Northern Virginia has always been an attractive region for home buyers and commercial real estate developers alike. However, in November of 2018, when the e-commerce tech giant Amazon announced that NOVA was selected as the site of their second headquarters, the real estate market responded. With the potential of 50,000 new residents flocking to the Greater DC region, the Northern Virginia market has seen unprecedented increases in property value and listing prices.
One area code in particular has been of great interest. The “22202” neighborhood is comprised of a number of Arlington County communities including National Landing, the location of Amazon’s HQ2. A report by the Bright MLS revealed that as of June of 2019, year-over-year listings in this area increased by 99.9%. In fact, just one month after the announcement by Amazon, the listing price for a single-family home in this neighborhood skyrocketed by 75.5%, from $780,000 in November to $1.37 million in December. Local office buildings have also experienced an increase in property value after the announcement by Amazon. The Hartford building, located on Wilson Blvd in Arlington, sold for $128.75 million dollars in January of this year, according to the Washington Business Journal.
Median list price for single family homes in ZIP code 22202 Bright MLS
And with no exception, commercial real estate developers have been enjoying the multi-million dollar opportunities that Amazon’s HQ2 has provided. Townhouses, single family homes and apartment building blueprints and construction plans have extended to not just the Arlington County region but throughout the Greater DC area. Not to mention, the increase in the appreciation for homes impacted Northern Virginia as a whole, with the average listing price rising by 4% – from $590,582 in 2018 to $614,236 in 2019.
For home-owners and developers alike, these statistics present great opportunities. John Marshall Bank offers a host of competitive products from consumer lending to commercial real estate lending. Commercial developers are facing profitable opportunities as new businesses, retail stores and residents look to join the upcoming Amazon ecosystem. With the price of land rapidly increasing, partnering with a financial institution that has decades of experience in the local market can help you take advantage of the surge of incoming business. Our Commercial Real Estate Lending experts have worked with firms throughout the Northern Virginia and Greater DC region, financing dozens of successful and notable multi-million dollar projects. We offer:
- Builder Financing – Financing solutions for builders looking to purchase lots and tear down or build for investment purposes.
- Commercial Development – Retail/Office/Multifamily development financing for value-add or ground-up projects.
- Stabilized Term Loans – Purchase or refinance loans for existing, stabilized income producing properties.
Eligible residents or future residents of the Greater DC region also have access to our incredible consumer products including:
- 6/5 Adjustable Rate Mortgage: Our 6/5 ARM allows you to enjoy the benefits of single-digit mortgage rates for many years on owner occupied primary or secondary residences. This allows home owners the opportunity to capitalize on refinancing their primary residence. You can also leverage our 6/5 ARM to to purchase a new home.
- Construction to Perm: This product provides lending solutions for consumers looking to tear down their homes and rebuild on their lot. We also provide financing for consumers looking to purchase, tear-down, and/or build a home from the ground up with a reputable local builder.
The numbers speak for themselves. The next 10-15 years are proven to be pivotal for the Greater DC real estate market as Amazon’s HQ2 attracts tens of thousands of new residents, hundreds of businesses and unlimited housing and development opportunities. Contact our lending team today to learn more about how you can participate in transforming the landscape of our region.