Palazzo at Park Center
2013 Market Review
Alexandria, VA 22311
The Palazzo at Park Center in Alexandria, VA had very good 2013, as reflected in the sales numbers for the community. Average prices were up year over year for all models with the exception of the Milan model, which declined 1% versus 2012 (which was due to one of the two units sold being in poor condition). The stand out for the year was the Venice model, 2 bedroom / 1 bath unit, which say the average says price increase by 13% against last years number. In addition, seller subsidies declined across the board in 2013.
Inventory has moved a bit higher in the past 3 months for the greater Shirlington area, but the absorption rate for current sales, still leaves less than a 2 month supply on the market as a whole.
In the Palazzo, at present there is just one unit listed in Active status in the local MLS; a 1 bedroom / 1 bath Florence model in building #2. Even with the new year, contract activity across the area is still fairly brisk, as buyers look to get a home under contract before interest rates move any higher. This means that now is very good time to go onto the market, while there is little competition, and many sellers wait until Spring to list their unit.
The Palazzo at Park Center is one of the newest garden style condominiums in the greater Shirlington area, but what makes it stand out are two valuable amenities that are seldom seen in the area; underground garage parking and elevator service to every floor. You have to understand... Alexandria City and neighboring Arlington County are old. There just isn't a lot of open land for new construction of housing. Most condo associations in the area were built from the 1940's to the 1980's, which usually means walk up units with uncovered surface parking lots. If either of these two amenities are must haves, then the Palazzo at Park Center needs to be on your "To See" list.
Having been an owner in the Palazzo since 2010, I understand what a great value it presents to buyers, and have been the #1 listing agent for the community over the past two years. If you are considering the sale or lease of your Palazzo unit, please give me a call to find out the latest information on the community and then we can map out a strategy to reach your goal.