Neighborhoods
Clarendon:
Condos, Condos, Condos
Borders: Kirkwood Road, Danville Street, 10th Street and Key Boulevard
ZIP code(s): 22201
Pricing data: Clarendon real estate (Redfin)
Map: Click here for interactive Google Map
View of the Wooster Lofts
Clarendon is a suburb in Arlington, Virginia that seems like it was made for accommodating people who didn’t want to live in DC, but wanted to be very close. It is dominated by high-rise condos, and the prevalence of these developments has meant that the real estate market has had its ups and downs in recent years.
It is also an area that, like so many of its counterparts across the Potomac in DC proper, has gotten a major facelift in the last 15 years. However, much of Clarendon’s appeal comes from the fact that many of the unpretentious bars and ethnic restaurants from the old days are still scattered among the sparkling new retail and condo developments.
Demographics
According to Zillow, 80 percent of the residential properties in Clarendon are condominiums and just 17 percent are single family homes. Approximately 55 percent of the residents are single, and the majority of households (90 percent) do not have children. These statistics are very telling for Clarendon: it is an area with lots of young singles and newlyweds.
Property Prices
The average listing price for a home in Clarendon for the week ending August 6, 2008 was approximately $650,000. Below we highlight two properties, one on each side of this average.
There is an 873 square-foot, two-bedroom condo on the market for $444,000 at Clarendon 1021. The unit has a large master bedroom and a den that is advertised as a bedroom, but does not have a window. There are hardwood floors throughout the condo, and the building has a 24-hour concierge and a rooftop pool. For the full listing, click here.
Stepping up a level in terms of luxury, there is a 1,022 square-foot, one-bedroom penthouse on the market at the Wooster and Mercer Lofts for $765,850. The unit has 22-foot ceilings and huge loft-like windows. The kitchen has all Sub-Zero and Wolf appliances and there is a 300 square-foot private roof top terrace. The development has a pool, but you may not want to leave the confines of this luxurious loft if you buy it. For the full listing, click here.
Zoso Condos by Christine Rich
Market Fundamentals
If it isn’t already clear, Clarendon is a very condo-heavy neighorhood. There are townhouses and other single family homes scattered throughout the area, but when you look at listings, you see condominiums. Within just a few blocks of the Clarendon Metro station, there are a number of high-rise condo developments: The Phoenix (Built in 2007), Station Square (2005), Clarendon 1021 (2005), and The Hartford (2003).
The condo market in Clarendon has experienced some ups and downs recently. Frank Borges Llosa, founder of FranklyRealty and a minor celebrity in Northern Virginia real estate circles, told UrbanTurf that a lot has changed in the last three years.
“The condo market experienced a roller coaster ride in Arlington with the high being mid-2005,” Borges Llosa explained. “Condos in places like Clarendon 1021 were selling for $80,000 above their preconstruction prices back then. However, after the first ten units sold, the next ten made ‘only’ $50,000, and then $20,000. Now sellers are lucky if they break even, with most losing $20,000.”
Keller Williams agent Laura Rubinchuk also noted that buyers who are purchasing a condo as an investment property should be wary of the condo fees at the high-end developments.
“There are some buildings that now have excessively high condo fees,“ Rubinchuk told UrbanTurf. “At The Phoenix, those can be as high as $500 a month. If you’re carrying a monthly mortgage payment of $2,000, along with a condo fee of $500, and are renting the place for $2,300 then you are going to have negative cashflow.“
Market Common by Pedro Vera
Insider Tips
In Clarendon, you are never very far from the Metro, but you will pay a premium for a home that is just a few blocks away from the station (see map of the station here). A number of agents indicated to UrbanTurf that proximity to the Whole Foods Market at 2700 Wilson Boulevard is also becoming a factor in a unit’s price.
If the selection of luxury developments overwhelms you, here is some advice from Frank Borges Llosa:
“At the Phoenix, be warned that they have a good portion of the building left to sell. So while it might cost less now versus Clarendon 1021, there could [still] be more downward pressures on pricing, as they need to unload their units. On the other hand, one can argue that 1021 is facing more frequent bank foreclosures which could send those prices down further.“
Rubinchuk told UrbanTurf that a new residential/commercial development is being built on top of the former Clarendon Center on Clarendon Blvd. The development will have a 244-unit apartment complex as well as office and retail space. Zoso Condos, a small development originally designed as condos but now set to be apartments, was recently completed at 1025 North Fillmore Street.
The Exterior of Pho 75
Parking & Transportation
Virtually every listing price for a property in Clarendon includes a parking space (an additional spot costs between $30,000 and $40,000). Street parking is limited and most spots in the area have meters.
Clarendon is centered around the Clarendon Metro station which is on the orange line. The trip to DC’s Foggy Bottom station takes about seven minutes.
Bottom Line
“Unless 30-50% of the listing price is put down (on a home) in Clarendon, an investor will not break even on their mortgage by renting,” Borges Llosa told UrbanTurf. “So, they either have to buy with the expectations for a long hold, or find a run down property and rebuild it.”
For those willing to hold, Clarendon is probably a very safe long-term bet and an attractive alternative for people who want a pace of life slower than that in DC. The area now has a critical mass of new retail and condos as well as a growing population to sustain its momentum for years to come.
Quick Answers
Noise Level
Low, as long as you don't live near the construction site of a new development.
Good Buildings to Live In
The Wooster and Mercer Lofts, The Phoenix and Clarendon 1021.
Best Shopping Area
The Market Common at 2800 Clarendon Boulevard is a complex that has high-end stores like Wiliams-Sonoma, Pottery Barn, Crate and Barrel, and The Apple Store.
Neighborhood Picks
Best Restaurant to Catch a Glimpse of the UrbanTurf Founders — Pho 75, 1721 Wilson Boulevard
Best Bar for Live Music and Pool — Whitlow's on Wilson, 2854 Wilson Boulevard
Best Place to Get Your Ipod Fixed — The Apple Store, 2700 Clarendon Boulevard
Best Traditional Restaurant and Bar — Harry's Tap Room, 2800 Clarendon Boulevard
Photos & Resources
- Arlington Economic Development — A summary and history of development in Clarendon.
- Walking Tour of Clarendon — A great walking tour of Clarendon by Frank Borges Llosa.
3 Comments
Hey, since when did you all start allowing comments?
Hey Frank,
The comment section has been a part of our article template since we launched.
Mark
Wooster and Mercer Lofts are in Rosslyn, not Clarendon.