Realtor - Amanda S. Davidson: Amazon Coming To Northern Virginia – What Does It Mean For Real Estate?

Amazon Coming To Northern Virginia – What Does It Mean For Real Estate?

 

 

Amazon Coming To Northern Virginia – What Does It Mean For Real Estate?

Amazon, Amazon, Amazon, they’ve been the buzz word in Northern Virginia since they announced in November they’d be moving half of their 2nd headquarters to Crystal City which is now known as National Landing. National Landing consists of Crystal City, the eastern part of Pentagon City, and the northern part of Potomac Yard. Prior to the announcement if you drove through Crystal City you’d see a lot of office buildings that were barely populated and it’s been that way since 2005. They were once bustling and full but, employees were lost to the Depart of Defense’s Base Realignment and Closure project, better known as BRAC.

 

It didn’t take more than a day for calls to start to roll in after Amazon made the announcement. Listings that had been sitting becoming stale that were adjacent to Crystal City all of a sudden had a rush of showings and closed prices show sold for more than their list price even when they’d been on the market for weeks. Not everyone is celebrating though. From a different standpoint, there’s concern over this being an area where traffic is already some of the worst in the country and where the Metro system has its fair share of problems due to years of deferred maintenance. 25,000 new jobs are expected to come with Amazon and 22,000 new jobs are expected to come indirectly because of Amazon.

 

Calls Coming In

 

What does that mean for real estate? While there has been a lot of buzz I think the effects will take time. Sure some buyers have already acted quickly and I think there will be some who still do but, not the majority. I’m not going to start quoting appreciation numbers. They’re nothing more than predictions and if one can accurately predict that they probably wouldn’t be selling real estate. The arrival of Amazon’s employees also isn’t going to take place all at once, that’s going to be a several year timeframe.

 

It won’t just be Crystal City that sees the impact of Amazon because real estate in that area is very expensive. Northern Virginia is expensive in general but, Arlington is especially expensive and not an area everyone can afford to buy in. Looking outside of Arlington and even Alexandria buyers will find prices more affordable and if there’s accessibility to metro I think those areas will also see an impact. Bottom line, not everyone can afford to live in Crystal City nor is there enough housing for that to happen.

 

Rentals also can’t be forgotten. The activity we’ve seen in Crystal City has been exclusively from our investor clients. Some who bought solely on speculation before Amazon made their announcement and some that bought in adjacent areas (Rosslyn) right after it was confirmed Amazon is coming. With Amazon comes relocation for employees and not everyone is going to be ready or even want to buy particularly if they’ve never been to Northern Virginia. It’s not likely they’ll be ready to commit to buying prior to getting a feel for the area and specifically neighborhoods they do and don’t like.

 

Along with Amazon office space will come residential, dining, and retail space. The goal is to make National Landing a walkable neighborhood and Amazon will start hiring and staffing this year. There’s a couple things that are certain, Amazon is coming, it will bring new jobs, and a facelift to Crystal City and parts of Pentagon City and Potomac Yard. As for what it means for how much real estate will appreciate that remains to be seen and I’m not one to speculate. I will be watching the numbers closely and sharing future updates on closed sales and inventory levels along with explaining current market conditions.

 

                Retail store exterior

 

 

 

Amanda Davidson Real Estate Group

 

 

      

 

Amanda Davidson

Amanda Davidson Real Estate Group

Broker - Owner
Licensed in VA and DC

5680 King Centre Drive #600
Alexandria, VA 22315

Cell: 703.431.3755
Fax: 703.562.7057




Comment balloon 34 commentsAmanda S. Davidson • January 10 2019 07:32PM

Comments

Amanda: This is exciting as there will be an influx of Amazon employees who will want homes...it appears that push is already occurring. I hope you see a lot of new business as a result!

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) 2 months ago

Good morning, Amanda... your assessment of the real estate market due to the Amazon move is quite accurate, in my opinion. When Charlotte area was still in the running there was a lot of concern here about negative impact on traffic, higher home prices, etc.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage ) 2 months ago

Good morning,  Amanda - this is my introduction to hearing /reading of the name National Landing- - -I kinda like it.  Anyway, change has a habit of good news/not-so-good news.  That's just the way it goes in the District and elsewhere too.

Posted by Michael Jacobs, Los Angeles Pasadena 818.516.4393 2 months ago

Good morning Amanda - there is no question that you’re entire area will be effected Nd your Metro system will help raise values farther out 

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 2 months ago

Amanda, great post, and nice to see your area won the bid of getting Amazon.  Hope you see many of the employees looking for homes.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (House to Home, Inc. - Denver Real Estate - 720-231-6373) 2 months ago

Great post - this is one question that is getting lots of attention and curiosity! 

Posted by Lise Howe, Assoc. Broker and Attorney Licensed in DC, MD, VA, (Keller Williams Capital Properties) 2 months ago

This will impact the area in a huge way. You are right about the yin yang of such news and the implications. I'm hoping you are the one helping many of the relo clients who are moving to work for Amazon. 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 2 months ago

That was great news for the community and for the real estate industry. Funny how things can turn around when good news come to town. Hope you and your family are well.....

