Shirlington Crest: What Housing Slump?
June 11th, 2008 Categories: Buyers, Nauck, Neighborhoods, Shirlington
While buyers are out there sitting on their futures, there are people seem to be ignoring all the media stories and buying up Shirlington Crest.
The sales office opened the end of 2006– with what they called “pre-sales” and now the sales office is in full force. The first phase is already sold out and people are flocking to get one of the best deals in Arlington.
Stanley Martin was finally able to break ground a few weeks ago after getting all the needed permits from Arlington County– and the development is starting to take shape.
The prices for these townhomes are good. When first announced in late 2005, the townhomes were expected to be priced in the $700,000s. When the plans were finally released, they were expected to sell in the mid-$600,000s. But I have to applaud Stanley Martin for not ignoring market conditions and settling on a base price starting in the $560s—$580s for the first phase. That is a fabulous price for a new 2–car garage in Arlington– not one you will find anywhere else. I expect prices in start increasing as they continue to sell into the second and third phases.
Sure- there is no metro in walking distance- but there is a new bus station with a short ride to the Pentagon metro. And it is walk-able to Shirlington Village- which is proving to be one of Arlington’s more popular urban villages.
If you take a walk through the models that are now open– you will find that the townhomes themselves are not big– about 1800 sq ft of living space (not including the garage). But that’s consistent with the other homes in the area– only Windgate end unit townhomes are larger- but there aren’t garages in Windgate and they are townhome condos. (Still a great place to live– I know– I live there!) One unquie feature of these townhome is the roof terrace– not something you will find anywhere in the neighborhodd.
If you walk through the models– don’t fall in love with “the Barn”– an end unit that has a gambrel roof- they ditched that model in favor for a modified version on the other popular end unit model. And thank goodness for that! Another smart move by Stanley Martin. (That unit is for sale btw- for a steal!)
Do’s & Don’ts To Know BEFORE You Buy
1. DO go in with an agent. Stanley Martin is welcoming agents & NOT giving a 3% credit if you don’t use one. You are paying for an agent- USE ME!
2. DON’T expect to get a cheaper price. While there may be a little negotiating room– don’t expect to get a sales price less than list. Any builder is not willing to sell you something for less than they are going to sell to the next person. That builder wouldn’t be in business very long if they are going to sell their homes are different prices. Stanley Martin is no different- they’ve been in business through tougher markets– and they will be around through this one.
3. DO shop around for your mortgage. Don’t think you can wait until you are within 30 days of closing. Stanley Martin does have a preferred mortgage lender– AND you do have to get qualified with that lender. BUT– you are not required to use him. So make sure you shop around. There are lenders out there that will lock in a rate for you for up to one year– pay the point– it’s worth it in this volatile mortgage market. Talk to Harsh Patel for more information. It’s important to lock in a rate– rumors are stirring that rates are going to rise over the next few months.
4. DO expect to spend $10K-30K for upgrades. Once you sign a contract, you’ll have to take a trip out to western Fairfax to Stanley Martin’s Design Studio to pick out your townhome options. It’s easy to run up that option bill. I had some smart clients when we went out to there. They did a “nice-to-have” list. They went home and figured out what would be worth paying for over 30yrs in a mortgage and what wouldn’t (my advice) and were able to eliminate many things and were able to stay in their budget.
5. DO start planning your move. Got a home to sell? Call me to get it on the market. While Shirlington Crest is selling quickly, not everything is– so get it on the market and if it sells quickly, think about a rent-back until your new townhome is ready. Never turn down an offer because your new home is not ready.
6. Do have a down payment ready. The days are 100% financing are over- you will need money for a down payment to commit to this purchase. Make sure you understand where this money is going and why you can lose it. READ YOUR CONTRACT!
7. Don’t wait. Now is the time. Prices are only going to go up and interest rates may follow.
8. Don’t forget to contact me if you are thinking of buying. I’ll make sure you get the best deal out there.
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Related Posts:
Shirlington Crest Continues to Emerge
Welcome to the Neighborhood Stanley
Shirlington Crest Sales Office Opens Saturday November 17, 2007– Are You Ready?
Stanley Martin: A Builder With A New Approach
Shirlington’s Facelift is Almost Complete
Five Reasons To Use A Buyer Agent When Purchasing New Construction
What is a Buyer’s Agent And Why Should I Use One?