The Often Overlooked Studio Apartment Condo
September 24th, 2009 Categories: Arlington Dirt, Condos
I got a call a week or two ago from a reader who has a studio condo to sell in a nice building in the Ballston area of Arlington. Every now and then I get a call or email about studios – but as with everything else, when an
opportunity presents itself, that’s when the research begins and you gain market knowledge. So I’ve been doing a lot of looking and investigating the past weeks as we get ready to market her studio and market it successfully!!
Some studio facts:
- In the last 12 months, 26 studio condos sold in Arlington County Virginia and there are currently 8 active studio listings
- The sales ranged in price from $85,500 to $305,000
- There is a direct correlation between older buildings and lower prices
- In buildings less than 6 years old, the median sales price was $272,000
- In buildings 29 years or older (there were no buildings in between, by the way), the median sales price was $152,000 – lower by well over $100,000…. that’s HUGE
I think when one is considering buying a studios, you have to adapt the mantra that “not all studios are created equal.” Some of the important variables to consider are:
Is there enough storage? This is key because space is at a premium and you don’t want your small space to be cluttered – it will feel smaller and claustrophobic. Look for storage everywhere – kitchen, hall closet, bedroom closet, bathroom storage, etc…
How’s the kitchen? (That is if you care about the kitchen) Sometimes, the layout of the studio allows for essentially a kitchen “row” of appliances – not much work space. Other times, you can actually get a full sized, full function kitchen (I like those!)
Is it feasible to entertain by day and still have someplace to sleep at night? Many studio owners solve this in one of two ways: either with a sleep sofa or a murphy bed or even both if you anticipate ever having a guest. I’m not a fan of having one’s bed set up in the middle of the apartment – I’m more a fan of presto-chango. So look for a setup that you can imagine setting up a living area that can easily be transformed at the end of a long day.
Of course, you know, I’ve been describing the cute studio I’m going to be listing next week – plenty of storage, fabulous gourmet kitchen, murphy bed which conveys, and mine even has a great balcony and it’s own in-unit laundry – all topped off by being located just blocks to the metro in an upscale, full service beautiful 6 year old building. Stay tuned – or just email me for more info.
If you’d like to discuss your buying options or how I can best assist you in the sale of your home, however large or small, I’d love to hear from you!
Happy Thursday
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, there’s no time like the present! The $8,000 tax credit expires on 11/30/09 – There’s still time!
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Studio condos make a great way for people to get into the market–and many of them are spacious enough to easily accommodate one or two people.