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. Please submit follow-up questions in the comments section or via email.
Question: I’ve never been one to appreciate the “character” that others find so delightful in older homes and I don’t think I can afford brand new. What does a recently-built home cost near the Orange Line in Arlington?
I work with a lot of home buyers like yourself that would prefer something built within the last 10 years or so. These homes tend to have less wear & tear. They also closer to today’s standards of finishes, materials and energy efficiency.
Because you haven’t specified the type of home you are looking for, I’ll provide a breakdown across condos, townhomes and single family houses. Please understand that the home’s age is only one of many variable. Factors such as location and size also play a big part in determining the price.
If you wanted to buy a one-bedroom in a popular building like the ones I’ve listed above, you should prepare to spend between $400,000 – $450,000 on average. If you are looking for a two-bedroom in a similar building you should prepare to spend between $600,000 – $700,000 on average. There are plenty of options above these price ranges, but this is what I would consider the sweet spot.
Popular neighborhoods: Lyon Park, Lyon Village, Ballston and Clarendon.
There are some outliers, but you should prepare to spend at least $1,300,000 for a newer single family home on the Orange Line.
Your Home’s Value
This does not pertain to this week’s question, but if you own a home in the Arlington area and want to find out the current market value, please try out our brand new tool for doing so: http://Ask-Adam.SmartHomePrice.com/
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.