Northern Virginia home sales hit 14-year high, and Amazon’s a factor (Arlington: to rent, insurance)

[Old Guard]

Originally Posted by Old Dominionite

That's interesting. I wouldn't consider that immediate area a top-notch draw for potential Amazon employees. It doesn't have the best transportation access to the National Landing site (especially given its relative proximity) and the Stuart/Justice High pyramid is one of the lowest-performing in the county.

I also know someone who paid $35k above list price for a Cape Cod in 22041, which I thought was a bit extreme for that area.

Parts of the area are competitively priced for inside the beltway but the other draw is there are a fair amount of quarter, half and one plus acre lots. The school pyramid is not good and yes, mass transit is not good in most areas.

[EmiSky]

"Some people also stated that Amazon is giving people a reason to wait so there is less inventory which is driving prices up. But this does not seem unsustainable."

I agree. I've been watching the market for yrs. and I don't see many homes for sale as I normally would during this time of the yrs. Also, those of us who are thinking of upgrading to a bigger or newer home, it really doesn't make financial sense to buy now. If I were to purchase the type of house I would like, my mortgage would go up over $1000 per month, and it would be further away from the metro. So like many, I'm staying put for now. And you're right, the price increases aren't sustainable, people are stretched thin with their high mortgages. This reminds me of the time prior to the last housing crash. Many home owners are just one paycheck away from missing their mortgage. When the economy slows down, companies will be laying off workers, who in turn will be forced to sell their homes and eventually driving home prices down. Granted, I don't think the next housing crash will be as bad as the last time, but prices will certainly come down.

[Tarheelhombre]

But prices didn’t really down inside the Beltway during/after the last housing crash. It’s almost crash proof.

[NC211]

Here is what I am seeing out by us in Leesburg, which we moved to in Nov. 2015 from S. Broadbands 11 miles straight south of us now.

There are now houses in our old neighborhood starting to sell for VERY close to what we paid for this house we’re in now, which is slightly over 30% larger with far more neighborhood and house amenities. That 30% equates to approximately 2,000sf. But we don’t have the silver line station coming at the end of our neighborhood feeder street like the old neighborhood, which honestly is why we moved in general - read the station area was rezoned for over 6,000 residential units and we were done. Same house model in that neighborhood as our last house are now selling for 13% more than what we sold ours for in late 2015, and we had the best lot in the entire neighborhood by far.

The same isn’t quite there yet for Leesburg, but I can see it coming further and further out, even bypassing us now for another 10 miles or so further west. We’re starting to see home builders going after land that would otherwise be pretty much left for dead for a while longer.

[EmiSky]

My rental property sold in one day, full asking price and closing in 30 days. I tried to sell this same property twice before, the last time I received a very low ball offer so I declined. Now I'm looking for a single family house around $700k and there's not much out there, in the areas I am interested in. I would like to stay within an hr. of Arlington but it seems with every sale the prices keep going up. I don't think this is sustainable long term as wages are not keeping up with housing price increases.

[sonnymarkjiz]

Originally Posted by NC211

Here is what I am seeing out by us in Leesburg, which we moved to in Nov. 2015 from S. Broadbands 11 miles straight south of us now.

There are now houses in our old neighborhood starting to sell for VERY close to what we paid for this house we’re in now, which is slightly over 30% larger with far more neighborhood and house amenities. That 30% equates to approximately 2,000sf. But we don’t have the silver line station coming at the end of our neighborhood feeder street like the old neighborhood, which honestly is why we moved in general - read the station area was rezoned for over 6,000 residential units and we were done. Same house model in that neighborhood as our last house are now selling for 13% more than what we sold ours for in late 2015, and we had the best lot in the entire neighborhood by far.

The same isn’t quite there yet for Leesburg, but I can see it coming further and further out, even bypassing us now for another 10 miles or so further west. We’re starting to see home builders going after land that would otherwise be pretty much left for dead for a while longer.

Yeah, I think they're going to make Leesburg the next thing. Seems like Ashburn is going to transform into another Reston in the future. The plans for the next 20 years in Ashburn seem kinda crazy to think about 10 years ago.

[elias9193]

Originally Posted by NC211

Here is what I am seeing out by us in Leesburg, which we moved to in Nov. 2015 from S. Broadbands 11 miles straight south of us now.

There are now houses in our old neighborhood starting to sell for VERY close to what we paid for this house we’re in now, which is slightly over 30% larger with far more neighborhood and house amenities. That 30% equates to approximately 2,000sf. But we don’t have the silver line station coming at the end of our neighborhood feeder street like the old neighborhood, which honestly is why we moved in general - read the station area was rezoned for over 6,000 residential units and we were done. Same house model in that neighborhood as our last house are now selling for 13% more than what we sold ours for in late 2015, and we had the best lot in the entire neighborhood by far.

The same isn’t quite there yet for Leesburg, but I can see it coming further and further out, even bypassing us now for another 10 miles or so further west. We’re starting to see home builders going after land that would otherwise be pretty much left for dead for a while longer.

Leesburg has been on the developers radar for the last 20 years, the new horizon is really Purceville.

[skeddy]

I remember when Route 7 was a two lane road. There was one traffic light in Tysons Corner at the intersection of Rt 7 and 123, the next traffic light was in Leesburg... Could drive from Great Falls to Falls Church in 20 minutes on Route 7. It was all farm land.

[newdixiegirl]

I'm following this thread closely, because I'm scheduled for a job interview in Alexandria at the end of the month. The job sounds good, the area looks great (though I know that if I'm offered the job and accept it, I wouldn't be able to afford anything close to Alexandria).

I'm trying to determine how far out I'd have to go to be able to buy anything without becoming house poor. I'd like something on the train line, if possible. Would Woodbridge be a good option?

[TheGreatest1]

Originally Posted by newdixiegirl

I'm following this thread closely, because I'm scheduled for a job interview in Alexandria at the end of the month. The job sounds good, the area looks great (though I know that if I'm offered the job and accept it, I wouldn't be able to afford anything close to Alexandria).

I'm trying to determine how far out I'd have to go to be able to buy anything without becoming house poor. I'd like something on the train line, if possible. Would Woodbridge be a good option?

What’s your annual salary? What type of home are you in need of? How many bedrooms etc.