Low inventory affecting home sales; Townhomes for Alex. waterfront; Theismann's gets reboot; & more!
- Tim Tassa
- Jun 28, 2019
- 4 min read
It's challenging to keep up with local news, particularly the items that may impact your life, your commute, or your community. That's why each week we compile a few interesting developments happening in the area.
"The inventory squeeze continues in Northern Virginia, and nowhere is it more pronounced than in Amazon HQ2’s new backyard. Long & Foster’s May market snapshot shows that the number of homes on the market in Arlington County in May was down 51% from a year ago. Active listings in Alexandria are down 59% from last May. With considerably less to look at, combined with rising prices, home sales throughout Northern Virginia were universally lower last month."
Washington Business Journal: Mixed-use out, townhomes in at Alexandria's Robinson Terminal North
"The backers of an ambitious redevelopment of an Old Town Alexandria warehouse are scaling back their plans once more, submitting yet another, smaller design for Robinson Terminal North. CityInterests Inc. and Rooney Properties are now pitching 53 townhomes the site at 500 and 501 N. Union Street, according to plans filed with the city last week. That’s a far cry from the developers’ original vision of a large mixed-use building on the 190,000-square-foot property, complete with large amounts of glass, masonry walls and a pavilion evocative of the Sydney Opera House."
The Washington Post: Mortgage rates sink to a 31-month low after Federal Reserve expresses uncertainty about the economy
Mortgage rates hit their lowest levels since November 2016 on the heels of the Federal Reserve meeting last week. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 3.73 percent with an average 0.5 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.84 percent a week ago and 4.55 percent a year ago. The 30-year fixed rate has fallen in seven of the last nine weeks.
"The national fireworks display will blast off from West Potomac Park instead. It is scheduled to run from 9:07-9:27 p.m. and will be visible from most places across the Potomac that Arlington residents are used to. If the president’s planned Fourth of July rally in the District isn’t for you, here are some places in Arlington to watch the show..."
Work began this week on remodeling the 7,800-square-foot restaurant at 1800 Diagonal Road, though a pop-up bar and restaurant will remain open during construction. The renovations are expected to be completed by mid-September, in time to mark the 100th season of the NFL (and Joe Theismann’s 70th birthday).Former Redskins Super Bowl-winning quarterback Theismann opened his original restaurant in Falls Church in 1975. The Old Town location opened in 1986. It’s across from the King Street Metro station.
Greater Greater Washington: Commercial real estate construction is slowing in our region, except near Metro stations
"Commercial construction in the Washington region dropped 28% in 2018, according to a new report from the Metropolitan Washington Council of Governments (MWCOG). It shows there were 114 new commercial buildings in 2018, the lowest number since World War II. Much of the construction that is happening is occurring near metro stations."
The Alexandria Times: Carlyle neighborhood strives for vitality, sense of community
"In recent years, the Carlyle neighborhood in Alexandria has been growing, from the development of new office buildings and residential complexes to the evolution of the area’s sense of community and vibrancy. With new businesses like Lost Boy Cider, the first urban cidery in Northern Virginia, and Whiskey & Oyster, the latest venture of Homegrown Restaurant Group, opening in the past month, residents have been hearing the Carlyle name more often. In addition to new businesses, the growing buzz is partially due to the Carlyle Vitality Initiative, a city initiative that implements physical and experiential improvements in the area, according to the city’s website."
Alexandria Living Magazine: Unique Airbnb, The George, Set to Open in Alexandria
"A renovated historic property in Old Town Alexandria dubbed The George, with ties to President George Washington, is aiming to open as an Airbnb property, likely by mid-July, according to property manager Michael Cao. The home at 506 Cameron St. dates to 1815, according to City records; its kitchen was reportedly part of Washington's property next door, at 508 Cameron St. The property was purchased last year for $2 million, according to City records, and is owned by Alexandria residents Steven and Martha Peterson, members of the family that developed National Harbor."
WTOP: Bay Bridge Travel Tips
"The Maryland Transportation Authority (MDTA) offers the following tips for traveling to and from the Eastern Shore during the July 4th week: The best times to travel the Bay Bridge next week include:
Wednesday, July 3, before 9 a.m. and after 10 p.m.
Thursday, July 4, before 6 a.m. and after 6 p.m.
Friday, July 5, before 7 a.m. and after 7 p.m.
Saturday, July 6, before 7 a.m. and after 5 p.m.
Sunday, July 7, before 10 a.m. and after 10 p.m.
Monday, July 8, before 10 a.m. and after 10 p.m.
Motorists should remain on US 50 to keep local roadways open for first responders and residents."
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