It is no question that the DC Real Estate market is booming right now, and there is still a lot to look forward to in the future. This is due in large part to what has been dubbed the “Amazon Effect”. In September 2017, Amazon announced HQ2 which is a new corporate headquarters for one of the largest companies in the world. Plans for the project received final approval in December 2019. HQ2 will be located at National Landing, an area encompassing parts of the Crystal City and Pentagon City neighborhoods within Arlington County, VA. This facility is expected to house up to 50,000 workers. The announcement also included plans to build a satellite campus of Virginia Tech in the area. Public transportation is also expected to adjust, to include plans for a Potomac Yard Metro station in early 2021.
Two existing buildings in Crystal City are being extensively renovated to serve as temporary office space for Amazon, with smaller renovations being made to a third building. With Amazon already moving in and an expected completion of HQ2 by 2023, there is already a significant population growth in the area. Not only will Amazon bring new residents, but it will also attract tons of new business to the area.
Amazon’s move to Arlington County is a big deal for both buyers and sellers in the housing market. The first Amazon employees have barely arrived in Northern Virginia, but the housing market close to the company’s new headquarters is behaving as if all 25,000 workers are moving in next week. While demand for housing in this area is high, inventory is low. Realtors say that if you plan on selling, things look good. Remember, though, keep the long game in mind. The “Amazon Effect” will happen over time. If you’re not looking to sell, you still have opportunity. Housing values are expected to be on the rise for years to come; you might want to consider renting out your home, or investing in an addition/remodel of your home. In both scenarios, you keep your property with expectations of realizing the exponential growth in value over a longer period. Overall the “Amazon Effect” is fueling something special in the DC Area, and we as a company and members of the community couldn’t be more excited. We’ll keep you updated with all news related ongoing development of Amazon’s HQ2. Please leave a blog review or share any questions and comments with email@example.com