This regularly-scheduled sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.
Q. I own a condo unit (Falls Station in Arlington), not far from the East Falls Church Metro. Condo values in Arlington have risen from their low point, but they certainly haven’t rebounded. With the completion of the Tysons-Reston phase of the new Silver Line metro, and work continuing on to Washington Dulles Airport, could we see a corresponding increase in condo values in the EFC area?
For those who are not familiar, the East Falls Church (EFC) Metro station is located in Arlington on the border of Falls Church. It currently serves the Orange Line, but it is scheduled to begin servicing the Silver Line as well. Phase One of the Silver Line will run through McLean, Tysons Corner, Greensboro, Spring Hill and Wiehle-Reston East. Phase two of the project will extend the Silver Line through Herndon, Washington Dulles International Airport and points in Loudoun County.
In addition to the new Silver Line, there are also several mixed use development projects nearby in Falls Church City that will make the area more fun and convenient to live in. Many bicyclists and runners have already found how nice it is living directly on the W&OD trail.
Home buyers that don’t need to be within the Rosslyn to Ballston corridor will find that they can get a little bit more home for their money in the EFC area.
Below are some of the more popular nearby condos:
* Westlee (built in 2006 — recent prices ranging from $370k to $565k)
* Falls Station (built in 1994 — recent prices ranging from $368k to $468k)
* Washington Courts (built in 1979 — no recent sales)
The benefit of the Silver Line to the area is that it opens up Arlington to an additional pool of possible homeowners. There are a lot of jobs in Tysons, Reston and Herndon. There are also a good number of people who have to fly out of Dulles on a frequent basis. Some people are willing to drive back and forth every day, but traffic stinks even if you’re traveling against the grain. Being able to walk to the Metro station and jump on the Silver Line will make living in Arlington a lot more attractive for these commuters.
Will this potential increase in demand result in appreciation around the EFC Metro station? It’s hard to say for sure, but I think it is certainly possible. We should check back in the fall to see how things are going.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.