A Year in Review: 2008 for Lexington Square in Arlington Virginia
January 16th, 2009 Categories: Arlington Dirt, Condos, Market Stats
I promised to give you a snapshot of some condo buildings and some neighborhoods for 2008 – it was overall a good year for Lexington Square – located between Ballston and Virginia Square metro stops. It’s a gorgeous property that was developed right around 2000. It offers a pool, exercise facility, party room, etc… The lobbies are tastefully decorated and I have found the residents LOVE living here!
So, 23 units changed hands in 2008. To get an idea how that looks compared with historical sales, see below:
2003 – 66 units
2004 – 64 units
2005 – 34 units
2006 – 42 units
2007 – 32 units
So it fits with the trend – also, sellers, if they are trying to protect their investments, are waiting for the market turnaround and I expect 2009 to bring more Lexington Square listings than 2008 and for that number to be on the rise each year over the next few years.
Let’s take a closer look at the units that sold this year:
ONE BEDROOM
TEN 1–bedroom units changed hands this year ranging in price from $315K to $357K. We’re seeing on average, a little over 1% of seller subsidy, but interestingly, I only saw it for the 1 bedroom units. They are selling for an average of 95% of list price and on average, the contract is coming after 47 days on the market.
ONE BEDROOM/DEN
THREE 1–bedroom/den units were sold this year, all within a very tight settled price range of $395K-$400K – almost no seller subsidy as I mentioned earlier but these units sold for only 92% of list (on average) and days on market was the longest of all categories as well at 76 days. Perhaps if these units had been priced better at the onset, we would’ve seen that percent of list much higher and perhaps days on market much lower? Food for thought…
TWO BEDROOM
EIGHT 2–bedroom units moved this year selling for an average of 96% of list! Almost no seller subsidy and sales were after an average of 65 days on the market. They sold for as low as $413K (this was a bank owned property – for more information on bank owned properties, email me directly to discuss) and as high as $455K.
LARGE TWO BEDROOMS
TWO of these “jumbo” units sold this year – both are 1,358 square feet and both sold in under 20 days. One was priced at $535K and sold for list price; and the other sold for $575K which was 96% of list. Again, no seller subsidy. These units are a little more in demand as there are fewer of them – they also have an additional half bath.
Overall, while the sales numbers are down, as a whole, the units that sold went for 95.5% of original list price (this takes into account any price reductions) and averaged less than 60 days of marketing time. It’s a good solid property and whether you’re considering purchasing to live in, purchasing for investment, or selling your Lexington Square unit, give me a call. I have a lot of experience in the building (also lived there for a little while) and would love to help you with this great property.
Happy HAPPY Friday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
Copyright © 2007 Arlington Dirt Real Estate 