www.zillow.com/report.

“Green” construction is rapidly gaining traction among both single-family and multi-family home builders, according to new research published in the “Green Multifamily and Single Family Homes 2017 SmartMarket Brief.”

The latest in a series of studies conducted by Dodge Data & Analytics in partnership with the National Association of Home Builders (NAHB), the study shows that green homes are continuing to gain market share.

At least one-third of single-family and multi-family builders who were surveyed said that green building is a significant portion of their overall activity (more than 60 percent of their portfolio). By 2022, this number should increase to nearly one half in both the single family and multifamily sectors.

Within this group, nearly 30 percent of multifamily builders fall into the category of “dedicated‚“ green builders (more than 90 percent of their portfolio). On the single family side, the percentage of dedicated green builders is nearly 20 percent, but that share is expected to grow sizably by 2022.

“These findings show that green building has become an established part of the residential construction landscape,” said NAHB chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. ‚“It is no longer a niche business; our members recognize the value of building green and are incorporating these elements into their standard business practices.”

Increasing energy efficiency continues to be the most common method of improving the performance of

a green home, followed by creating a ing, we wouldn‚‘t be surprised to see the influence of this factor continue to healthy indoor-living environment.

“As consumers become more famil- grow,” said Steve Jones, Dodge’s senior iar with the impact that their homes director of industry insights research.

HBM AD flat b 12-4-2017.pdf 1 12/4/17 4:41 PM can have on their health and well-be- “Homes are following the larger trend

that Dodge has been tracking across commercial and institutional sectors for healthier buildings to become an increasingly important part of being sustainable.”

‘Green’ Building: Homeowners Embracing Trend

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JANUARY 2018 | WINTER REAL ESTATE GUIDE | 11

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Much has changed in the real estate business since Long & Fost But one thing that remains the same is the feeling

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Growing up you probably never thought about real estate, b right home to create memories for generation

Licensed in Virginia Long & Foster Real Estate Christie’s International Real Estate 703-403-5543

Much has changed in the real estate business since Long & Foster was first founded in 1968.

MeganMcMorrow.REALTOR Megan@lnf.com Growing up you probably never thought about real estate, but we all want to find the But one thing that remains the same is the feeling of being home. right home to create memories for generations to come.

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5715Ottawa.com Celebrating 50 since years helping people on thei Much has changed in the real estate business Long &of Foster was first703.795.0099 founded in 1968.

But one thing that remains the same is the feeling of being home.

Long & Foster. For the love of hom

Growing up you probably never thought about real estate, but we all want to find the right home to create memories for generations to come.

Much has changed in the real estate business since Long & Foster was first founded in 1968.

Much has changed in the real estate business since Long & Foster was first founded in 1968.

But one thing that remains the same is the feeling of being home.

But one thing that remains the same is the feeling of being home.

Growing up you probably never thought about real estate, but we all want to find the

Growing up you probably never thought abouttoreal right home to create memories for generations come. estate, but we all want to find the right home to create memories for generations to come.

Much has changed in the real estate business since Long & Foster was first founded in 1968.

But one thing that remains the same is the feeling of being home.

Celebrating 50 years of helping people on their journeys home.

Growing up you probably never thought about real estate, but we all want to find the right home to create memories for generations to come.

Long & Foster. For the love of home.™

LongandFoster.com

Much has changed in the real estate business since Long & Foster was first founded in 1968.

But one thing that remains the same is the feeling of being home.

Growing up you probably never thought about real estate, but we all want to find the right home to create memories for generations to come.

A R LI NG TON

Celebrating 50 years of helping people on their journeys home.

Long & Foster. For the love of home.™

LongandFoster.com

Celebrating 50 years of helping people on their journeys home.

Long & Foster. For the love of home.™

LongandFoster.com

Information deemed reliable, but not guaranteed. If your propety is listed with another broker, this is not intended as a solicitation of that listing.

Celebrating 50 years of helping people on their journeys home.

