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The Arlington Condo, Arlington VA ~ 1st Quarter 2014 Market Review

By
Real Estate Agent with McEnearney Associates, Inc. 0225 088557

As the 1st quarter of 2014 draws to a close, 8 units in The Arlington Condominium had successfully reached the settlement table, with another 3 units under contract.  Though it is early to draw a trend, 2014 should do well above the 5 year rolling average of 30 sold units per year, especially when considering the unusually cold and snowy weather we have had so far this year. 

With the limited data points, it is interesting to see that the loan M model sold for an unusually low net sales price of $254K, which was due to the dated condition of the unit in question.  Normally the M unit has the highest sales price out of the 4 models in a 2bed/1bath configuration due to the 2 level layout that provides a great separation of public & private space. 

The ground floor level C models have continued the trend of 2013 where these units, and A models, were selling at prices above the upper level units.  Whether this is attributable to buyers avoiding steps or the individual level of upgrades in the units, it does bear watching for the remainder of the year... especially if you are considering that sale of your ground floor unit.

What stands out here is the average price for the “A” units, showing that they had the highest average at $309K.  As the smallest unit in the association and located on the ground floor, they tend to bring in a lower sales price, but due to several (surprisingly high) sales they have outperformed the upper level “M” model.  The M model is the largest unit in the association in a 2Bed/1Bath configuration, is on two levels so it lives very much like a town home, and has carried a higher average sales price over the other configurations (up until now).

 

The Arlington Q1 2014

  Model      # Sold           Sales Range               Ave. Price       Ave. Subsidy

  A Lower          0                    -                           -                      -

  B Upper            3            $260,000-$313,000        $291,000           $  0

  C Lower         2         $289,000-$310,000        $299,500          $6,325

  L Lower         2       $350,000-$402,000       $376,000           $7,710

  M Upper         1              $260,000                $260,000          $6,000

 Source: MRIS closed sales 1/1/14 – 3/28/2014  

 Originally built as an apartment complex in 1950, I'm told it was not the nicest area back then, The Arlington was converted into condominiums in 1980 and now enjoys the close proximity of Shirlington.  The Arlington is located less than a mile from Shirlington; with all of it’s shops, theatre, restaurants, movies, and is just off of I-395 at the King St/Route 7 exit.  This puts it within a few miles of the Pentagon and Washington, DC via I-395 and multiple bus lines to the Pentagon Metro.

As a proud former resident of The Arlington, it is a great community to call home and our family still maintains the friendships that were created there.  If now is the time for you to sell your unit in The Arlington or you are considering it for your next home purchase, please feel free to contact me today.

 

Posted by

 

AJ Heidmann ~ CRS

Cell 703-474-1260 ~ Office 703-717-6324 ~ Fax 703-839-8283

AJ@AJHeidmann.com

www.AJHeidmann.com

McEnearney Associates, Inc.

4720 Lee Highway, Arlington, VA  22207

Licensed in Virginia

Comments (12)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

AJ looks like you have a very strong Spring Market ahead if this keeps up!, Endre

Mar 28, 2014 11:35 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Endre - The year has started out very nice, especially with the weather (Northern VA isn't really used to cold & snow like this).  I expect once the snow melts, The Arlington will continue to have robust sales.

Apr 01, 2014 08:10 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

AJ - Great real estate market update for The Arlington Condo's.

Apr 02, 2014 07:43 AM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living

AJ, with this detailed market update you are definitely establishing yourself as a knowledgeable Realtor in The Arlington condo complex!  Sellers would do well listing with you and buyers would do well seeking you out for the best buys!

Apr 03, 2014 11:16 AM
Sondra Meyer:
EXP Realty, LLC - Corpus Christi, TX
See It. Experience It. Live It.

AJ your knowledge of this the Arlington Condo complex is impressive.   Interesting market report. 

Apr 06, 2014 05:44 AM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

AJ Great information about condos in Arlington VA! Looks like it will be a great year!

Apr 10, 2014 11:51 PM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

AJ, it sounds like the Arlington sales are moving along well!

Apr 11, 2014 03:20 AM
Maria Gilda Racelis
Home Buyers Realty, LLC-Manchester, Bolton. Vernon,Ellington - Manchester, CT
Home Ownership is w/in Reach. We Make it Happen!

AJ: There are numerous excellent information in this article. I am looking forward to reading more from you.

Apr 13, 2014 10:52 PM
Sun City Grand Homes Surprise AZ Real Estate Leolinda Bowers Designated Broker Leolinda Realty
Leolinda Realty - Surprise, AZ
Sun City Grand in Surprise Arizona

Excellent information! What is Avenue Subsidy?

Apr 17, 2014 12:44 AM
Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Al, right now it must be gorgeous.  My recollection is that there are bunches of flowering tress.  And the proximity to Shirlington is a huge plus.  I do like this complex. 

Apr 21, 2014 01:15 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Michelle - Thank you

Sivia - Actually having lived in the complex is a huge plus...

Sondra - Thanks for stopping by and the compliment

Carla - We're hoping for another great year

Connie - They are steadily moving along... and hoping it continues

Maria - Thank you so much

Leolinda - Average Seller Subsidy

Patricia - It is a great area... and so close to DC that it has a small commute

Apr 22, 2014 09:32 PM
Elizabeth Bouchard
Samson Properties - Arlington, VA
Associate Broker in Northern Virginia, DC and MD

Nice analysis of a very specific market that you obviously know well as a former resident.  

Sep 15, 2014 04:47 AM