Press Club

Just Listed in Arlington

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Team Cathell, “Your Orange Line Specialists.”

It’s official and Arlington is abuzz with the excitement that Amazon’s HQ2 is coming to “National Landing”, a newly branded area that includes parts of Crystal City and Pentagon City in Arlington, and Potomac Yards in Alexandria.

A huge congratulations to the dynamic team in Arlington’s Economic Development Division that has been negotiating this deal for several years. And our condolences to residents and neighbors who were in opposition…

Here’s what we know so far: Amazon has decided to split its HQ2 between here and Long Island City in New York. So Amazon will add about 25,000 jobs to northern Virginia over the next 12 years.

About 80% of those workers are expected to be hired locally from the greater DC area, and about 15%-20% hired from outside of the area. We also know, according to a 25 page agreement between Amazon and the Commonwealth of Virginia (Amazon Memorandum of Understanding) that there will be 400 jobs rolled out in 2019 and another 1,180 in 2020.

While all this hype is great for getting everyone fired up about our local housing market and hopefully rustling up more listings for our still under-stocked market, the real question is will 1,580 jobs over two years really make property values jump up over night? Probably not. Have some Amazon employees already started looking at property in our areas? Probably…

Home owners and investors have already begun speculating on the impact that HQ2 will have on our real estate market and home prices. I think the best analysis so far has come from the Stephen Fuller Institute at George Mason University.

“While HQ2 will generate additional demand for housing, its effects will be geographically dispersed and gradual. Even so, the additional demand would likely increase both home sales prices and rental rates, albeit only marginally above the rise that is expected to occur without these households,” according to their initial report.

So what does all of this mean if you’re thinking of selling or have been on the fence about buying? Well that depends on your situation.

If you would like more specific information on how HQ2 may impact your home’s value, call me today and let’s chat! Here’s my direct line: 703-975-2500.

Click here to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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