Arlington County Market Report – 10/06/11

As the old saying goes, “real estate is local.” This certainly holds true as we listen to the evening news and read about the market conditions throughout the country.

Most of the major markets are still suffering the effects of the downturn in the economy fueled by the unprecedented number of foreclosures and short sales. However, there are a few bright spots and Arlington can be considered to be one of them.

Although still not back to the pre-2005 levels, Arlington has seen more of a recovery than most locations in the DC area. While the end of the summer did show a slight decline in many statistical areas from the early summer, August numbers remained relatively consistent with the previous year.

Nearly 75% of all the sales were conventional financing. Because the average sales price exceeds the FHA guidelines, the buyers tend to be more qualified and financially secure, able to put 20% down thus having a bigger stake in home ownership. This will lead to a continuing rise in property values and stabilization of the market.

American Tap Room: Arlington’s Bold New Addition

If you drove through Arlington this past weekend, you may have noticed a peculiar site: four large spotlights dancing in the evening sky. The scene resembled something from a Hollywood premier, but in actuality, the premise was quintessential Northern Virginia.

The lights coming from the corner of Clarendon Boulevard and North Highland Street weren’t remnants from DC’s Fashion Night Out, but rather a new restaurant and bar.

This weekend marked the first weekend the new American Tap Room was open. The small chain took over the space previously occupied by Sette Bello and, within a week, has carved out a niche in the crowded Wilson Boulevard Entertainment Corridor.

American Tap Room opened its original location a few years back in the Reston Town Center and recently expanded to Bethesda. The Clarendon location is now the restaurant’s third space. All three eateries are dedicated to American culture past and present, offering an old-style tavern feel dedicated to modern concepts.

In Clarendon, management completely revamped the space they bought, creating a locale unlike anything the area has seen.

The exterior of the space is fresh and bold after receiving a totally new façade. Grey mullions and windows have been replaced by bright, intense red walls and wooden doors, meant to convey a 19th century feel to a restaurant that exists in the 20th century.

It’s designed to get noticed. The new American Tap Room is not shy. At Sette Bello, the signage was large, but obscure and impossible to see while cruising down Clarendon. That is no longer the case, with a massive “American Tap Room” marquee added above the entrance, as well as a fire pit above the main doors that rages every hour of the day.

Much like the exterior, the interior also tries to create a two-toned feel by blending past and present.

In the main entrance resides a baby grand piano and high back leather chairs. But take a seat at the bar, which is inlaid with thousands of pennies, and you’ll see modernity in action. The back of the bar is ringed with flat-screen TVs packed so tight they almost touch. And when your bartender hands you a menu, see it change from dark to light. Yes, the menus are actually on LED screens, which brighten when they are flipped open. In fact, they look like large Kindles.

The menu, despite the gimmick, is not designed to take away from the kitchen, which takes American cuisine and gives it an American Tap Room twist.

Appetizers range from traditional to unique, with chicken wings having a place next to deviled eggs and ceviche. The entrees follow a similar trend, with the familiar coexisting with the far out. A group of four diners could easily share dishes as comfortable yet disparate as hamburgers, Greek pizza, roasted chicken and lobster macaroni and cheese.

All the meals are cooked in the spacious open kitchen, which draws your eyes in with a stunning bronze hood.

Food aside, what would a tap room be without beer? American Tap Room takes its suds easily as seriously as its food. The restaurant constantly rotates selections, but on draft right now, visitors can find 35 beers, from the local, like Virginia’s Starr Hill Northern Lights, to the distant, like Germany’s Paulaner Hefeweizen

And the draft list is dwarfed by the bottle list, with 39 domestic beers served and well as fifteen international imports.

So, if the lights from this weekend didn’t send you immediately toward American Tap Room, find time soon to see this new standout in the restaurant scene.

The Arlington Cinema ‘N’ Drafthouse: Bites, Beers and the Big Screen

A trip to the movies in 2011 can be an expensive affair. With most summer blockbusters utilizing 3-D and IMAX technology, a single movie ticket can cost upwards of $15.

To save money, most people now wait for movies to come out on DVD. However, there’s something to be said for leaving the house and going to the theater.

But where can you see these newly released movies without breaking your budget?

Rapidly developing South Arlington has one great theater that offers movies at a discount, as well as a host of other events, ones that give consumers a better bang for their buck.

Located on Columbia Pike and South Walter Reed Drive, lies the Arlington Cinema ‘N’ Drafthouse. A stone building with a giant ‘Arlington’ marquee outside, the Drafthouse opened as a theater in the 1950s.

Two decades ago, it converted into a movie theater. Ever since, the Drafthouse has been showing sub-run movies.