Long & Foster. For the love of home.™

| WINTER 25,REAL 2018ESTATE GUIDE | JANUARY 2018 1612 January

LongandFoster.com

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Sun Gazette

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CONGRATULATIONS TO OUR TOP PRODUCERS FOR DECEMBER

ir journeys home.

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Kristina Temple

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Sun Gazette

www.insidenova.com

JANUARY 2018 | WINTER REAL ESTATE GUIDE January 25, 2018| 1317

Walkability: Desire Varies Among the Generations It is no longer just Millennials propelling interest in walkable communities.

According to a new report from the National Association of Realtors, members of the Greatest (or “Silent”) Generation, those born before 1944, also prefer smaller homes in neighborhoods with easy walks to shops and restaurants.

The 2017 National Community and Transportation Preference Survey, which polled adults from across the U.S. about what they are looking for in a community, found that 62 percent

PUBLISHER’S NOTICE EHO

We are pledged to the letter and spirit of Virginia’s policy for achieving equal housing opportunity throughout the Commonwealth. We encourage and support advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, national origin, sex, elderliness, familial status or handicap.

All real estate advertised herein is subject to Virginia’s fair housing law which makes it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, national origin, sex, elderliness, familial status or handicap or intention to make any such preference, limitation, or discrimination.”

This newspaper will not knowingly accept advertising for real estate that violates the fair housing law.

Our readers are hereby informed that all dwellings advertised in this newspaper are available on an equal opportunity basis. For more information or to file a housing complaint call the Virginia Fair Housing Office at (804) 367-9753. Email: fairhousing@dpor. virginia.gov. Web site: www.fairhousing.vipnet.org

of Millennials and 55 percent of the Silent Generation prefer walkable communities and short commutes, even if it means living in an apartment or townhouse.

Gen-Xers and Baby Boomers still show a strong preference toward suburban living, with 55 percent of both groups saying that they have no problem with a longer commute and driving to amenities if it means living in a single-family, detached home.

“Realtors understand that when people buy a home, they are not just looking at the house, they are looking at the neighborhood and the community,” said NAR president Elizabeth Mendenhall, a sixth-generation Realtor from Columbia, Mo., and CEO of RE/MAX Boone Realty.

“While the idea of the ‘perfect neighborhood’ is different for every homeowner, more Americans are expressing a desire to live in communities with access to public transit, shorter commutes and greater walkability,” Mendenhall said.

According to the survey, the majority of Americans, 53 percent, would prefer to live in communities containing houses with small yards but within easy walking distance of the community’s amenities, as opposed to living in communities with houses that have large yards but they have to drive to

all amenities.

This up from 48 percent in 2015.

However, responders with schoolage kids in the home, regardless of their generation, show a greater preference for conventional suburban communities.

Sixty percent of all responders with kids in school said they prefer larger homes and yards that require driving, and that number jumps to 63 percent for Millennials with kids in school.

The survey also found that a majority of Americans, 88 percent, are very or somewhat satisfied with the quality of life in their communities, and 51 percent of those people believe that the walkability of their neighborhood contributes to that quality of life.

The report found that women, particularly young women, prioritize walkability and public transit more than older or younger men.

Fifty-four percent of young women said that sidewalks and places to take walks is a very important factor in deciding where to live, and 39 percent said the same about having public transit nearby.

However, when it comes to a short commute to work, youth was a greater indicator of preference than gender; 49 percent of young women and 48 percent of young men said being within a short commute to work was

a very important factor in deciding where to live.

While 60 percent of adults surveyed live in detached, single-family homes, 21 percent of those respondents said they would rather live in an attached home and have greater walkability.

Sixty percent of those surveyed also said that they would be willing to pay a little or a lot more to live within walking distance of parks, shops and restaurants.

When selecting a new home, respondents indicated that they would like choices when it comes to their community’s transportation options.

Eighty-six percent of survey participants said that sidewalks are a positive factor when purchasing a home, and 80 percent place importance on being within easy walking distance of places.

