Date: 31 Jan 2012 0 Comment Posted by: Kristin Cummins
Representing one of the smallest zip codes (geographically) in Northern Virginia, 22209, the Rosslyn area of Arlington enjoys the benefits of direct access into the District and to the Clarendon and Ballston areas along the Orange Line Corridor. Due to its small size and diverse, though largely condominium based inventory, the residential real estate statistics in the area can seem a bit erratic and volatile.
If we were able to take the time and space here to really break things down we would see that each economic tier of condominiums has demonstrated relative stability, however when taken as a whole, the charts below are heavily impacted by what actually sells during any given month. Within the chaos there is at least one constant, in any month where you see a sudden spike in sales prices you can be sure that a couple of units have sold in the upscale Turnburry Tower (pictured). If your are not familiar with Turnburry Tower, it is the gleaming blue glass high rise that now overlooks the Potomac and Georgetown (have a look at Turnberry Tower listings here).
Have a look at the charts below, and see the commentary for each. There is enough townhome inventory in Rosslyn that I included those stats below, but sales of single family homes are so few and far between, that elected to exclude them from this post. If you have questions about a specific Rosslyn home, or development we will have to look at those independently in order to truly understand their performance in today’s market, so please reach out to us directly and we will tackle that together!
I included the two charts above rather just one because when we chart the data for town homes alongside the data for condos, the full story of the fluctuation in average condo prices becomes diluted. With the second chart, showing only condo sales, I wanted to better demonstrate what I mentioned above in terms of the erratic spikes throughout the year. Again, this essentially indicates months where sales have occurred in Tunberry Tower. As you can see from the top chart, townhome sales are relatively consistent, however they do not represent a larger percentage of the overall inventory, and we do see months without any townhome sales.
This chart is relatively straight forward, but you do get a sense of how Rosslyn is such a condo dominated market. Yet, Rosslyn is such small area overall, that even the number of condo sales per month is not overwhelming.
This chart, showing the average sold price compared to original list price, gives us the best look at the benefit that proximity to the District and to main business hubs in Virginia provide Rosslyn. Ever in demand, but condos and townhomes almost always fetch better than 92% of their asking price. This is a chart that home owners love to see bouncing around the top from month to month.
If you would like to give Rosslyn a better look as your potential home, or if you are ready to move on from your Rosslyn home and take your swing at getting over 90% of your asking price reach out to us and let us know, we at Ramsbury are here to help!
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Kristin, the founder of The Ramsbury Group, has been representing clients and redeveloping properties in the Washington DC area for over a decade. She has represented residential and commercial clients in transactions ranging from $200,000 to $4 million in value as well as commercial leases up to 15,000sf.