The big news that was late last week became official yesterday:
Amazon is moving 1/2 of its HQ2 to Arlington.
What is now known as Crystal City will morph into National Landing (along with parts of Alexandria too) and will look something like this model the Washingtonian put out yesterday.
I definitely have mixed emotions about the news. On one hand who can’t be excited about the prospect of one of the most dynamic companies in the world moving any portion of their business here? The opportunities for jobs, training, and overall economic development are massive. On the other hand Arlington doesn’t have much housing supply, especially that’s affordable, and our schools are infamously overcrowded. And we can’t find a parking space as it is now!
As real estate agent I can’t tell you how many times people have said “wow this is great for real estate agents!” Well sure it will be great for the real estate market in some ways, but having a bunch of frustrated buyers who can’t win a house over all cash investors is no picnic. If you have a house to sell and you are moving out of the area, it’s going to be awesome for you. I have some clients in this position and I’m quite excited for what the market will bring for their listings in the spring. However if you’re looking to get into the market as a first time buyer, or if you were thinking about buying in the next 2 to 3 years, but financially just can’t do it yet, the impact of HQ2 could make it harder and more expensive for you.
It won’t be immediate, 25,000 jobs aren’t coming overnight. This will be a long process, so there is no need to panic, but also no need to drag your feet if you are a soon to be buyer either.