What exactly are sub-run movies? Sub-run movies are films that have already completed their run at the main multiplexes, but have yet to be released on DVD.  The Drafthouse screens these films.

The movies are usually released to the Drafthouse about one to three months after they debut. For example, the Drafthouse is currently showing three movies: Source Code, Rio and Fast Five. All of these films premiered in April, meaning just two months later, they are at the Drafthouse.

The beauty of showing sub-run movies is that it allows the Drafthouse to keep costs down. An average ticket to any screening costs $5.50, less than half of what you would pay at an AMC or Regal. And $5.50 is the most expensive ticket in the house. They are always holding specials, allowing consumers to see movies at bargain prices.

Every Monday, the Drafthouse hosts Dollar Mondays, where tickets to any of the three movies they are screening are simply a buck. It doesn’t get much more expensive on Tuesday, when tickets are just two dollars. Then it’s full price through the rest of the week.

Inside, the Drafthouse doesn’t feel like other movie theaters. There isn’t row after row of hard plastic chairs. Instead, there are seven rows of counters, with executive leather chairs behind them. There are also small round tables with chairs, placed around the perimeter of the space.

The reason for the counters and tables is because not only does the Drafthouse show movies, it doubles as a bar and restaurant.

Arriving at a seat, you’ll find a menu. Before the movie starts, waiters patrol the wide aisles, taking food and drink orders. The Drafthouse has an excellent selection of beer and wine and their food covers the gamut of typical bar cuisine, from nachos and fried appetizers to pizzas and hamburgers. It is as good as or better than most items you’d encounter at a local watering hole. Because alcohol is served at the Drafthouse, patrons must either be over 21 or accompanied by an adult.

During the movie, if you’d like more to drink or eat, place the sign on your counter upright and a waiter will quietly come and take another request. With 15 or so minutes left in the film, the check comes, so you can pay and leave right when the credits roll.

Movies aren’t the only thing the Drafthouse specializes in though. On the weekends they often host top-notch comedy acts. The Drafthouse recently had the comedy troupe Broken Lizards Club Dread (of Supertroopers’ fame) and this week is holding a show by the co-creator of the Daily Show, Lizz Winstead. Tickets for comedy shows are also reasonably priced, typically in the $20 range.

So, in an era of sky-rocketing costs, head to the Drafthouse to enjoy first-rate films at bargain prices.

- David

Arlington County Market Report – 7/14/11

With the exception of February, July and August of 2010, the market conditions in Arlington have favored the buyer since early 2007.

The higher end detached houses have shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. However with an abundance of attached homes and condos, the market, overall, shows prices on the rise and the number of contracts written is increasing.

Here are some recent statistics:

The average sold price is $589,970 up from $519,288 the previous month.

The average days on market has dropped by 25% from the previous month.

The number of new listings dropped by 9% from the previous month but the number of pending sales isup 8%.

If you’re considering purchasing, the interest rates are still at historic lows and prices are only just beginning to rise.

The proposed change in conforming loan limits being considered will lower the maximum loan amount from $729,000 to $625,000.

Buying now makes a lot of sense. Waiting for prices to drop is really no longer a good strategy.

If you are considering selling your home, price and condition are the two important elements that you can control. Consider listing now while the inventory is still relatively low.

Market data and commentary by Charlie Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in Arlington County, and the rest of the DC Metro: www.averyhess.com

An All American Weekend in Washington D.C.

When enjoying America’s birthday on the Fourth of July, there is no better place to be than the nation’s capital.

Washington, D.C. and its surrounding areas take this holiday seriously, with a multitude of events and celebrations throughout the three-day weekend, culminating with many Monday night fireworks displays.

Kicking off the holiday weekend on Saturday, is one of the area’s more somber traditions, a concert and fireworks show held an hour-and-a-half northwest of the city.

At Antietam National Battlefield, the Maryland Symphony Orchestra holds its annual Salute to Independence. Antietam is the site of the deadliest one-day battle on U.S. soil, with over 23,000 people perishing on September 17, 1862. The Civil War historical site is open all day and visitors can arrive as they please. The concert begins at 7:30 p.m. and ends with a fireworks display at 9:45. It’s best to arrive early, as the show routinely attracts upwards of 30,000 people.

On Sunday, a unique opportunity occurs. Locals know that the annual “A Capitol Fourth” concert on the National Mall attracts massive hordes of people. This year’s concert, featuring singers Josh Groban, Little Richard, Jordin Sparks and Glee’s Matthew Morrison and comedian Steve Martin, will be no different.

