2017 Annual Market Report for the Palazzo at Park Center~Alexandria VA

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


2017 Annual Sales Report for the

Palazzo at Park Center, Alexandria VA

 

Now that the New Year has arrived, it is time to take a look at the 2017 Annual Sale Report for the Palazzo at Park Center in Alexandria, VA.  For the year, a total of 27 units reached the settlement table, which is just above the rolling 5 year average of 26 units.  The average sales price for all models were up from 2016, except for the 1bed/1bath Florence model, with the 2bed/1bath Venice model having the greatest increase in average sales price at 6%.  On another positive note, there were only 2 distressed sales in 2017 which is down from the previous year.  

  

2017 Annual Sales Report for the Palazzo at Park Center, Alexandria, VA

 

For the new year, the lack of inventory across Northern Virginia will likely remain the big story; which sellers will enjoy and buyers will have to navigate.  Under the $500,000 price point, there currently is less than 1.5 months of active inventory available, though this should move up as it starts to warm up and the Spring market begins.  If a move is in your future, you should consider putting your condo on the market sooner than later... as buyers are moving agressively to get something under contract before mortgage rates drift any higher than they already have.  

 

The Palazzo at Park Center was built in 2000 as an apartment complex and then converted into condominiums in 2005.  The community is comprised of four 4 story buildings that contain 392 individual units, a separate clubhouse, outdoor pool, and 2 parking garages located beneath buildings #2 and #4; with all condo buildings having direct elevator access to the garages.  Located just 1 traffic light from I-395 at the King St exit, the location offers quick access to the Pentagon, DC, Old Town Alexandria, and Pentagon Metro station.  Due to it's close-in location, garage parking, amenities, and low condo fees the Palazzo at Park Center is considered a very desirable property to call home.

 

Below are previous version of the Annual Sales Report for the Palazzo at Park Center, to better show trends within the community and provide historical data.  If you should have any questions about any of the Annual Sales Reports, please free to contact me and I am sure that I can provide the proper explanation.

 

For additional information about Alexandria City, please use the following links:

 

... here is the 2016 Annual Sales Report

2016 Annual Sales Review for the Palazzo at Park Center, Alexandria, VA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

... here is the 2015 Annual Sales Report

2015 Annual Sales Review for the Palazzo at Park Center, Alexandria, VA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

... here is the 2014 Annual Sales Report

2014 Annual Sales Review for the Palazzo at Park Center, Alexandria, VA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

... here is the 2013 Annual Sales Report

2013 Annual Sales Review for the Palazzo at Park Center, Alexandria, VA

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 (6)

Susan Jacobsen
The Alliance Group Realty - Hilton Head Island, SC
20 Years Providing WOW Real Estate Service

AJ - what great information! and my how Alexandria has grown! We were in that area in the late 70s and early 80's............goodness me! But great for you and best wishes for a wonderful 2018

Jan 29, 2018 02:16 PM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Susan - Thanks and yes, Alexandria has really exploded over the years!  Best of luck to you as well in 2018.

Jan 29, 2018 02:19 PM
Coach KC™
Prosperitor LLC dba Secured Futures - Baldwin, NY
Marketing • Productivity • Revenue • Development

Appreciate the valuable market information you provide, AJ. Thanks for sharing, keep them coming . ~ Coach 

 

Jan 29, 2018 04:43 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great information, AJ! And, great seeing you in Dallas at the CRS conference too! What a wonderful group! Hope you had a safe trip home...

Feb 06, 2018 11:26 PM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Coach KC ~ Thanks for stopping and glad you thought the information was useful.

Debe ~ It was great meeting you and the rest of the group as well and we definitely need to do it again!  I made it home safely but I got to "enjoy" the de-icing party along with you for my flight out of Dallas. 

Feb 09, 2018 10:42 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

AJ, great market update for the Palazzo at Park Center in Alexandria, and shows your expertise!  

Feb 25, 2018 07:02 AM