Posted by Bob Ratliff, "Sold with Bob" (Robert Ratliff Realty) 2 months ago

Wow Amanda, Lucky you and I am sure you have a game plan to get some listing in a campaign in th area.  Go for it!!!

Posted by Will Hamm, "Where There's a Will, There's a Way!" (Hamm Homes) 2 months ago

Amanda,

I am wishing you a lot of clients who want to buy/sell by using your excellent style of service.  Happy Friday!  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) 2 months ago

Hi Amanda S. Davidson - This is exciting news for Cyrstal City and the region at large.  It will be an action-packed time for you and your team.  On a side note, I don't think this location was picked without careful consideration of the proximity to DC!

Posted by Sheri Sperry - MCNE®, (928) 274-7355 ~ YOUR Solutions REALTOR® (Coldwell Banker Residential Brokerage) 2 months ago

Amanda, I agree with your clear understanding of what the impact may or may not be. It will take time to really see what will happen, and I know you will have a handle on it!

Posted by Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Home and Condo Specialists (The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803) 2 months ago

I am sure you will get your share of business as you are the go to agent for the area Amanda. Buyers and sellers will be well represented when they use your services.

Posted by Nick Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 2 months ago

Good morning Amanda.  Many will see this coming business in different ways, though the bottom line is that you are there to help them no matter whether they are buying or selling.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 2 months ago

I think that it will definitely bring more activity your way.  From your video, I can tell that the area is way too cold for me though, haha.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 2 months ago

Amanda S. Davidson - All of your thoughts and concerns are valid. People were like that here in my area when Toyota moved to Plano and Amazon was on the table for a possible move to this area too. Amazon didn't happen but Toyota did. It made it difficult for the people who needed to move but still stay in areas where they grew up, raised their children, and needed to be for school, transportation, and jobs. 

Keep your eyes open and pay attention. 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 2 months ago

Nina Hollander thank you. There are definitely people that aren't thrilled about it and others who are. I've been most amazed at how many agents are giving appreciation predictions for housing. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Michael Jacobs I like the name too, I think it goes well with the area. Very true about change.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Debb Janes EcoBroker and Bernie Stea JD it really well and there's a lot to consider. I'm looking forward to seeing it take shape. The traffic/metro issues concern me but, only time will tell the true impact. I hope so too, we've got friends that bought there about a year ago and we enjoy going to see them.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Bob Ratliff it's always great to see a comment from you, thank you. I hope you're doing well too!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Sheri Sperry - MCNE® I think you're exactly right on that. It's about as close as you can get without being in DC. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 thank you! I'm definitely curious to see how it all plays out. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Nick Vandekar, 610-203-4543 thank you so much. I really appreciate your support.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Gabe Sanders I agree with and like your bottom line.

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Brian England it's too cold for me too lol!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Patricia Feager, MBA, CRS, GRI,MRP I'll definitely be watching. I think like anything else there are pros and cons but, how it all plays out will take time. I can see why it made it hard for people to move within a similar area in Plano after Toyota came in. Prices are bound to rise, the question is how much. Thank you for your comment and sharing what happened in Plano. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Amanda S. Davidson - For economic reasons, every city needs to grow and have opportunities. It will be interesting to see the effect Amazon has on the economy. I'm going to bet it will be very positive for you and the residents of your community and the areas you serve. 

Prospective buyers and sellers will be in excellent hands when they hire you. 

Posted by Patricia Feager, MBA, CRS, GRI,MRP, Selling Homes Changing Lives (DFW FINE PROPERTIES) about 2 months ago

The impact of Amazon will be a interesting topic for years to come.

It is a good time to build your rental portfolio.

Posted by Roy Kelley (Realty Group Referrals) about 2 months ago

OH, I'm so excited for you, Amanda! There will be trials & tribulations but, something tells me that no matter what, you are going to come out on top! Anyone moving to Northern Virginia with Amazon should contact YOU to represent them!

I love the video too - you mentioned changes to the town - it's glorious just the way it is! Love the architecture I saw there.

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) about 2 months ago

Debe Maxwell, CRS Thank you!! I'm really excited to see it all happen. I've looked at the preliminary plans and they really look spectacular. The homes in Potomac Yard are gorgeous and with Crystal City taking on a new life with Amazon it's going to really transform. Growing pains for sure but, worth it!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

Amanda, that is great for Crystal City! But, oh my ... the traffic.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty) about 2 months ago

BIG employment has a way of creating a real estate buzzz...some that welcome the "newcomer" and others will not.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) about 2 months ago

Rebecca Gaujot, Realtor® I'm very interested to see the impact. It's already pretty bad in that area. I'm really hoping they'll put the right infrastructure in. 

Sally K. & David L. Hanson that's very true!

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) about 2 months ago

What a mess here in NYC. I think mistakes were made both by Amazon and the politicians here in NY.  It's a lesson learned that will have repercussions throughout the nation. Personally, I think 25k direct jobs from Amazon + so many others that will be partners as well as all the jobs needed to support all these additional people is a huge loss for NYC.

Posted by Adam Feinberg, NYC Condo, Co-op, and Townhouse specialist (ANCHOR ASSOCIATES) about 1 month ago

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