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About Alexandria's Palazzo At Park Center

Big Parking Changes for the Palazzo at Park Center!

AJ Heidmann ~CRS, CDPE, ABR~Arlington/Alexandria, VA: Real Estate Agent in Alexandria, VA

Alexandria Real Estate Market

Weekend Street Parking at the Palazzo

After 18 months of research, compiling data, communicating with the association in numerous meetings, and a public hearing last week; we have 24 hour parking on Northampton Drive on weekends!

The City of Alexandria approved the change from parking from 7PM to 7AM seven days a week to parking 7PM to 7AM Monday through Friday (excluding holidays).

Alexandria Real Estate Market

The new times apply to both sides of Northampton Drive between Ford Ave. & Kirkpatrick Lane and it anticipated that it should generate space for 24-28 vehicles. Restrictions already exist against the parking of commercial vehicles overnight in Alexandria City, so this is for the sole benefit of passenger vehicles.

As part of the City’s approval, a study will be completed within the next 6 months to determine if it is feasible to address the second portion of the Palazzo’s request, which was to allow later parking until 9AM in the morning and start evening parking at 5PM. Additionally, the City will determine if implementation of the Complete Streets concept should be implemented. Complete Streets basically involves making roads & sidewalks more accessible to forms of transportation other than cars; adding bike lanes, enlarging sidewalks, etc.

The Palazzo at Park Center was constructed in 2000 and converted into a condominium in 2005, with 392 units is four buildings. It offers amenities that are not available in most of older condominium communities in the Shirlington real estate area: underground parking, elevators, and 2 Bedroom/2 Full Bath floorplans on one level. Additionally, there is an outdoor pool, nicely equipped gym located in the clubhouse, along with a party room that is available for use by residents.

If you are considering selling or leasing your unit in the Palazzo at Park Center, please contact for a confidential meeting to explore your options. As an owner in the community, I have a vested interest to see that you get the best possible terms for your unit.

Palazzo at Park Center 2011 Market Report

AJ Heidmann ~CRS, CDPE, ABR~Arlington/Alexandria, VA: Real Estate Agent in Alexandria, VA

Palazzo at Park Center within the Alexandria real estate market

We have closed the books on the sales for 2011 in the Palazzo at Park Center with 18 units reaching settlement. These units were spread among three of the four available layouts in the building, with just the larget unit, the Verona not being sold. The type sales within the community was very evenly mixed with 7 normal sales, 6 short sales, and 5 foreclosures.

MODEL

LAYOUT

SQ. FT.

# SOLD

PRICE

RANGE

AVE. PRICE

AVE. SUBSIDY

FLORENCE

I & II

1 BED

726 - 818

6

$190,000 -

$ 209,900

$197,483

$ 2,950

VENICE

I & II

1 BED + DEN

878 – 944

5

$225,000 -

$ 235,000

$229,000

$ 4,916

NAPLES or MILAN

2 BED

962 - 1074

7

$229,000 -

$275,000

$256,628

$ 2,831

VERONA

2 BED +

DEN

1160

0

$ 0

$ 0

$ 0

This is huge change from the mix in 2010 when just 21% of sales were normal transactions and foreclosures made up the biggest component at 42% of the 28 units that sold. One reason that this changing mix is good for the association is that with foreclosures, many times the associations loses out on months of the condo dues, while with a short or normal sale the association almost always collects 100% of any delinquent dues. As an owner of a unit in the Palazzo at Park Center, it was very nice to see that the monthly fee was increased by a very manageable 1.4% for 2012.

The Palazzo at Park Center was constructed in 2000 and converted into a condominium in 2005, with 391 units is four buildings. It offers amenities that are not available in most of older condominium communities in the Shirlington real estate area: underground parking, elevators, and 2 Bedroom/2 Full Bath floorplans on one level. Additionally, there is an outdoor pool, nicely equipped gym located in the clubhouse, along with a party room that is available for use by residents.

If you are considering selling or leasing your unit in the Palazzo at Park Center, please contact for a confidential meeting to explore your options. As an owner in the community, I am as motivated as you to get the best possible terms for your unit.