When it comes to respondents’ thoughts on transportation priorities for the government, 73 percent indicated that maintaining and repairing roads and bridges should be a high priority, with expanding roads to help alleviate or reduce congestion as the next highest priority, at 54 percent.

The survey of 3,000 adult Americans living in the 50 largest metropolitan areas was conducted by American Strategies and Meyers Research in September 2017.

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14 | WINTER REAL ESTATE GUIDE | JANUARY 2018

ARLINGTON: County Saw a Solid Year in 2017; Sales, Average Prices Had Growth Year-over-year increases in both total sales and average sales prices boosted the Arlington real estate market to a 9.1-percent sales-volume increase in 2017, according to new figures.

Arlington residential transactions totaled $2.05 billion last year, up from $1.88 billion in 2016, according to figures provided by the Northern Virginia Association of Realtors, based on data from Bright MLS. The market was buoyed by a 6.1percent increase in total sales, which rose to 3,119.

The average sales price of $657,341 represented an increase of 2.9 percent from a year before, with two of the three segments of the market showing increases: • The average sales price of singlefamily homes rose 4.7 percent to $972,912.

• The average sales price of attached homes, such as townhouses and rowhouses, rose 0.7 percent to $468,160.

• The average price of condominiums declined 1.3 percent to $420,946.

The median sales price of all homes

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that sold during the year was $575,000, up 4.6 percent from 2016, with half of homes selling for more, half for less.

A total of 464 properties went to closing for more than $1 million across the county, including 391 single-family homes (one-third of all single-family transactions).

Properties that went to closing in 2017 spent an average of 43 days between listing and ratified sales contract, an improvement from the 49 days required a year before, and garnered 97.8 percent of listing price, up from 97.5 percent.

More than 40 percent of homes required 10 days or less before finding a buyer.

Of homes that sold in 2017, conventional mortgages were the method of transacting sales in 2,163 cases, followed by cash (448) and VA-backed loans (261).

Sales represent most, but not all, homes on the market. Figures for 2017 are preliminary, and are subject to revision.

– Staff Report

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Celebrities: Homes of the Famous (Living or Not) Continued from Page 3 Situated on a private gated half acre, the 2,624-square-foot house, built in 1929, retains all the beautiful architectural details that made it feel like home to Monroe. Details include four bedrooms, three baths, cathedral ceilings with wood beams, a fireplace with Mexican-tile surround in the living room, casement windows, arched doorways, Saltillo tile floors, a citrus orchard and her famous kidney-shaped swimming pool.

Outside is a tree-shaded, brick patio overlooking the pool and the original guest house.

The home sold in 2017 for $7.25 million – $350,000 above the asking price.

Jane Fonda’s Beverly Hills Contemporary From acclaimed Hollywood and Broadway actress and war protester to selling over 17 million exercise videos, Jane Fonda shows no signs of slowing down. She has owned and lived in many beautiful homes over the years from her New Mexico ranch, where she lived in jeans and cowboy boots, to her sleek and sophisticated home in Beverly Hills Trousdale Estates, which she put on the market in 2017.

The 7,100-square-foot home’s glass walls, glass elevator and multiple covered and open terraces create indoor/ outdoor living spaces to enjoy sweeping canyon and ocean views. Though very sophisticated in design, the home is warm and inviting, with multiple spaces for entertaining. In addition to the outdoor viewing pavilion with fire pit, there is yet another special place: the meditation garden.

The stunning contemporary home in Beverly Hills overlooking a canyon and Pacific Ocean originally was listed at $12.995 million then reduced to $9.995 million.

Listing agents are Jade Mills and Valerie Fitzgerald of Coldwell Banker Previews International in Beverly Hills.

Heeeeeeeere’s Johnny’s Home Johnny Carson, the king of latenight television, was a standout among entertainers, to which his 30year longevity on the “Tonight” show is testament. He sent Americans to bed each night with a smile on their face, and was instrumental in boosting the careers of many entertainers we still enjoy today, including Jerry Seinfeld, Ellen DeGeneres, Roseanne Barr, David Letterman and Jay Leno.

