Amazon’s 2nd HQ – How is the Arlington Area’s Development & Housing Market Holding Up?
There has been a lot of discussion about how Amazon pulled the plug on its 2nd HQ in New York City back in early 2109. A recent article in the Washington Post takes a look at the areas around Arlington, VA where Amazon decided to place its 2nd HQ outside of Seattle. The Post says that decision “set off a frenzy of real estate speculation” and they report that while it remains heated, it’s not necessarily because of Amazon. This past May, report say sales and prices not only jumped in the area surrounding the Amazon HQ but across the board throughout the region. Indeed…
“In November 2018, there was a big spike in prices and lots of speculation about what Amazon would mean to Arlington, Crystal City and Potomac Yards,” said Dawn Wilson, a real estate agent with TTR Sotheby’s International Realty in Arlington. “Investors wanted to buy everything, especially condos. But that died down a lot in 2019…but once the pandemic hit there was a big dip all over the DMV for a few months.”
“In the 22202 Zip code surrounding HQ2, there’s almost no inventory of single-family homes on the market,” said David Hawkins, executive vice president of McEnearney Associates in Alexandria…”
“If Amazon’s employees can work remotely, then they don’t need to live close to the headquarters,” Hawkins said. “There’s a slight risk that there could be an oversupply of apartments in the future, but so far apartments, condos and single-family homes are getting leased or purchased.”
The post Amazon’s 2nd HQ – How is the Arlington Area’s Development & Housing Market Holding Up? appeared first on Real Estate Investing Today.