Market Values for Condos in Arlington VA

I've noticed in the last 2 weeks the emergence of a new market value for 1 bedroom condos in Arlington VA on the orange line in Clarendon, Ballston & Courthouse.  What used to be in the low $400,000s may now be worth in the upper $300,000s.  Here are some recent Arlington condo listings--some of them in my favorite buildings such as Continental, Odyssey and 1800 Wilson.



What is interesting is that 2 of them are in Odyssey--in my opinion the premier condo of Arlington VA on the orange line.  Another is in Continental and 1800 Wilson and Clarendon 1021.  These are cutting edge communities and for 4 listings to come out recently under $400,000 in these buildings could be a sign of what I'm expecting--a continued correction in the condo market.  It is important to note that most of these were on lower floors, but even a unit on the 6th floor listed at $410,000 at Clarendon 1021.  Those usually list at $439,000 so it would seem that the new deliveries of Hawthorne, 1800 Wilson and the continued marketing of Park at Courthouse, all of which were offering new units around $360-370,000 have made an impact on the surrounding market values.  Park at Courhouse may be sold out of those lower priced units now and about 2 weeks ago Hawthorne was down to their last lower priced unit at $365,000 with a private entry directly to Pollard Street.

Condo Prices Shift on Orange Line in Arlington Virginia

All of this is conjecture of course as far as cause and effect are concerned but it's my .02 worth.  And it's good to see some Sellers back in the land of reality.  In fact I would say that perhaps that Odyssey unit was priced too low...I should know as I ratified a contract on it for my buyer within 2 days of it listing while I was out showing condos in Penn Quarter to someone else.  It's great to have a smartphone for sending contracts (PDFs) to buyers, sellers and listings agents while in negotiations on a home even while working with other clients.  I love technology.   More on that another time.  I think the article will be something like this: Pimpin' out the Smartphone--Tips on Increasing Your Phone's IQ.

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