Posted by Jay Seville on Friday, April 9th, 2010 at 11:22am.
Misc Arlington Condo Prices Bounce Back up 5% from 2009 Odyssey and Continental
Being on the front lines of Arlington Virginia real estate (currently 10 homes under contract as of 4/9/2010) my team has a good feel for cutting edge market trends all over Northern Virginia–especially with the Arlington condo market. After all we work 95% with buyers so we are constantly anaylzing comps and market data to see what is the most aggressive offer we can make for our buyers and still get a response from the Seller (a counter offer). And my agents or myself will work with a few buyers in a row dealing with a niche of real estate in terms of location and price range so we know the day a new listing comes on the market if it will sell that week and what it’s really worth.
I’ll use 2 Arlington condos as examples but there are likely others. One thing is certain the market is strong and real estate is hyperlocal so other buildings may be flat.
Continental Condo in Arlington Virginia Recovers Value in 2010
One of my favorite condos is the Continental Condo in Ballston on the orange line corridor. Built in 2003 it’s one of the classiest buildings in Arlington and nicer than most newer buildings built since 2006. Back in 2009 values for most 2BR 2BA condos 1150-1300 sq ft dropped down to $480-500,000. It was bizarre in some ways with some freaky sales by distressed owners giving their property away. I represented a buyer and told them this home you’re purchasing is really worth more than this purchase price. Don’t think they believed me, but they now have $40,000 equity 8 months later.
As you can see from the net price column those Continental condos listing in 2009 were closing in the upper $480s generally. Those listing in 2010 (red arrows) have sold for $525000 or are under contract for $525,000ish. That’s a solid 5% bump which really represents a recovery to the true values of the building.
Odyssey Condo in Arlington Virginia Real Estate Increases in Value 2-3% 2010
The Odyssey condo in Arlington near courthouse is also one of my favorites and the 1 BRs had dipped down to $350-360,000 with some selling down to $335,000. That’s nuts! The values for those units listing in 2010 are back to $380,000 which makes much more sense.
The Rest of Arlington Virginia Real Estate
If I had time it would be interesting to compare some more buildings, but now that JustNewListings.com Realty, Inc. is up and running time is short. Now hiring by the way full time agents with a track record of protecting buyers from overpaying….Principal brokers also wanted in markets outside of DC metro for licensing or franchising opportunities.