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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.

I had the pleasure of attending the local Urban Land Institute’s Building Healthy Places Summit this week at Georgetown University. Our region benefits greatly because the ULI Global Headquarters is here in DC. More info about this fantastic organization here:  https://washington.uli.org . As a longtime member of ULI, I am continuously curious about the places that “thrive beyond the 9-5” and what is required to create active and economically vibrant neighborhoods in Arlington.

This includes a strong employment base, growing residential population, restaurants, entertainment, walkability, reliable transportation, mixed use development, safety, parks, and services that support daily life. In Arlington, we have a few of these exciting environments such as Clarendon and Shirlington, maybe Ballston, Columbia Pike, and Crystal City.

There is a new high-end condominium district emerging in Rosslyn centered on Gateway Park which will transform Rosslyn into more of an 18-hour city. As much as we like Rosslyn, it’s not there yet, but with three new communities coming, it’s the area that will see the heaviest influx of new condos in the next cycle. Residents are looking for an experience in their neighborhood.

Rosslyn is at an inflection point and with early renewed economic confidence, a micro-district surrounding Gateway Park is emerging. The condominium market has suffered a one-two punch and has yet to return to normal. The real estate development world was hit with COVID and brought the market to a standstill. I fondly call the current time period the “COVID hangover.”  Let me explain.

It takes years to bring a new condominium to market including at least 1-2 years of entitlement and financing, 1 year of design, and 2 years of construction. If you count back 5-6 years, no one local was doing any of that with any real enthusiasm.  Commercial markets then got hit with interest rates that roughly doubled, and then federal downsizing upset the situation.

Arlington is well poised for the return of luxury condos. It’s the second most educated city (behind Cambridge, Mass.) in America with 77% possessing college degrees. All the capital wealth makes 22207 the 36th most expensive zip code in the US with a median home price of $2.6M. Virginia is in the top 10 of US states for millionaires (roughly 275,000 or 8% of the residents). What do these people expect in the urban environment?

The next 3 luxury condo projects will all be overlooking Gateway Park, the new social epicenter of Rosslyn. To understand the effect this has today, just go visit Columbus Circle or Meridian Hill in DC. The parks are beautiful and safe again. Residents are visiting, smiling, taking pictures, enjoying the weather, lingering for longer, spending money, socializing, and proud to be there.

I, for one, can’t wait to witness the transformation. It will be a few years in the making and I’m here for it. Gateway Park is the connector for the next luxury condo district coming to Rosslyn in Arlington and it should produce an area that will “thrive beyond the 9-5.”

 Do send along your questions, inquiries, and design preferences for the next generation of condominiums to our market. My personal email is: [email protected]

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. (more…)