Wednesday, December 03, 2008

Shirlington Crest Beats the Odds (and the Market)

Arlington Virginia commercial real estateWhile the rest of the DC development community seems convinced they'll queuing up at the nearest bread line any day now, developer Stanley Martin has more than one reason - 171 actually - to be champagne shopping. Stanley Martin Arlington Virginia real estate for saleThe developer's Shirlington Crest project in the Arlington County suburb of Shirlington is selling out of homes faster than they can be built.

According to off-the-record sources at Stanley Martin, when the developer broke ground on the Crest in September 2007, they were anticipating a four year build-out period to complete all of the development's 171 garage townhomes. A little more than a year later, all of the 40 houses completed so far have sold out and the developer now plans to wrap up in under three - a little more than a year ahead of schedule. The project's Phase II component is on-track to deliver in spring of next year and half of those 14 units nearing completion have already been taken off the market by buyers.

Next year’s new units are the developer’s Provence model (pictured) and range from 2,260 to 2,310 square feet. A model unit of the Phase I homes will remain open through mid-December. Prices start in the $600,000 range.

Located at the intersection of South Shirlington Road and South Four Mile Run Drive, the Crest project is latest component of a mini Shirlington Crest, Arlington Virginia new homesdevelopment boom for the Shirlington area. Shirlington Crest stands just across the way from the recently completed Bowman’s Hill Towns 20-unit townhome project, which was completed in summer 2007. Other projects in the area include Monument Realty’s Randolph Square, Windsor Communities’ Io Piazza condominiums, Federal Realty’s newly expanded Village at Shirlington retail center and the upcoming bus station/transportation hub, the Shirlington Transit Center. Fred

Shirlington retail and commercial real estate news


Anonymous said...

Their success shows there's a market for townhouses in the city. Not everyone wants to love in a high-rise. If we want to stop urban sprawl, we need to give families a place to live in the city. Most high-rises don't do that. I would bet that any good townhouse project in close-in DC would do well too--like Tenleytown, Friendship Heights, other residential parts of the city that would like to attract fmailies.

Anonymous said...

I agree about townhouses, but this little 'hood is epic fug. It feels like you've been warped to Va Beach or something. Have you seen it?

Googla Monster on Jan 18, 2009, 11:13:00 AM said...

Excuse me, but Shirlington isn't a silly name. It's great to hear the new townhomes are doing so well. Shirlington rocks and it's nice to see this added housing option.

Anonymous said...

Beautiful neighborhood, too bad it's across the street from an industrial area, complete with a Weenie Beenie and day laborer site. They should call this project Nauck Crest, because that's where it's located.

Anonymous said...

Shirlington Crest is the best bang for your buck, with the best income potential anywhere inside the Beltway in NOVA. Yes, its around some commercial buildings...all of which have leases expiring by 2011. Arlington County has a plan for all this property to include parks and recs, this is the place to be...mark my words, million dollar town homes within 5-7 yrs.

Anonymous said...

Has anyone heard more about developments in the area? Is it 100 percent for sure that a park will go up there by the street? What about the cement plant? Or that billiards place? Will the land be sold to a car dealership?

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