Alexandria, Virginia is one of Washington, D.C.'s most popular commuter havens, with housing ranging from historical brownstones to modern high-rises.
"Alexandria is experiencing an extremely strong seller's market with very short times on market," says Realtor Ron Fowler, "particularly for moderately or lower-priced homes. The Metro area has had and should continue to experience strong economic conditions with job growth. The demand for housing exceeds the available supply and many homes are getting multiple offers with the proper marketing."
Suggests Realtor Nabila Salame, "It is a very desirable location in Northern Virginia. It is part of the Washington Metropolitan area, close to Washington D.C, and public transportation is available."
Salame explains, "The Federal Reserve will raise the Fed Funds rates by three percent by the end of 2005, up from the current one percent. As for the 30-year fixed mortgage rate, I expect the average rate to rise to 6.5 percent by year-end and to 7 percent in 2005. Also another strong year for home sales, which bodes well for home appreciation. Median existing home prices rose to 7.5 percent in 2003. Home appreciation should average 4.4 percent in 2004 but with some variation among the major regions, as predicted by David Lereah, chief economist for the National Association of Realtors. There were 695 homes sold from the 1285 homes that were listed in the second quarter, which makes 54 percent of the houses listed in the second quarter were sold in the second quarter as from the statistics deduced from the multiple listing."
"Alexandria offers a mixture of town homes, single family homes, mid and high rise apartments and condominiums and commercial offices," says Realtor Karen Kruschka. "Prices continue to increase. The inventory of available homes has not increased appreciably. It is still a seller's market and as volatile as the last several years.
Kruschka says, "Alexandria is best known for its' Old Town' - the 18th century seaport and favorite haunt of George Washington. Old homes and newer condominiums in Old Town are extremely expensive due to the colonial atmosphere. The Landmark area at the western end of the city is the location where you will find mid and high-rise condominiums. The center of the city has everything from 50-year-old duplexes to extremely expensive single-family homes. Commuting from Alexandria is exceptionally easy due to numerous Metro stops and short driving time to the District. Any new construction is usually high-priced high-rise condominiums. Alexandria appeals to those who prefer "in-town" living."
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Published: July 15, 2004
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