Buying a condo in Alexandria (Arlington, Reston: real estate market, apartment, to rent)

[Parsec]

I'm posting this on behalf of a relative. Mid 20's, single, stable job, currently paying $1500/mo to rent a 1-bedroom apartment in Alexandria. Thinking of buying a condo in the area because the mortgage on a 2-bedroom condo is the same as what he's paying in rent for a 1-bedroom apt. Budget $200-250k. How is the real estate market in NoVa? I told him it's generally a bad idea to buy condos in the suburbs due to poor resale value. Suburbs are for families and families don't want to buy condos. I'm not from the area though, so maybe the real estate market is different in DC. We're looking in the area around Landmark Mall.

Also he currently has a 30-min drive to Suitland, MD for work. Any other areas he should be looking at for a 30-45 min commute to Suitland within his price range? He likes the feel of Alexandria though - plenty of things to do, even for a single guy and close to DC and DCA.

[The Dissenter]

Originally Posted by Parsec

I'm posting this on behalf of a relative. Mid 20's, single, stable job, currently paying $1500/mo to rent a 1-bedroom apartment in Alexandria. Thinking of buying a condo in the area because the mortgage on a 2-bedroom condo is the same as what he's paying in rent for a 1-bedroom apt. Budget $200-250k. How is the real estate market in NoVa? I told him it's generally a bad idea to buy condos in the suburbs due to poor resale value. Suburbs are for families and families don't want to buy condos. I'm not from the area though, so maybe the real estate market is different in DC. We're looking in the area around Landmark Mall.

Also he currently has a 30-min drive to Suitland, MD for work. Any other areas he should be looking at for a 30-45 min commute to Suitland within his price range? He likes the feel of Alexandria though - plenty of things to do, even for a single guy and close to DC and DCA.

One thing dude should watch out for. Condo fees. I was considering buying a condo but the fees, especially in the Landmark area, can range $400-900 a month.

[FindingZen]

Because housing is so expensive, condos are a popular option in Northern Virginia, especially in a close-in area such as Alexandria. In fact, a number of condo buildings have been built in Alexandria over the last few years, albeit not towards Landmark Mall. DC proper is so small that I personally consider Alexandria to be essentially an urban extension of DC.

His budget might actually be a bit low, depending on the quality or age of condo building he's considering. Also, The Dissenter has a good point about condo fees; they will only increase.

[Parsec]

Originally Posted by The Dissenter

One thing dude should watch out for. Condo fees. I was considering buying a condo but the fees, especially in the Landmark area, can range $400-900 a month.

Thanks for the tip. We noticed some buildings even had fees of over $1000/mo. That's pretty crazy. He'd most likely be looking at a building with fewer amenities, with HOA in the $300-500/mo range to make this work. If my math is right, a $225k condo with 20% down would be around $1000-1100/mo for P&I plus escrows, plus $300-500 HOA will keep him at his $1500/mo budget. He can go up to $250k with a slightly higher down payment, but the $1500/mo budget is all he wants to spend right now.

[Parsec]

Originally Posted by Tone509

Because housing is so expensive, condos are a popular option in Northern Virginia, especially in a close-in area such as Alexandria. In fact, a number of condo buildings have been built in Alexandria over the last few years, albeit not towards Landmark Mall. DC proper is so small that I personally consider Alexandria to be essentially an urban extension of DC.

His budget might actually be a bit low, depending on the quality or age of condo building he's considering. Also, The Dissenter has a good point about condo fees; they will only increase.

Yeah, I think his budget would only be able to get him into an older 2bd/1ba condo in that area. Most of the 2bd condos are more expensive, but they are 1000+ s.f. with 2 full baths. He doesn't need any amenities other than W/D in-unit and about 750 sf. Would you consider anything inside the Beltway to be an urban extension of DC, and therefore, condos in those areas are considered a popular option? I just don't want to see him stuck with a condo he can't sell 5-7 years down the road if he is suddenly married with 2 kids. As we all know, life can move pretty fast at that age.

[spencgr]

According to a website that rhymes with Deadspin..there are approximately 20 condos currently on the market in the Landmark area in the 200K - 250K price range. In the same range, 80 have been sold in the past year (40 in the past 6 months, and 20 in the past 3.)

I think it appears to be a decent area for that price range.

[FindingZen]

Originally Posted by Parsec

Would you consider anything inside the Beltway to be an urban extension of DC, and therefore, condos in those areas are considered a popular option? I just don't want to see him stuck with a condo he can't sell 5-7 years down the road if he is suddenly married with 2 kids. As we all know, life can move pretty fast at that age.

If one is talking about Arlington County (which functions as a city) and perhaps even Falls Church, then yes, I would personally consider those as urban extensions of DC in a sense. Generally speaking, anything inside the Beltway will tend to be desirable for the shorter commute to work and leisure in DC/Arlington/Alexandria.
Condos within walking distance or very short bus/car ride to the Metrorail would be particularly desirable. If your relative is looking in the Landmark area, he will be close to both the Beltway and the Van Dorn Metro station which would be attractive to many potential buyers.

[Carlingtonian]

I would steer him toward areas just south of Old Town Alexandria--e.g., Belle View. There are some nice townhouses there, and Suitland would be just over the Woodrow Wilson Bridge.

Also consider townhouses near the Mark Center; the area around there is being redeveloped, and there are already some newer townhouses on Beauregard (just south of Seminary). That too will not be an overly bad commute to Suitland.

The general point re. townhouses in the suburbs depends on the suburb. True, Arlington and Alexandria are both suburbs, as is Falls Church. Condos/townhouses in any of those areas will only go up in value, with exceptions. There are other areas outside the Beltway that I would normally advise he consider (e.g., Herndon, Reston), but given his commute, I don't think the minimal cost savings would be worth the significantly longer commute.

[FindingZen]

Originally Posted by Carlingtonian

I would steer him toward areas just south of Old Town Alexandria--e.g., Belle View. There are some nice townhouses there, and Suitland would be just over the Woodrow Wilson Bridge.

Also consider townhouses near the Mark Center; the area around there is being redeveloped, and there are already some newer townhouses on Beauregard (just south of Seminary). That too will not be an overly bad commute to Suitland.

The general point re. townhouses in the suburbs depends on the suburb. True, Arlington and Alexandria are both suburbs, as is Falls Church. Condos/townhouses in any of those areas will only go up in value, with exceptions. There are other areas outside the Beltway that I would normally advise he consider (e.g., Herndon, Reston), but given his commute, I don't think the minimal cost savings would be worth the significantly longer commute.

The OP's relative was looking for a 2BR/1BA condo for no more than $250K. I love Belle View but I would be pleasantly surprised if a *1BR* condo was available in that budget range let alone THs most anywhere inside the Beltway on this side of the Potomac.

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