What many people don’t know is that every July 3^rd, the day before, a rehearsal with all the same performers is held. It’s open to the public and free of charge.  At eight p.m., visit the stage located on the West Lawn of the Capitol, where you can see almost the full performance, minus the wave of people there to catch the fireworks.

On Monday, fireworks are what everyone wants to see. The biggest display is, of course, the one put on in concert with “A Capitol Fourth,” with fireworks exploding high above Washington, D.C.’s white marble monuments.

For the best view, head to the National Mall. There, it’s free to set up blankets, pack a cooler and spend the day reveling. Be sure to arrive early, because the Mall is easily the most popular place in the area to go. It fills up fast. If you do go, take the metro, because there are numerous street closures due to the event.

If heading into the city and fighting crowds isn’t to your liking, there are great spots outside of the district to catch the main display. All along the George Washington Parkway, especially at Lady Byrd Park near the 14^th Street Bridge, there are places to pitch a tent, fire up a grill and catch the show. Also in Arlington you can set up near the Iwo Jima Memorial, which provides perfect perspective. It’s also popular, so again, be sure to arrive early.

In Alexandria, the hill on the George Washington Masonic Memorial is also available to the public, with its high perch offering excellent views of the city below.

Because the mall is so far south in D.C., viewing options in Maryland for the Mall fireworks are limited. However, there are plenty of excellent displays north of the city to enjoy.

In Gaithersburg, at the Montgomery County Fairgrounds, there is live music at 7:00 p.m. and fireworks at dusk. The same goes for Rockville, where entertainment also starts at 7:00 p.m. and the fireworks shoot off around 9:30 p.m..

Much farther north, in Annapolis, there is a fireworks display at the city’s main dock. A parade kicks things off at 6:30 p.m., music is played by the Naval Academy Band, and fireworks are sent into the sky around 9:15 p.m..

So whether you are in Virginia, Washington, D.C or Maryland this Fourth of July, opportunities abound to celebrate the nation’s birthday.

-David

Taste Arlington at the Taste of Arlington

Northern Arlington is one of Washington, D.C.’s most rapidly developing areas. It seems that every day a new restaurant or store is being built.

The fast-paced growth means that it’s very hard to visit everything Arlington has to offer. Luckily for residents and neighbors alike, one day a year, you can find almost every shop in one location.

This Sunday, May 22, the Ballston Partnership, among other neighborhood groups, hosts the annual Taste of Arlington. What exactly is Taste of Arlington? It’s a street festival celebrating every great eatery Arlington has to offer.

Each year, Taste of Arlington sets up near Ballston Mall, closing down Wilson Boulevard, from the intersection of Glebe Road down to Quincy Street, letting pedestrians take over the roadway. The event goes on, rain or shine, from noon until five.

What started off as a relatively small festival is now quite large. The Taste was originally hosted by the Ballston Partnership and in recent years, the event has added sponsors from across the area. This year’s festival is co-hosted by the Clarendon Alliance, Columbia Pike Revitalization Organization, Rosslyn Renaissance and Crystal City BID.

On Sunday, almost every neighborhood will be represented, with 40 of the county’s best restaurants whipping up their favorite bites.

Participation in the festival is easy. All you have to do is walk down to Wilson and look for the crowds. For those driving, parking is available at Ballston Mall.

The festival is free to visit, but to snack and sample on the many wares, tickets need to be purchased. Books of eight tickets can be bought online for $20 and are being sold up to the day of the event. If you want to wait to buy them in person, the price jumps up a bit, to $25 a book.

Tickets can be used to purchase goods from the restaurants, with most plates typically costing two tickets.

Whether you buy them in advance or on site, your ticket charge will be donated to charity. This year, the Virginia Hospital Center, Phoenix Houses of the Mid-Atlantic and the Arlington Community Foundation will all benefit from your ticket purchase.

So what will your tickets get you?

Great food. At Taste of Arlington, every restaurant puts their best plates forward.

Last year, the Spanish tapas restaurant Jaleo, in Crystal City, showed up with a six-foot wide iron pot. In it, they made a massive serving of paella, the Spanish rice dish with fresh seafood and meat.

Lebanese Taverna, in Lyon Village, brought numerous Mediterranean dips, from hummus to tabouleh  and baba ganoush.

New restaurants to the dining scene will be there as well. Bayou Bakery, in Courthouse, will likely be offering their signature beignets and Rustico will be bringing treats from their wood-fired oven.

Throughout the day, five local musical acts will be performing.  Among them are the Constituents, who play a blend of acoustic Caribbean rock and the Resistance, an indie rock band.

The forecast this Sunday is calling for perfect weather, so instead of spending it at one restaurant or inside, experience 40 of Arlington’s finest under the clear blue skies.

- David