Houses are in high demand and prices have soared since Amazon announced a new headquarters would be located in Arlington County, Virginia. The buyers, however, are not new Amazon workers.
"The latest evidence that the impending arrival of Amazon’s second North American headquarters has ignited a real estate frenzy came last week when the real estate brokerage Redfin calculated that the two housing markets bracketing Crystal City, the new home for Amazon’s multiple offices, are the most competitive housing markets in the nation," reports Patricia Sullivan.
But, she says, the buyers are not the first wave of Amazon employees. Instead, the housing shortage and high prices are the result of current Washington-area residents purchasing properties—investors as well as renters who want to purchase before the new Amazon workers arrive. However, the tight housing market means that many new homebuyers are finding it difficult to compete with investors who can make cash offers and close deals quickly.
The current situation also reflects bigger housing issues in the Washington metropolitan area, notes Sullivan. "What’s happening here is a result of the housing affordability and availability crisis, said Terry Clower, director of George Mason’s Center for Regional Analysis."
FULL STORY: Area residents, not Amazon newcomers, are fueling Northern Virginia real estate frenzy, agents say
U.S. Housing Prices Continue Record-Breaking Pace
July marked four straight months of record-breaking increases for housing prices nationwide, according to the latest housing market data.
Berlin Voters Want to Expropriate 240,000 Apartments
A potentially watershed vote in the German capital.
Tight For-Sale Market Leads to Record Price Spikes in the Rental Market
A supply-demand imbalance in the for-sale housing market will eventually spill into the rental market.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Congressman Proposes Bill to Rename DC Metro “Trump Train”
The Make Autorail Great Again Act would withhold federal funding to the system until the Washington Metropolitan Area Transit Authority (WMATA), rebrands as the Washington Metropolitan Authority for Greater Access (WMAGA).
The Simple Legislative Tool Transforming Vacant Downtowns
In California, Michigan and Georgia, an easy win is bringing dollars — and delight — back to city centers.
The States Losing Rural Delivery Rooms at an Alarming Pace
In some states, as few as 9% of rural hospitals still deliver babies. As a result, rising pre-term births, no adequate pre-term care and "harrowing" close calls are a growing reality.
The Small South Asian Republic Going all in on EVs
Thanks to one simple policy change less than five years ago, 65% of new cars in this Himalayan country are now electric.
DC Backpedals on Bike Lane Protection, Swaps Barriers for Paint
Citing aesthetic concerns, the city is removing the concrete barriers and flexposts that once separated Arizona Avenue cyclists from motor vehicles.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
Smith Gee Studio
City of Charlotte
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
US High Speed Rail Association
City of Camden Redevelopment Agency
Municipality of Princeton (NJ)