After being the sole high-rise luxury condominium in Tysons Corner for a number of years (the building was completed around 2008), developers are finally confident enough to offer new exciting condominium living concepts in Tysons Corner.
All the new condominium construction activity indicate that developers are confident that the new metro stations and surrounding development is creating a city where people want to live (and not just shop and work in.)
Some of the exciting new communities include:
- The Verse at the Boro at 1655 Silver Line Dr (starting in the $500k’s for 1 bedrooms and in the $850k’s for 2 bedrooms)
- The Bexley at 1755 Old Meadow Rd (starting in the $700k’s for 2 bedrooms and $1.2M’s for 3 bedrooms)
- The Monarch at 7887 Jones Branch Dr (starting in the $650k’s for 1 bedrooms, $900k’s for 2 bedrooms, 3 bedrooms available.)
Keep in mind that the above are starting prices only. Desirable features like higher elevations, orientation, balconies, floor layout, finishes and parking will add substantially to those prices.
With all the new units on the market, competition in the luxury condominium segment in Tysons Corner has heated up. The high inventory may be a challenge – but the idea of buying a $1M+ condominium in Tysons Corner does not seem that out of the ordinary and should benefit new and existing housing over time.
Potential buyers may compare the new construction condominiums to the ones for sale at One Park Crest. There is an argument to be made for the value of One Parc Crest. While a 12 year old building will be less exciting than a sparkling new one, the market will naturally adjust the price differential.
At One Park Crest you can purchase a unit with a great elevation, view and garage parking from the low $400’s for 1 bedroom units and the low $700’s for 2 bedroom units. How much more is a buyer willing to pay for something similar in a newer building? $100,000, $200,000? More? Less? Hard to know as the location and amenities varies but by the end of 2020 we should have a better idea.
Currently For Sale at One Park Crest
As of mid February 2020 there are 9 units for sale at One Park Crest. Over the last six months 7 units sold. If you are a buyer, this is should give you some leverage when making an offer. If you are a seller, you will need to price your unit competitively to position it against other units in the community AND against units in the new construction buildings on the market.
Looking to buy or sell a condominium in Tysons Corner? Call Are and Liezel today!
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