Palazzo at Park Center, Alexandria, VA
Year to Date April 2018
The Spring real estate market is alive and well in the Palazzo at Park Center in Alexandria, VA, which is evident in this year to date April 2018 Market Report. As mortgage rates have finally started to creep upwards, buyers that had been sitting on the fence have been motivated to finally spring into action and start writing offers on a home. With the exception of one outlier sale, the average time from listing to a contract is under 9 days so far this year.
In my two listings in the Palazzo at Park Center this year, open house traffic has been very strong, so that both listings received multiple offers and sold at or above the list price (and appraised for the contract price). Currently, there are another 8 units under contract and moving towards settlement, so the first half Market Report for 2018 coming out in early July should show that sales activity is chugging along just fine.
With the continued low inventory across all price points under $1M price point, where there is less than 2 months of inventory, the traditionally slower summer months will probably stay active as potential buyers look to avoid higher mortgage rates from waiting until the Fall market arrives after Labor Day. As an owner in the community since 2010, I can attest to what a great location and community the Palazzo is. If you are looking to sell your condo unit, buy/rent in the community, and just have a general question about the Palazzo at Park Center in Alexandria, VA just give me a call or shoot me an email.
The Palazzo at Park Center is a garden style community that 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 with party room for rent, outdoor pool, on-site professional management, 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, elevator service, in-unit Washer/Dryer, amenities, access to commuting routes, and low condo fees the Palazzo at Park Center is considered a very desirable property to call home.
Thinking about moving to Alexandria, VA... here are some links to provide additional information about the City:
- Alexandria Tourism Department ~ www.visitalexandriava.com
- City of Alexandria government, please follow this link ~ www.alexandriava.gov
- Alexandria Public School System, please follow this link ~ www.acps.k12.va.us
- Alexandria Police Department, please follow this link ~ https://www.alexandriava.gov/police