The View from South of the Potomac River: Palazzo at Park Center, Alexandria, VA ~ 2012 Sales Review

Palazzo at Park Center, Alexandria, VA ~ 2012 Sales Review

            ~ Palazzo at Park Center 2012 Review ~

 The books are closed on 2012 for the real estate sales in the Palazzo at Park Center in Alexandria, VA.  Activity was very brisk in the 2 bathroom units (Naples, Milan & Verona models), which accounted for 71% of sales but just 40% of the 392 units in the complex.  The 1 bathroom units (Florence & Venice models) accounted for just 6 of the 21 units sold in 2012.

 

Model

# Sold

Layout

Square   Footage

Sales Range

Average

Price

Average

Subsidy

Florence

I & II

4

1Bed~1Bath

726 - 818

$190,00 - $225,000

$203,750

$750

Venice

2

2Bed~1Bath

878

$230,000 - $235,000

$232,500

$0

Naples

10

2Bed~2Bath

962

$230,000 - $305,000

$261,160

$2,950

Milan

3

2Bed~2Bath

1,074-1,098

$285,000 - $290,000

$286,666

$6,316

Verona

2

2Bed+Den

~ 2Bath

1,160

$250,000 - $300,000

$275,000

$0

 

What is unique about the Palazzo versus the vast majority of other condo associations in the area is the amount of amenities for the monthly condo fee… here the Palazzo shines by providing much more for an under market condo fee.  The Palazzo has underground parking, elevators, club house for activities, and a respectable fitness center.  The majority of condo associations in the greater Shirlington area are garden style walk up units with surface parking only. 

This is in addition to being just one stop light from the Pentagon and Washington, DC via I-395, and a minimal drive from Old Town Alexandria or the Ballston/Clarendon/Rosslyn corridor.

 

As we move out of the New Year’s hangover and towards the Spring market, the lack of inventory is overwhelming in Northern Virginia.  Currently, there are absolutely no units available for sale in the Palazzo at Park Center, so if you have been considering a sale this is a great time to come onto the market.  Buyers are continuing to search in the area for a home to buy at today’s near historic low interest rates and the Palazzo is very desirable.

 

Should you need to consider the short sale of your unit, the Mortgage Forgiveness Debt Relief Act was extended through the end of 2013.  This means that if your short sale settles before year end, the amount of debt that was forgiven by the bank will not be added to your taxable income for 2013 income tax purposes, which is a huge advantage versus an unexpected tax bill after navigating a short sale.  This extension was a last minute negotiation within the Fiscal Cliff debate at the end of 2012 and whether this will be extended beyond 2013 is questionable. 

 

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 5 commentsAJ Heidmann ~ CRS • February 18 2013 02:27PM

Comments

Hey AJ -

Long time no see!  Glad to see you popping back in the Rain.  You have been missed.  Hope all is well with you and yours and you've just been too busy with real estate to blog.  Again....... Glad you're back!

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) about 7 years ago

John - Thanks for stopping and by... I needed a break from the Rain, but am back now.  I was in Las Vegas for the CRS Sellabration and sat through a great presentation by Sam Miller of Knox County, Ohio got me fired up again!

The Palazzo at Park Center is a great facility with a great location here in Northern Virginia. 

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) about 7 years ago

AJ: The Palazzo sounds like a very desirable place to live, and so close to the Pentagon and Washington, DC. No wonder inventory gets sold right away there.

Posted by Hella Mitschke Rothwell, Hawaii & California Real Estate Broker ((831) 626-4000) about 7 years ago

AJ

Sounds like you are enjoying the same market we are. The year is off to a good start, but keeping buyers busy.

BTW I also had the chance to hear Sam and he is always a pleasure to listen to. I never come away without several things to try and implement.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (eXp Realty of California) about 7 years ago

I would have to say that I see some very unique properties from your blog!  Thanks for sharing!

Posted by Renée Donohue~Home Photography, Western Michigan Real Estate Photographer (Savvy Home Pix) almost 7 years ago

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