After he moved his show from New York to Burbank in 1972, Carson loved to play golf, and for a number of years owned a home in Bel Air. In the mid1980s he bought a four-acre, cliff-top home above the celebrity-studded Point Dume community in Malibu overlooking the Pacific Ocean, where

Jane Fonda put her Trousdale Estates (Beverly Hills) contemporary on the market in 2017. Originally listed at just under $10 million, it’s since been reduced to just under $10 million. (Courtesy Coldwell Banker Previews International)

The only home Marilyn Monroe ever owned. She paid $75,000 in 1962 (and got some furnishings as part of the deal).

It sold in 2017 for $7.25 million – above asking price. (Photo courtesy Lisa Optican/Mercer Vine)

he lived with fourth wife, Alexis, until his death in 2005.

The house, designed by architect Ed Niles, is a study in wood beams, glass and indoor landscaping that blurs the line between indoors and out.

On the grounds are championship tennis courts with a pavilion that has two bedrooms, kitchen, gym and locker room, a waterfall and koi pond, and another separate guest house.

After Carson‘s death in 2005, his wife Alexis continued to live there for two more years before selling to film producer Sidney Kimmel and his wife, Caroline.

The Kimmels restored it to its original plan and in 2017 put it on the market for $81.5 million.

Chris Cortazzo of Coldwell Banker Malibu West, is the listing agent.

The Honeymoon Home of Elvis and Priscilla Elvis Presley met Priscilla Beaulieu in Bad Nauheim, Germany, in 1959 during his service in the military; she was the daughter of an U.S. Army officer

16 | WINTER REAL ESTATE GUIDE | JANUARY 2018

and his wife. Their budding relationship turned into a marriage proposal just before Christmas in 1966, and the couple was married at the Aladdin Hotel in Las Vegas in May 1967.

Presley obtained this Los Angeles property as their honeymoon house on a one-year lease for $21,000, and their child, Lisa Marie, was born exactly nine months later.

The home was designed by modernist architect William Krisel and featured in a 1962 Look magazine article as “The House of Tomorrow.”

Futuristic even for today, the midcentury-modern round house is on the market with walls of glass overlooking a secluded pool terrace and views of the Santa Rosa Mountains and the Coachella Valley.

The 5,000-square-foot house has five bedrooms and five baths and comes with 1.16 acres of land with private garden, tennis court and orchard in addition to the swimming pool.

Put on the market at $5.9 million in 2017, the listing agent is Mary Kay Nibley of Rodeo Realty, Beverly Hills.

Celine Dion’s Florida Water Park After going on the market almost four years before, the Florida waterpark home built by Celine Dion and her late husband, Rene Angelil, sold in 2017.

Celine and Rene purchased the five-acre lot in Jupiter, Fla., in 2008 for $7 million and in 2010 began building the house, which includes 13 bedrooms, 14 bathrooms and golf simulator within its 20,000 square feet.

The Bahamian-inspired mansion is open and airy with multiple glass walls for viewing the property and includes a tennis court and guest house.

The lavish pool system requires 500,000 gallons of water and includes two swimming pools, two water slides, a lazy river, water cannons and a tree house.

Gaining much notoriety over its massive water-park feature and more than 400 feet of Atlantic Ocean beachfront, the property was introduced to the market at $72 million in 2013 and went through several price cuts before selling in 2017 for $28 million.

Buying

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Fairfax Station

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Capitol Hill Towers

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Arlington Lee Heights

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Land

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JANUARY 2018 | WINTER REAL ESTATE GUIDE | 17

Q&A Managing the Expectations of Local Sellers Continued from Page 7

William F.X. Moody, Washington Fine Properties: “We prepare a pricing chart showing the high, low, median and average for the seller. Often sellers want to choose a higher price, but having this written documentation is important as when an offer comes in, it is effective to show the seller what the pricing experts recommended from the beginning of the sales process. I have occasionally turned listings down when the seller didn’t take the time to focus on the educational process of the pricing and market conditions.”

