New Home Sales in Northern Virginia; The Phoenix at Clarendon Metro
April 24th, 2008 Categories: Buying, Keller Williams
USA Today and the Washington Post both report that as of March 2008, new construction is down to the seasonally adjusted pace of around 526,000 units, the slowest sales in 16.5 years. Median sales prices are also about 13% less than what they were at this time in 2007. BUT keep in mind, these are nationwide statistics for the US housing market.
For an example closer to home, let’s take a look at the new condo building in Arlington: The Phoenix at Clarendon Metro. The mixed-use residential/commercial building that sits atop and next to the Post Office has 181 residential units, and 13 commercial units. As of Mid-March, The Phoenix has sold about 50% of it’s residential units, and about 50% of it’s commercial space. These sales have taken place since July 2007, about 9 months. With more units under contract and closings scheduled, the building has consistently been getting contracts ratified at a pace of 3-4 units per week. PER WEEK! At this pace, it should take until the end of 2008 for The Phoenix to sell most of their units!
Keep in mind when you’re reading all of the stories about the housing market, that living in the Northern VA area gives you some peace of mind in your investments. With DC being a transient city, with constant turnover - especially with the upcoming elections, there will always be demand for housing by residents of this area. There’s so much more to this story, let’s talk!!
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