Welcome to Kami’s Korner where we’ll take a deep dive into Arlington’s condominium market by focusing on what’s coming next. From emerging developments to shifting trends, this space will spotlight the opportunities and insights shaping the future of condo living in Arlington.
Many of you have asked about best practices when it comes to buying a new condominium. Some of us only want new and are willing to pay a premium for the best in current design. There are several recommendations and insights here that will help you get what you want.
First decide what type of condominium you need… size, number of bedrooms, bathrooms, parking needs, or separate office, followed by a list of wants such as level of building service, amenities on-site, space for dining for six, balcony, open floor plan, and natural light. (Here she goes again.) Not to be sexist about it, but females generally are better shoppers and come with a preconceived set of non-negotiables.
Identify the areas you would consider living, such as Arlington or Old Town… but not wanting to go as far as Tysons, Reston, or DC. People don’t buy condominiums in places they aren’t familiar with or already spend time in, unless relocating entirely. Many upcoming communities put up signage and a website first which makes early interest hyperlocal. Register as a VIP on the website early and you will get regular communication, time to consider the offering, and learn when pre-sale will begin.
Once open, come early in pre-sale. You’ll get the pick of the litter. This is particularly important if you want something larger and are interested in the best views. Prospects are smart and pick the best floorplans first. If you have some idea of your ideal size and price point it makes good use of everyone’s time. Once you make a selection, expect to leave a 10% deposit as this is pretty standard in the industry. The developer generally has their own contract and it’s written much in their favor but not unreasonably so. Pricing this early is usually not negotiable… the price is the price. But you can purchase with some confidence since all buyers are getting the same terms and the developer has a shared interest in protecting values through delivery while sales are ongoing.
You do not need to be fully qualified for financing to come out and look but it’s wise to have some idea of what you can afford. Most builders give incentives for paying cash or using their title company and lenders. Often your contract might even offer a short financing contingency in exchange for considering them.
Once firmly under contract, a buyer might have 12- 18 months to prepare for the move. How blissful. This is one of the best parts of buying early in pre-sale. Moving is daunting, especially if you have been in your current homes for 30 years and the thought of moving seems excruciating. Decide what to take, sell/donate, and hire a proper interior designer to space plan and create a unique home that reflects your tastes. All with the time to do it properly.
Something to note. Finishes have gotten more high end, brands carry weight, and there is less customization offered these days. Gone are the days of going to a design center. If you know you are getting a Sub Zero refrigerator included you probably won’t ask if there are other options available.
One question we get a lot is, “So, what kind of people live here?” It’s natural curiosity. And an inquiry we can’t answer due to fair housing requirements. But the unit types and price points available at a community answer this question for you and can help you decide if you will “be with your people” if that’s important to you. Let me provide an example.
If purchasing a large 2-bed-plus-den residence in a true luxury building, you want similar unit types and price points to yours. This brings folks of similar socioeconomic status and lifestyle. It might sound snobby, but those owners generally want services and will vote to pay for them in the condo fees. A young buyer in a studio might look better in the elevator, but they likely can’t afford to stretch their budget to support a higher condo fee in a classy building. The higher price points also help retain consistency in value for each other.
Buyers in Virginia are offered five days to review their contract and condominium documents after being signed by both parties. Use this time wisely to ask questions and get comfortable. Some of the sections are good to have for future reference ( plats & plans, management agreement) but don’t require an immediate deep understanding. The best sections to read are the Annual Budget (see exactly how your condo fee is being spent), Bylaws (answers how the condo functions), and Rules and Regulations (know what you can do and what you can’t.) Some of this can be very dull and legally overwhelming and as a result, most buyers don’t read it. Make sure you at least cover the three sections I mentioned and you’ll be in good shape.
These are some of the best practices to consider when wanting to buy a new condominium. Who is out looking? Lots of you are considering this for the future and anticipate a move in the coming years. Condominiums offer much in the way of convenience by eliminating exterior maintenance. Lock it and leave it. It has a way of simplifying and forcing owners to surround themselves with what is necessary and brings them joy. If there are other insights or ideas you are stuck on while out shopping for a new condominium, send them to me. I’ll do my best to respond in real time.
Do send along your questions, inquiries, and design preferences for the next generation of condominiums to our market. My personal email is: [email protected]
