The View from South of the Potomac River: Palazzo at Park Center 2011 Market Report

Palazzo at Park Center 2011 Market Report

Palazzo at Park Center within the Alexandria real estate market

We have closed the books on the sales for 2011 in the Palazzo at Park Center with 18 units reaching settlement.  These units were spread among three of the four available layouts in the building, with just the larget unit, the Verona not being sold.  The type sales within the community was very evenly mixed with 7 normal sales, 6 short sales, and 5 foreclosures.

 

 

MODEL

LAYOUT

SQ. FT.

# SOLD

PRICE

 RANGE

AVE. PRICE

AVE. SUBSIDY

FLORENCE

I & II

1 BED

726 - 818

6

 

$190,000 -

$ 209,900

$197,483

$ 2,950

VENICE

I & II

1 BED + DEN

878 – 944

5

$225,000 -

$ 235,000

$229,000

$ 4,916

NAPLES or MILAN

2 BED

962 - 1074

7

$229,000 -

$275,000

$256,628

$ 2,831

VERONA

2 BED +

DEN

1160

0

$ 0

$ 0

$ 0

 

This is huge change from the mix in 2010 when just 21% of sales were normal transactions and foreclosures made up the biggest component at 42% of the 28 units that sold.  One reason that this changing mix is good for the association is that with foreclosures, many times the associations loses out on months of the condo dues, while with a short or normal sale the association almost always collects 100% of any delinquent dues.  As an owner of a unit in the Palazzo at Park Center, it was very nice to see that the monthly fee was increased by a very manageable 1.4% for 2012. 

 

The Palazzo at Park Center was constructed in 2000 and converted into a condominium in 2005, with 391 units is four buildings.  It offers amenities that are not available in most of older condominium communities in the Shirlington real estate area: underground parking, elevators, and 2 Bedroom/2 Full Bath floorplans on one level.  Additionally, there is an outdoor pool, nicely equipped gym located in the clubhouse, along with a party room that is available for use by residents.

 

If you are considering selling or leasing your unit in the Palazzo at Park Center, please contact for a confidential meeting to explore your options.  As an owner in the community, I am as motivated as you to get the best possible terms for your unit.

 

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 0 commentsAJ Heidmann ~ CRS • February 07 2012 12:27PM

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