Get ready to turn a profit when you sell or lease a property in Arlington.
For property owners and real estate professionals in Arlington, particularly in Crystal City, the coming months will show a serious uptick in your property's value. With the announcement of Amazon's new HQ2 East Coast locations, an influx of tech professionals are forecasted to head to the surrounding area. Crystal City may not be as attractive as other Arlington neighborhoods like Clarendon, but thanks to Amazon, they may as well be dubbed the prom queen of Northern Virginia. After all, when it comes to real estate, it's location, location, location.
Real estate professionals in Arlington have been contacted by investors wanting to purchase or lease out properties, as well as those looking to sell their homes for far more than their actual value. For those looking to purchase a home in Arlington to commute into D.C., speak now or move to Bethesda. For example, a one-bedroom, one-bath condo at 1200 Crystal Dr. saw a price uptick by seven percent in a little over a month since Amazon's HQ2 reveal, taking it from $419,000 to $449,000. A two-bed, two-bath condo in the same building went from $714,595 to its current listing price of $729,795 in a matter of days. Of course, it doesn't seem to help that some of the real estate listings in the area are including an incentive in their property descriptions:
Cities that possess a heavy tech presence like San Francisco are no stranger to the high cost of living: studio apartments there have been known to rent for close to $4,000 a month. With property values high enough as it is in Northern Virginia, current renters in the area shouldn't be surprised if their monthly rates increase when it comes to renewing a lease.
Those who are looking to sell or rent out a property in Arlington, keep your eye on the market trends before making a final decision on a price, because your profit may issue a decent chunk of change.
What do you think? Do you own property in Arlington? What are you seeing? Please tell us in the comments below!