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+
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…)