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.
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.
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:
- Alexandria Tourism ~ www.visitalexandriava.com
- Alexandria City Government ~ www.alexandriava.gov
- Alexandria Police Department ~ www.alexandriava.gov/Police
- Alexandria City Public Schools ~ www.acps.k12.va.us
Below is the market report from last month so that you can see the activity changes for yourself.