Natalie Roy, Keller Williams:

“When a seller is focused on an extremely high listing price, I suggest an appraisal. The benefit is the seller gets an impartial professional opinion on the value of their property. If the seller decides not to get an appraisal, or gets one and is still wedded to an unrealistic sales price, I decline the listing. To a seller who has unrealistic ideas of a listing price for

their home, if you’re the highest bidder on the home you get to keep it.”

Tania Hosmer, Keller Williams: “If a seller wants to list their home for a sales price that is too high, I provide them with the most relevant sales information comparable to their home and discuss how it affects price in their neighborhood.

I also explain current trends occurring in the local real estate market and then outline the best pricing strategy. Sometimes, it turns out to be an ‘I told you so’ situation based on the realities of the market and reactions of potential buyers and other agents. Personally, I hope never to turn down a listing. No listing is a waste of time. Some take more time and patience.”

Billy Buck, Buck & Associates: “It’s a seller’s choice to list a price how they want. We will not fight with them. We try to give them guidance and decide on a price that is appropriate and close to the market. There are some cases when sellers are not in a rush to sell their property.

I don’t like the strategies of ‘testing the

market’ with a home, so I have respectfully declined some listings.”

Eli Tucker, Eli Residential Group: “Sales strategy is about probabilities. The probability of selling well above market value is very low and the probability of having to sell below market value after you’ve been on the market for too long is high. I provide my clients with a risk assessment, make a recommendation, and allow them to choose the strategy that works best for them.”

Joan Stansfield, Keller Williams: “I provide and explain the data that does not lie. Or, I’ve agreed to list at their desired price so long as they understand the importance of adjusting the price and agree to periodically adjust. Yes, I have turned down a listing when I sensed the sellers were not going to listen to me and trust my judgment. One of my favorite lines I often share is: ‘In life, you want to be the first born, the second wife and the third Realtor.’ I’m often the second or third Realtor who finally is able to get the home sold.”

Dianne Van Volkenburg, Long & Foster: “I find it uncommon to encounter a seller who is unrealistic regarding pricing. However, every so often there is one who thinks the market in Great Falls has recovered. When this happens, I educate them on the current conditions and I let them make the final decision. I have never turned down a listing. I have, though, told a very few owners that I could not list their home at their desired price. In those situations they have listed with other Realtors, and eventually came back to work with me at a valid asking price.”

Donna Moseley, TTR Sotheby’s International Realty: “We try to get an up front agreement to reduce pricing within a predetermined time frame to a predetermined price. It is rare, but we do turn down some listings, not many. We do everything we can to get the property the best and highest price, staging, Internet presence, showings.”

than the non-Hispanic white population (10 percent).

The selected statistics come from “Geographical Mobility: 2016 to 2017,” a collection of Census Bureau data compiled from various sources by those in the bureau.

In 2015, 99.8 million people 5 years and older had moved within the previous five years. However, this is not statistically different from the 100.2 million who moved within the previous five years in 2010.

The five-year-moving-rate estimate

for U.S. residents is now the lowest in Current Population Survey history, declining to 33.7 percent in 2015 from 35.4 percent in 2010.

Among young adults, five-year moving rates were higher than the national average of 33.7 percent.

Moving: For Renters, Rate is Still Near Historic Lows Continued from Page 10 (13.1 percent) and the Asian population (12.1 percent). The white population moved at a rate of 10.3 percent.

The Hispanic or Latino population (11.7 percent) had a higher mover rate

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300

WE OFFER MILITARY DISCOUNTS!

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of AttiCat Insulation with Siding Purchase Open Attics Only.

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for 18 Months

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(703) 348-3843

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Better homes begin with beldon.

