As the 1st quarter of 2014 draws to a close, 8 units in The Arlington Condominium had successfully reached the settlement table, with another 3 units under contract. Though it is early to draw a trend, 2014 should do well above the 5 year rolling average of 30 sold units per year, especially when considering the unusually cold and snowy weather we have had so far this year.
With the limited data points, it is interesting to see that the loan M model sold for an unusually low net sales price of $254K, which was due to the dated condition of the unit in question. Normally the M unit has the highest sales price out of the 4 models in a 2bed/1bath configuration due to the 2 level layout that provides a great separation of public & private space.
The ground floor level C models have continued the trend of 2013 where these units, and A models, were selling at prices above the upper level units. Whether this is attributable to buyers avoiding steps or the individual level of upgrades in the units, it does bear watching for the remainder of the year... especially if you are considering that sale of your ground floor unit.
What stands out here is the average price for the “A” units, showing that they had the highest average at $309K. As the smallest unit in the association and located on the ground floor, they tend to bring in a lower sales price, but due to several (surprisingly high) sales they have outperformed the upper level “M” model. The M model is the largest unit in the association in a 2Bed/1Bath configuration, is on two levels so it lives very much like a town home, and has carried a higher average sales price over the other configurations (up until now).
The Arlington Q1 2014
Model # Sold Sales Range Ave. Price Ave. Subsidy
A Lower 0 - - -
B Upper 3 $260,000-$313,000 $291,000 $ 0
C Lower 2 $289,000-$310,000 $299,500 $6,325
L Lower 2 $350,000-$402,000 $376,000 $7,710
M Upper 1 $260,000 $260,000 $6,000
Source: MRIS closed sales 1/1/14 – 3/28/2014
Originally built as an apartment complex in 1950, I'm told it was not the nicest area back then, The Arlington was converted into condominiums in 1980 and now enjoys the close proximity of Shirlington. The Arlington is located less than a mile from Shirlington; with all of it’s shops, theatre, restaurants, movies, and is just off of I-395 at the King St/Route 7 exit. This puts it within a few miles of the Pentagon and Washington, DC via I-395 and multiple bus lines to the Pentagon Metro.
As a proud former resident of The Arlington, it is a great community to call home and our family still maintains the friendships that were created there. If now is the time for you to sell your unit in The Arlington or you are considering it for your next home purchase, please feel free to contact me today.