Most people know there has been some deflation of home values in the last year. The peak was the Summer of 2005 and the correction
may or may not be over depending on which aspect of real estate one is discussing. One area in which there is still much correction–
prices lowering–to take place is luxury condos in Arlington. Specifically with
Clarendon VA condos
there is a whole new breed of condo being offered for sale. These condos include The Odyssey, Clarendon 1021 and Station Square.
They should hold their value, if price realistically in the range below (375-415)–well enough–maybe even appreciate slowly.
Now one can purchase a fully loaded 1 bedroom condo in Clarendon for $370,000-415,000. By fully loaded I mean washer/dryer/granite countertops, track lighting,
shiny wood floors, maple cabinets, a LARGE exercise room with everything you need, and LARGE rooftop pool decks with inspiring views of the nation’s
capitol and monuments/Potomac River. However, there are about 50 other condos for sale in the same price range or HIGHER that are older and offer none of the
same ameneties such as an exercise room/pool/rooftop deck/wood floors. Most of these have carpet and just feel “old” for lack of a better term.
No, in order for those condos to sell now that there are several brand new kids on the block, they will have to reduce their prices to a new price range such as
300-350,000–often this is a $75,000 drop–to have a chance.
To check it out for yourself try the
Northern Virginia MLS.