New orders only. Loans provided by EnerBank USA (1245 Brickyard Rd. Suite 600, Salt Lake City, UT 84106) on approved credit, for a limited time. Repayment terms vary from 30 to 138 months. Interest waived if repaid in 18 months.

16.73% fixed APR, effective as of 12/1/2017, subject to change. Other restrictions may apply. Not valid with any other offer or previous job. Offer expires 1/31/18. MHIC 121787, DCRA 420218000021, VA 2705116122 18 | WINTER REAL ESTATE GUIDE | JANUARY 2018

703.721.3600

8112 SPRING HILL FARM DRIVE MCLEAN, VIRGINIA

Arlington Office

401 MEADOW LN FALLS CHURCH, VIRGINIA

Stunning craftsmanship defines this Residence Gourmet chefs kitchen, reclaimed wood beams from original farm, 4FPs, pool, the list goes on! Truly a special offering! $5,500,000 Mark McFadden 703-216-1333

Falls Church City Arts & Crafts! 5BR, 4.5BA, 5,200 SF & built in 2014 with a beautiful screened in porch & slate patio! Lots of upgrades & tasteful designer details! $1,425,000 Michelle Sagatov 703-402-9361

7710A GEORGETOWN PIKE MCLEAN, VIRGINIA

4630C 28TH RD S FAIRLINGTON, ARLINGTON, VA

WFP.COM

2805 S JOYCE ST OAKCREST, ARLINGTON, VA

Completely renov 3BR/3BA. Abundant space, character, fabulous amenities! $925,000 Betsy Twigg 703-967-4391 Anne Cronin 703-597-3082 Linda Murphy 703-850-0190

COMING SOON Hugh Newell Jacobsen contemporary masterpiece on a private setting. Light filled residence w/ 7BR, 6BA, pool, tennis court & caretaker’s cottage on nearly 10 acres. $4,995,000 Mark McFadden 703-216-1333

8110 GEORGETOWN PIKE MCLEAN, VIRGINIA

One-of-a-kind stucco 1927 Tudor on 3.6+acres! Breathtaking 2-story oak foyer & living room, oak paneled dining room, multiple fireplaces, flat open lot, tennis court. $3,250,000 Mark McFadden 703-216-1333

Mark McFadden

2313 N TRENTON ST LEE HEIGHTS, ARLINGTON, VA

Renovated 3BR, 2BA, 2 level condo with hardwood floors, modern paint, updated bathrooms & a sunny walk out lower rec room to private patio.Walk to Shirlington. $399,000 Michelle Sagatov 703-402-9361

Exceptional new Spring Street home filled with light, character and quality. This home has style, fine details in a great location.

Delivery February 2018. $1,895,000 Betsy Twigg 703-967-4391

UNDER CONTRACT

COMING SOON

3517 13TH ST NW COLUMBIA HEIGHTS, WASHINGTON, DC

2226 N KENSINGTON ST WESTOVER, ARLINGTON, VA

Gorgeous boutique bldg! 2BR/2BA w/chef’s kitchen, garage prkg. Patio w/ firepit & bbq.

Pet-friendly. Walk score of 99! $625,000 Michelle Sagatov 703-402-9361 Beth Cleveland 703-209-1740

Michelle Sagatov Beth Cleveland

Spring Street new home in the Nottingham, Williamsburg & Yorktown district. 4BR & 3BA upstairs, main level den, 2 car garage & quality details throughout. $1,625,000 Betsy Twigg 703-967-4391

Betsy Twigg, Anne Cronin, Linda Murphy

WE REPRESENT FINE PROPERTIES IN ALL PRICE RANGES JANUARY 2018 | WINTER REAL ESTATE GUIDE | 19

Welcome home, Arlington.

From this elegant Clarendon retreat to the picturesque bungalows of Lyon Village, discover the finest real estate Northern Virginia has to offer and the tenured agents to guide you there. compass.com

Arlington | McLean | Logan Circle | Capitol Hill | Georgetown | Chevy Chase 20 | WINTER REAL ESTATE GUIDE | JANUARY 2018