2018 Mid Year Report
Palazzo at Park Center
Alexandria, VA 22311
The real estate market started off with a bang this year and stayed that way for the first six months of 2018, as 20 units reached the settlement table and another 8 are under contract and set to settle in the month of July. At this sales pace, the complex will easily eclipse the most recent high water mark of 31 units settled in 2016. As mortgage rates finally started to creep upward at the end of last year, buyers that had been sitting on the fence motivated to spring into action, which is evident in the sales numbers. Of the 20 units that have sold, 11 of them received the offer in seven days or less, which shows the desirability of the complex.
The overall low inventory across all price points under $1M continue in Northern VA, particularly under the $500K price point where there is just 1 month of inventory. The traditionally slower summer months will probably stay more active than normal 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 send 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. Additionally, the complex is located just over a mile from the Shirlington area of Arlington County that features restaurants, movies, boutiques, dog park, live Theatre, and County Library.
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: