Kami’s Korner

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. (more…)

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…)

Welcome to the new column, Kami’s Korner, where we will 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’d like to share some market insight. Let’s begin with a brief overview of the three upcoming Arlington condominium projects in the planning stages for Arlington…

• One Rosslyn: Approximately 70 units, Average Size 1800 sq ft, 1 Bed + Den – 3 Bed
• 1501 Langston Blvd: Approximately 90 units, Average size 1700 sq ft, 1-3 Bed
• Potomac Overlook (Formerly Key Bridge Marriott): 100 units+, Average Size 2000 sq ft, 1 Bed + Den – 3 Bed+

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All three projects will have the benefit of the extended building height afforded in Rosslyn over DC and the rest of Arlington, and therefore will be built in concrete and boast Potomac River/DC views.

Concurrently, the target market for many of these includes urbanized singles and couples as well as downsizing empty nesters. The baby boomer generation has raised their children in Northern Virginia and they want to be rid of the suburban house. They would have done it years ago but there wasn’t a for-sale option that suited due to the interruption of COVID-19. Arlington has everything they want, and they don’t have to uproot their personal or social lives to make a lifestyle change. They have significant equity in their homes, have built financial wealth, and are essentially unaffected by interest rates. They can pay cash for what they want.

Condominiums designed for this luxury group are some of the only condominium projects that work in today’s market due to several converging factors. The first is that construction costs are up 30%+, and concrete is one of the most expensive components. They skyrocketed after COVID-19, and although they are no longer rising as steadily, they are stubbornly elevated. Most existing condo stock in Arlington could not be built today for what they are currently selling for in the marketplace. (more…)

Welcome to the new column, Kami’s Korner, where we will 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.

Where have all the cowboys gone? Um… I mean condominiums.

For new condominiums, this last cycle has been a bit sleepy. For those wanting to own a piece of Arlington, it has been block after block of attractive new rentals, but no chance to own. If you are in the market for a new condominium, there isn’t a single new one on the market today to consider, either in presale or recently delivered with a model to tour. And it’s not for lack of demand. (more…)