Neighborhood Spotlight: Colonial Village, Arlington, VA

This week's Neighborhood Spotlight is on Colonial Village in Arlington, VA. The condominium subdivision has 3 parts (C.V. I, II, and III). Originially built in the 1930s/40s, it was redeveloped into the current condo community in the 80s. The neighborhood has 212-units and 74 parking spaces (NOTE: All parking spaces are BACK-IN ONLY!). Most of the units are 1 bedroom or 2 bedrooms, with a few studios; all of the units have 1 full bath. Colonial Village is located a few blocks from the Courthouse Metro stop (see the map below).

I was quoted in an article for DC Urbanturf about the community has a great investment opportunity. Until recently, there were no foreclosures in the community, but since that article I have seen 1 or two. Condo fees and prices are very reasonable by Northern Virginia standards, and rents are high, so it's possible to generate some positive cash flow from the units. Some stats are below:

2008 Numbers:

1 Bedroom, 1 Bath Units:
17 sold
Avg Sale Price: $271,458
Avg Days on Market: 36

2 bedroom, 1 Bath Units:
7 Sold
Avg Sale Price: $339,086
Avg Days on Market: 31

2009 Numbers (so far):

1 Bedroom, 1 Bath Units:
5 sold
Avg Sale Price: $259,313
Avg Days on Market: 143

2 bedroom, 1 Bath Units:
1 Sold
Avg Sale Price: $340,000
Avg Days on Market: 25

Colonial Village is a great garden-style condo community. If you're looking for more information on it, i'm happy to help.