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.

To understand where the market is today, let’s look at how the condo market has changed. What began as an affordable housing alternative for first-time homebuyers has become the pinnacle of true luxury urban living typical of a world-class city. Let’s explore the 20-year evolution of new condos in Arlington.

Early 2000s: Affordability Focused. Condominiums in the early 2000s were aimed primarily at first-time homebuyers. Affordability was key and this type of housing in Arlington wasn’t glamorous quite yet. The market was steady and interest rates, at just under 7% in 2001, were deemed attractive. Most buildings had 100- 200 units and the average size for a new condominium in Arlington was 950 sq ft.

Mid-2000s: Market Heats Up. In 2003 the market began to pick up speed, fueled by the abundance of financing and essentially loans that required no documentation or proof of affordability. During this time Ballston saw several apartment to condo conversions. Condo units were generally designed as apartments so unit sizes were smaller among all unit types. Finishes were acceptable but not great. This is when granite countertops became the epitome of quality.

New builds like Liberty Center in Ballston shifted the average size down while finish quality and livability of design improved. It was probably the best building of that generation. Like many others at that time there was a rush to buy and buildings were very successful in pre-sale. (more…)