Alexandria Revives MIHP

by Dewita

Money, money, money..

MIHP stands for Moderate Income Housing Program offered by the City to help first time buyers, buy a home. For a time, the City stops offering the program because of overwhelming demand. Now, they’re back! First time buyers who live or work in Alexandria can get assistance for as much as $30,000 from the City.

To qualify you must submit an application. According to the info via NVAR, funds will be available as soon as after July 7 this year. Requirements:

1. Buyers must live or work in the City of Alexandria
2. Completes the City home buying education program and receive a homebuyer training certificate
3. You must set aside $3,000 of your own money to either settlement or the downpayment
4. Purchase price can’t exceed $399,600.

The max price you can buy, is almost $400,000 – in Alexandria City, that can get your money stretch a little bit. There are a lot of homes under this price range! MRIS data shows that as of today’s date, there are a total of 403 homes (all types-condos, townhouses, and single homes) under the price range.

If you are interested, call the City of Alexandria at 703.838.4622 for more information. Or visit their website.

* Download brochure

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22314: Alexandria Most Expensive Zip Code

If you stroll up and down Old Town, you’ll see some of the homes have that little ‘historic Alexandria’ plaque. Much like the plaques you see homes around Capitol Hill in D.C. Some of these homes in Old Town are in the millions range. Not all, though. You still can find under $1 M homes.

There are at least 63 homes on the market within the price range of $1 million plus in the City of Alexandria. The range goes from the low-$1 million to high-$5.8 million. Majority of these homes located in the most pricey zip code in the City, Old Town. At least 45 of the 63 homes is in zip code: 22314.

224 Lee St., Old Town

The most expensive home on the market is 224 Lee St., in Old Town. A few short blocks from the City Hall. It is a four-level historic home built in the 18th century. This house sits on two lots. It has five bedrooms, four and a half baths and basement. Total taxes $27,240. Get this. The number of fireplaces: Seven (7)! Wow.. that’s a lot of fireplaces for a 5304 s.f.

Listed by Old Town McEnearney Associates.

The next most expensive homes are:

2. 12 Wolfe Street #52, a riverfront townhouse in Harborside. Listed for $3.35 M.

3. 24 Wolfe Street#58, another riverfront townhouse. Listed for $3.1 M.

4. 700 Kahn Place. This townhouse was originally listed for $2.6 million now is offered for $2.395 M. A reduction of some $200k there.

5. 602 Fords Landing Way. It has as a waterfront terrace. Property was featured by Spaces. Listed for $2.265 M.

6. 305 Cameron St., a historic Duvall House Tavern that was built in 1700’s. It has 8 fireplaces — more than the most expensive home. Listed for $2.25 M.

7. 204 Saint Asaph St. S., a colonial townhouse that was built in 1900. Listed for $2.245 M.

8. 706 Kahn Place, a waterfront townhouse. Listed for $2 M.

9. 302 Saint Asaph Street. This townhouse is circa 1790. Though, built in the 1700’s, it offers 4-level living. Listed for $1.85 million.

10. 721 Fairfax Street S. When I looked at the picture the first time, it gives you the impression that the design looks like it’s an old home, but when reading between the lines — this home actually was built in 1998. Listed for $1.85 million.

Via MRIS.

You’ll probably notice that those homes on the waterfront, are newer homes. Most of the historic homes on the market, are not waterfront homes.

According to MRIS data, nine million dollar homes went ‘under contract.’ The homes under contract, are priced from low-$1 M to high-$1 M. Only three homes sold the last 30 days, from $1.1 M to $1.5 M.

Of course it takes longer for million dollar homes to sell. The pool of buyers as home prices climb up the ladder, shrinks. The higher the prices, the less number of buyers who can afford it. By the way, those homes under contract, have an average over 125 days on the market. Not bad in this market. To see the full listings, click here.

Snapshot of Old Town. You can live in Old Town and don’t have to spend a cool million to afford a home here. There are condos — for a change. So long as you get the benefit of walk to shops, City Hall, restaurants and other amenities of Old Town.. hey, why not. Condo living is a fine choice.

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Alexandria Home Sales Trends

Technorati Tags: alexandria real estate, home sales, washington dc, real estate, real estate trends, city of alexandria, townhouse, condominium, resale, new homes

It’s interesting to see how the City of Alexandria actually did better than its neighbor, Arlington. In my analysis of the market for Arlington and Washington DC that I posted on my other blog, Urban Trekker, actually the data show signs that the two places are — in seller’s market territory. Meaning, supply of homes is under 5 months.

How about Alexandria? Since Alexandria borders Arlington. The City of Alexandria, is probably one of ‘the best-kept secret’ places to find affordable condo. The prices still affordable. It’s close-in. Minutes from DC, Arlington, Pentagon, easy access to transportation and major roads, like the Beltway, I-395, Route 50, Route 7, etc.

What’s interesting, when comparing the two places, Arlington and Alexandria, the price fluctuations for Alexandria look more like peaks and valleys. While, Arlington’s home prices show more stability. Looking at the graph below, thanks to NVAR, there were months when prices barely moved.. especially, in the summer months. For May 2007, the average sold price for condo was $357,211. Prices barely moved because last year’s average sold price for condo was $357,890. But, the median solds declined by 7% from $336,000 to $312,000.

Via NVAR.

Good news for condo sellers, the days property stay on the market, or in real estate lingo, DOM, drops from 125 days to 67 days! Wow, that’s a relief.. I am sure.

The prices for townhouses in Alexandria, play catch-up with Arlington. The average sold price for townhouse in Arlington is… The average sold price for townhouse in the City, increased by 7% from $609,350 to $651,368. With average net price (read: seller’s bottom line) after subsidy that still trending up to $645,311 from $606,248.

Via NVAR.

What’s more — townhouses sold faster in May than the previous months. Days on market shortened from 125 days in March to 58 days in May.

Now, unlike townhouses and condominiums, single family homes sales suffered. The average sold price declined by 12% from $830,149 to $732,546. News like this — is good for buyers.

Market Indicators

• Days on the market 62 (59)
• Ave. sold price $528,734 ($536,456) -1.44%
• Total homes sold 205 (233) -12.02%
• Ave. list price for solds $549,983 ($553,831) -0.69%
• Ave. sale price as percentage of ave. list price 96.14% (96.86%)

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