Welcome to Luxury For Less, a weekly column highlighting the best deals in luxury real estate. Written by Brandy Schantz of TTR Sotheby’s International Realty, Luxury For Less offers tips and tricks navigating the competitive real estate market and securing the home of your dreams. To learn more, visit ttrsir.com.
Unless you have gone off the grid, you’ve probably heard a lot of talk about Amazon HQ2.
The D.C. Metro area has been bracing for the impact of HQ2 and investors have been buying real estate near the National Landing site for months. In case you aren’t already sick of hearing about HQ2, this week brought us more to talk about. Amazon nixed plans to open their HQ2 site in New York.
This presented an opportunity for Prince George’s County. Prince George’s County officials reached out to Amazon to pitch their location again. Amazon has officially said they do not plan to search for a new location but that won’t stop the speculation in the D.C. Metro area. Google also has the area talking with the announcement that the company plans to double the size of their workforce in Northern Virginia.
Scotts Run in Tysons Corner had courted Apple and is still looking for a tenant but what is clear is that tech giants are viewing the D.C. Metro area as an attractive location to find talent and make a home. This is great news for residents who like living in the area but want new and diverse job opportunities.
What does that mean for our real estate market though? Real estate in the D.C. Metro area is already among some of the most expensive in the country. Last year, Metropolitan Washington Council of Governments (COG) released a report detailing the D.C. Metro area housing shortage. According to COG, the area needs 115,000 additional homes above current projections by 2045, or about 25,600 total new units per year.
Affordability is a growing problem and it doesn’t look to be going away any time soon. It’s not all bad news though. This area already experiences many moves each year, both from people moving to the area and people moving out. We experience this every year without the fanfare that came with the Amazon announcement.
It’s also important to remember those 25,000 jobs will not necessarily bring that many people, some of those new hires already live here. They also won’t all be hired or transferred here at one time. The same can be said for Google and other companies relocating to the area or expanding their workforce.
It remains to be seen if our housing market will reach San Francisco crisis levels. For now, check out the properties on the market that you can get a deal on.
Here are this week’s luxury for less properties:
- 10127 Nedra Drive Great Falls (Reduced $10,000)
- 1450 Emerson Avenue #314 McLean (Reduced $100,000)
- 833 Golden Arrow Street Great Falls (Reduced $50,900)
- 2012 Wolftrap Oaks Court Vienna (Reduced $19,900)
The properties listed are a small selection of properties available in the Tyson’s Corner area. For a full list of properties listed on MLS and private exclusives, please contact Brandy Schantz.