This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!
Question: My condo building is doing a comprehensive common space redesign [of interior décor and landscaping]. Is there any precedent for an increase in value in units after the project is completed?
Answer: If the project is well-planned (the design makes sense) and budgeted for (doesn’t require a special assessment or fee increase) yes, but it’ll probably take 2-3 or more years.
The price of a condo is heavily influenced by the sale of similar units (comps) within the same building over the past six to twelve months. The first buyers to come along after the renovations are complete will be able to leverage sale prices from the comps to negotiate for a minimal, if any, increase in sale price.
However, a well-planned redesign should mean better curb appeal and more interested buyers, which will lead to faster sales (fewer days on market). As the speed of sales pick up in a building, buyers become more likely to pay full ask and during busy months, bidding wars may take place. At this stage, you’ll see property values increase at a faster pace than surrounding buildings in your local market (all else held constant).
In summary, the ideal redesign lifecycle is:
- Increased buyer activity/interest
- Faster sale cycle and more buyer competition
- Increased property value.
For readers living in a building that’s considering a redesign, strategy and planning is key. Here are some things to consider:
- What types of buyer will your building attract over the next 5-10 years (Hint: over 27 percent are ages 25-34, according to WAPO) and what do they like?
- Will the expenditure result in an increase in fees? Increased fees put downward pressure on sale price.
- Maintenance cost and durability of new décor (don’t put wood floors in your foyer).
- Encourage your board to take a field trip to newer buildings for ideas.
- Bring in an expert! You’re going to spend a lot. Get a few proposals from interior designers and let somebody help you choose the colors, lighting, and furniture.
If you’d like a question answered in my weekly column, please send me an email at [email protected]. To quickly read any of my older posts, visit the blog section of my website at http://www.RealtyDCMetro.com.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
Eli Tucker is a licensed Realtor in Virginia, Washington DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, 202-518-8781.
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A march against drugs drew a large crowd of parents and community members to Wakefield High School, where a student died this week.
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The Arlington-Aachen High School exchange is returning this summer and currently accepting applicants.
The sister-city partnership started in 1993 by the Arlington Sister Cities Association, which seeks to promote Arlington’s international profile through a variety of exchanges in education, commerce, culture and the arts. The exchange, scheduled June 17th to July 4th, includes a two-week homestay in Aachen plus three days in Berlin. Knowledge of the German language is not required for the trip.
Former participants have this to say:
_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._
Learn about the new assessment of Arlington’s urban tree canopy and the many ecological and social benefits trees provide. Staff from the Green Infrastructure Center (GIC) will share study results and compare canopy cover for different areas of Arlington.The webinar will include assessments of ecosystem services such as stormwater mitigation, air quality, carbon uptake, and urban heat islands. For background on Arlington trees see the “Tree Benefits: Growing Arlington’s Urban Forest” presentation at http://www.gicinc.org/PDFs/Presentation_TreeBenefits_Arlington.pdf.
Please register in advance to assure your place at the webinar, https://attendee.gotowebinar.com/register/29543206508863839.
About the Arlington County Civic Federation: The Arlington County Civic Federation (“ACCF”) is a not-for-profit corporation which provides a forum for civic groups to discuss, debate, inform, advocate and provide oversight on important community issues, on a non-partisan basis. Its members include over ninety civic groups representing a broad cross-section of the community. Communications, resolutions and feedback are regularly provided to the Arlington County Government.
The next meeting is on Tuesday, February 21,2023 at 7 pm. This meeting is open to the public and will be hybrid, in-person and virtually through Zoom. Part of the agenda will be a discussion and vote on a resolution “To Restore Public Confidence in Arlington County’s Governance”. For more information on ACCF and this meeting, go to https://www.civfed.org/.
Valentine gifts for someone special or for yourself are here at George Mason University from noon -4pm on February 14, 2023. Satisfy your sweet tooth with Kingsbury Chocolates, find a handmade bag from Karina Gaull, pick up treats from Village