The View from South of the Potomac River: Virginia: Alexandria

Market Report for YTD October 2019 for the Palazzo at Park Center

 

Market Report for YTD October 2019

Palazzo at Park Center

Alexandria, VA 22311

 

The real estate market for the Palazzo at Park Center has been hot, hot, hot so far in 2019 with higher average sales prices and much smaller seller subsidies across the board; though this is in part due to the lower number of units for sale versus last year.   Through the end of October, a total of 26 units in the Palazzo at Park Center reached the settlement table, as opposed to 42 condos in 2018, with 3 more units currently under contract.  More importantly, there aren't any units available for purchase in the community at this writing.

The continuation of low mortgage rates, at present they are the lowest in the past year, allow buyers to pay more purchasing power and the lack of inventory concentrates more buyers bidding on units that do come on the market.  This leads to higher prices.

 

YTD October 2019 Palazzo Market Report

 

To illustrate how little inventory is out there consider this.  Below the $500K price point in Northern VA there are 60% fewer available listings versus last year and for the same price range there is just 0.7 months of inventory right now.  For the close in neighborhoods of Arlingtion and Alexandria City, the pending arrivals of Amazon HQ2 and Virginia Tech's Innovation Campus has played a particular role.  Many sellers are deciding to hold onto their homes, if possible, until these major projects ramp up further.  Amazon has hired about 450 so far this year and the VT Innovation Campus is still in the planning phase for the section of Potomac Yards where the Regal Theatre 16 currently sits.  Whether this strategy yields higher prices to sellers  remains to be seen, as projecting out years in the future is very tricky.

If now is the time for you to make a move, lease your unit, or just want to discuss your options; now is the time to contact me.  Whether you want to send an email or give me a call I am always happy to speak to a fellow community owner.  As an owner in the community since 2010, I can attest to what a great location and community the Palazzo is, and how to best present it to the buying/leasing public.   

 

Pool at the Palazzo at Park Center, Alexandria, VA 22311Clubhouse at the Palazzo at Park Center, Alexandria, VA 22311

Fitness center in the Palazzo at Park Center, Alexandria, VA 22311

 

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 office, 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.

Let's not forget Amazon's new HQ2 and Virginia Tech Innovation Campus, both of which will be just a 5 mile commute away; either by highway or surface streets.  

Due to it's close-in location, modern floorplans, 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:

 

Below is the market report from last month so that you can see the activity changes for yourself.

 

YTD September 2019 Market Update

 

AJ Heidmann ~ CRS,  ABR

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

Comment balloon 2 commentsAJ Heidmann ~ CRS • November 02 2019 07:15PM
Market Report for YTD October 2019 for the Palazzo at Park Center
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Market Report for YTD October 2019 Palazzo at Park Center Alexandria, VA 22311 The real estate market for the Palazzo at Park Center has been hot, hot, hot so far in 2019 with higher average sales prices and much smaller seller subsidies across… more
2018 Mid Year Report for the Palazzo at Park Center
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Palazzo at Park Center YTD April 2018 Market Report
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Palazzo at Park Center, Alexandria, VA Year to Date April 2018 Market Report 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… more
Just Listed in the Palazzo at Park Center Unit #2318 by AJ Heidmann
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Unit #2318 Listed for Sale in the Palazzo at Park Center, Alexandria VA Offered at $227, 500 by AJ Heidmann Unit #2318 in the Palazzo at Park Center, a Florence model, is on the market with AJ Heidmann as the listing agent at the offer price of.. more
Palazzo at Park Center in Alexandria, VA ~ Unit #4113 SOLD!
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SOLD ~ December 2014 $290, 000 Palazzo at Park Center, Alexandria VA This fantastic first floor, 2bed/2bath Naples model with 962 square feet is went to settlement in December 2014 and the Palazzo at Park… more
Palazzo at Park Center in Alexandria, VA ~ Open House 10/12 1-4PM
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OPEN HOUSE Sunday October 12th 1-4PM TWO UNITS #4113 & #2316 On Sunday October 12th, two units in the Palazzo at Park Center will be open for public viewing. Both units feature a 2… more
Palazzo at Park Center in Alexandria, VA ~ Unit #2316 For Sale!
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JUST LISTED UNIT #2316 $308, 000 Palazzo at Park Center This great 3rd floor, 2bed/2bath Milan model with 1, 074 square feet is now on the market in the Palazzo at Park Center in Alexandria, VA. Located on an in terior… more
Palazzo at Park Center in Alexandria, VA ~ Unit #4113 For Sale!
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JUST LISTED UNIT #4113 $299, 900 Palazzo at Park Center This fantastic first floor, 2bed/2bath Naples model with 962 square feet is now on the market in the Palazzo at Park Center in Alexandria, VA. … more
Palazzo at Park Center in Alexandria, VA ~ Unit #4420 SOLD!
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Palazzo at Park Center 2 Bed+Den /2 Bath Verona Unit SOLD for $325, 000 The Palazzo at Park Center in Alexandria, VA has new residents with the completed settlement for this great top floor, 2 Bed… more
Palazzo at Park Center in Alexandria, VA ~ Open House 8/3 1-4pm
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OPEN HOUSE ~ Unit #2424 Sunday August 3rd 1-4PM $319, 000 ~ Palazzo at Park Center Come see this fantastic top floor, 2bed/2bath Naples II model (1 of just 4 in the entire community) with 1, 058 square feet this Sunday from 1-4… more