The View from South of the Potomac River: Palazzo at Park Center in Alexandria, VA ~ YTD August Market Report

Palazzo at Park Center in Alexandria, VA ~ YTD August Market Report

Palazzo at Park Center in Alexandria, VA

 

 ~ Palazzo at Park Center YTD August 2013 Review ~

Here is the YTD August Market Review for the Palazzo at Park Center in Alexandria, VA.  For the first 8 months of the year a total of 14 units reached the settlement table, while 5 units are under contract, and 1 unit is currently available.  Of the closed units, 8 were the 1 bathroom Florence or Venice models and the other 6 sales represented by the 2 bathroom models (Naples, Milan, or Verona).  This rate is slightly ahead of 2012 when 12 units were settled by the end of August, so if a few new listings come on the market during the Fall market we have a very good chance to exceed last years total sales of 21 units.

 

Model

# Sold

Layout

Square   Footage

Sales Range

Average

Price

Average

Subsidy

Florence

I & II

5

1Bed~1Bath

726 - 818

$195,000 - $221,500

$206,350

$750

Venice

3

2Bed~1Bath

878

$257,000 - $270,000

$262,333

$0

Naples

2

2Bed~2Bath

962

$252,500 - $285,000

$268,750

$2,950

Milan

1

2Bed~2Bath

1,074-1,098

$292,500

$292,500

$6,316

Verona

3

2Bed+Den

~ 2Bath

1,160

$282,700 - $290,000

$287,567

$0

 Source: MRIS settled units 1/1/2013 – 8/31/2013

 

Buyers are continuing to search in the Alexandria / Arlington area, but due to a very limited number of properties for sale, multiple offers and escalation clauses are becoming much more common.  Also, as interest rates inch up many buyers who had been sitting on the fence have decided that they need to take action before rates move any higher.  These confluences of circumstance are benefiting sellers, who just 6 – 12 months ago would have been receiving less generous terms for their unit. 

                                 Pool at the Palazzo at Park Center in Alexandria VA

The Palazzo at Park Center has underground parking and elevators, which make a stark contrast between it and the vast majority of condos in the greater Shirlington area that are garden style walk up units with surface parking.  Additionally, it has a fantastic location; being just one stop light from the Pentagon and Washington, DC via I-395, and a minimal drive from Old Town Alexandria.

Five of the units that have sold this year were short sales, as many of the original buyers from the condo conversion in 2005 & 2006 exit ownership of their unit.  If you need to consider the short sale of your unit, the Mortgage Forgiveness Debt Relief Act is set to expire on December 31,2013.  This means that your short sale must settle before year end for the amount of debt that was forgiven by the bank to not be added to your taxable income for 2013.  Even with the expedited processes in place with lenders, this creates a very tight window to market & negotiate a short sale.  With the current fiscal issues in the Capitol, there isn’t nearly the confidence that the Act will be extended again, so this may be your last chance for a tax bill free short sale.

As a unit owner in the Palazzo at Park Center in Alexandria I understand what makes it a great place to live, as well as a great value proposition for buyers.  If you are ready to sell or lease your unit, contact me today to find out the latest information on the community and let’s build the plan to get you Sold/Leased. 

 

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 • September 03 2013 03:28PM

Comments

AJ your real estate knowledge of Palazzo at Park Center shines.  You are the go to REALTOR®

Posted by John McCormack, CRS, Honesty, Integrity, Results, Experienced. HIRE Me! (Albuquerque Homes Realty) over 6 years ago

John - Thanks for stopping by and your kind words.

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) over 6 years ago

AJ, Great market report for the Palazzo at Park Center.  It looks like a gorgeous place to live.

Posted by Sandy Shores FL Realtor®, Melbourne Real Estate, Brevard County Real Estate, Florida's Space Coast (M & M Realty of Brevard Inc.) over 6 years ago

Sandy - Thanks and best of luck with your market in Brevard County.

Posted by AJ Heidmann ~ CRS, YOUR Alexandria & Arlington, VA Real Estate Expert (McEnearney Associates, Inc.) over 6 years ago

WOW!  Excellent report and information about The Palazzo at Park Center in Alexandria!  You certainly do know that market well!  And, glad to hear that your market is so strong - great news for sellers, for sure!

 

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) over 6 years ago

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