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Old 01-17-2020, 12:50 PM
 
1,169 posts, read 1,439,351 times
Reputation: 1143

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Quote:
Originally Posted by Tarheelhombre View Post
Amazon HQ2 housing boom continues to rock northern Virginia


More than a year after Amazon announced it will build its second headquarters in Crystal City, Virginia, home prices in the area continue to soar.

According to housing data released by the Northern Virginia Association of Realtors, the average home sale price in Arlington County’s Alexandria City, Arlington and Fairfax counties rose by 4 percent between 2018 and 2019 — from $590,582 to $614,236.

https://www.google.com/amp/s/www.inm...-virginia/amp/
This is certainly expected but as I stated in my previous post the majority of young professionals relocating to the area will be renting apartments, I am curious to see what the statistics are for the rental industry, there will certainly a substantial impact.
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Old 01-18-2020, 12:21 PM
 
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FWIW, Arl Co’s 2020 assessments were just released; ours went up 7%.
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Old 01-20-2020, 06:37 AM
 
6,392 posts, read 4,272,326 times
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Quote:
Originally Posted by MrKnight View Post
The majority of young professionals moving into the area for corporate-type jobs are primarily renting apartments, the big story here should be about how the apartment rental industry is booming in this area, I do not believe single-family home sales is a majority here.
The apartment industry is booming in most large cities since young professionals aren’t as interested in owning homes and settling in one spot and being tied down owning a home. They don’t have the down payments in many cases and prefer to stay flexible in order to move around if a better job offer becomes available. The term is Live-Work-Play and it’s often in Cities since all amenities are nearby and public transportation is there.

These young professional people are not interested in buying a house in the suburbs and then commuting and starting a family early on. The dynamics have changed !
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Old 01-20-2020, 07:20 AM
 
1,169 posts, read 1,439,351 times
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Quote:
Originally Posted by Rickcin View Post
The apartment industry is booming in most large cities since young professionals aren’t as interested in owning homes and settling in one spot and being tied down owning a home. They don’t have the down payments in many cases and prefer to stay flexible in order to move around if a better job offer becomes available. The term is Live-Work-Play and it’s often in Cities since all amenities are nearby and public transportation is there.

These young professional people are not interested in buying a house in the suburbs and then commuting and starting a family early on. The dynamics have changed !
Exactly!
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Old 01-24-2020, 06:11 AM
 
4,644 posts, read 6,500,575 times
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Apartment rents in the D.C. area grew by more than 2.5% for a second straight year in 2019 as demand soared in Northern Virginia.

Read more at: https://www.bisnow.com/washington-dc...medium=Browser
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Old 01-24-2020, 07:37 AM
 
Location: Washington, DC
4,178 posts, read 2,660,167 times
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Quote:
Originally Posted by Tarheelhombre View Post
Apartment rents in the D.C. area grew by more than 2.5% for a second straight year in 2019 as demand soared in Northern Virginia.

Read more at: https://www.bisnow.com/washington-dc...medium=Browser
No surprise. Especially near the new Amazon HQ.

Lots of apartment housing is coming up near the Metro stations too, I've noticed.

(In the article, that West Half apartment complex in DC....so fugly of a building)
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Old 02-05-2020, 01:03 AM
Yac
 
6,051 posts, read 7,750,495 times
This is just a reminder to stick to the topic of the thread
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Old 04-18-2022, 08:37 PM
 
Location: Alexandria, VA - Kingstowne Subdivision
406 posts, read 627,788 times
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Lightbulb Amazon HQ2 announcement caused a decrease in homes sales and a subsequent increase in rental listings.

To wrap this conversation up in a nice bow, I looked at sales and rental data for the 22202 zip code used in the article linked in the original post.



The chart shows home sales decreasing every year after Amazon HQ2's announcement in the fall of 2018. If anything, residents in Crystal City are holding on to their properties during an unprecedented increase in home sales prices and overall transactions in Arlington County.



Someone who moved to the 22202 zip code in 2017 stated that the announcement caused two changes in the neighborhoods around Amazon HQ2. For starters, more homes are listed as rental properties than ever before and homeowners are completing larger renovations and staying put.

The comment caused me to look into the data and produce the following chart to support the idea that rental listings did increase after the Amazon HQ2 announcement. Her hunch about seeing more rental listings was correct.



Here's where things get interesting. When you compare rental to sales data in the three years before the Amazon HQ2 announcement to prior years you see a beautiful connection between a drop in home sales and an increase in rental listings.

151 sales disappeared and 114 rentals appeared on the market during this time period. This represents a 23% decrease in sales and a 21% increase in rental listings.



And that's it for now. I'll review this post every few years to see if anything changes with the data. Most likely what we'll see is a shift in these numbers as Amazon HQ2 moves out of the planning stages and into reality.

It will be interesting to see if Crystal City/National Landing homeowners are playing the waiting game to cash out once Amazon HQ2 opens the Pen Place development in the next 5 to 7 years.

Onward,
AW

Source for original article: https://dc.urbanturf.com/articles/bl...llowing-/14797
Attached Thumbnails
Northern Virginia Sees A 633% Increase In Home Sales Following Amazon's HQ2 Announcement!-home-sales-drop-22202-zip-code   Northern Virginia Sees A 633% Increase In Home Sales Following Amazon's HQ2 Announcement!-aw-hp-omen-4-18-2022   Northern Virginia Sees A 633% Increase In Home Sales Following Amazon's HQ2 Announcement!-22202-rental-listings-increased-after-amazon   Northern Virginia Sees A 633% Increase In Home Sales Following Amazon's HQ2 Announcement!-22202-rental-listings-increased-after-amazon  
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