A two-floor penthouse at Crystal Gateways Condominiums just sold for $1.25 million, the highest selling price for the condo building since Amazon announced plans for its HQ2 headquarters in Arlington, Virginia, last year.
It is also the highest sale price in the building in the last six years, topping the sale of the late Sen. John McCain’s condo in the same building, which sold for $1.2 million in 2017.
The three-bedroom, 2,900-square-foot end-unit penthouse has panoramic views from its wraparound balcony of the Potomac River, monuments and Reagan National Airport.
Crystal Gateway Condominiums is at 1300 Crystal Drive, part of the Crystal Gateway building. Jon DeHart of Long & Foster/Christie’s International was the selling agent.
“The Amazon affect is truly in effect in Crystal City,” DeHart said.
“We’ve seen prices skyrocketing due to low home inventory and super-high demand. Both investors and principle residence users want to get in on the action, and it’s clear that there is more home appreciation to be had in the community.”
The Amazon HQ2 effect is most prominently seen in Arlington County and in Alexandria.
The median price of a house or condo that sold in Arlington County in August was $627,500, up 11% from last August. The median price in Alexandria was up 9% to $515,000.
Even so, sellers are sitting on the sidelines.
Long & Foster has said homeowners are holding onto their homes in the hopes they’ll make more money once larger numbers of Amazon employees start moving in. Listings in both Arlington and Alexandria are at the same level as about a half a year ago.
See the map below for the location of the building.