Despite statewide lockdowns and widespread concerns about what is and isn’t an essential business, progress is being steadily made on Amazon’s HQ2 project. This new development, which will serve as the massive online retailer’s base of operations on the east coast, has been in planning for years. Amazon first announced that they were searching for a location in 2017, and decided on Arlington, VA in late 2018. Over the next year, preparations were made to begin construction on Amazon’s new DC-area home.
Although Amazon’s initial announcement labeled Arlington as the firm’s new home, there is some nuance to the location. The first of HQ2’s towers are set to go up in the Crystal City neighborhood of Arlington. This area, which lies conveniently close to the Pentagon and Ronald Reagan airport, is nearer to the neighboring city of Alexandria than it is to some of the other neighborhoods of Arlington. This means that Amazon’s new headquarters will be just as convenient for people living in Alexandria as for those living in Arlington. Of course, the proximity to some of the hottest neighborhoods in DC will provide easy access to Amazon’s services and employment opportunities to denizens of the District.
How is COVID-19 affecting Amazon HQ2?
In short, Amazon is not slowing its progress due to the COVID-19 novel coronavirus. The company was approved to begin construction on Met Park in early 2020, and there are no signs that they will stray from their plans to break ground this year.
A spokesperson for the primary contractor on HQ2 has stated that they will be furthering construction progress without delay, while doing everything possible to protect their employees from COVID-19. With this announcement, the current time line remains for Met Park to open in 2023, bringing tens of thousands of jobs into the DC area.
How is Amazon HQ2 affecting the DMV?
The most apparent effect that Amazon’s HQ2 will have on the DC area is the influx of new employment opportunities. Amazon officials have estimated that there will be 25,000 new jobs at this site and that most of the hirees will be local, rather than transplanted employees from other sites.
Other changes are not so obvious. One such shift is the creation of “National Landing,” a new name for the neighborhood where Met Park will be built. This designation, as a completely new neighborhood, is designed to give equal weight to Arlington and Alexandria as the home of HQ2.
How will Amazon HQ2 affect property values?
Generally, HQ2 is going to have a major effect on real estate in the DMV — particularly in the areas that are closer to the campus of Met Park. If you are planning to buy a home in the area and don’t know if you should wait or buy now, then take this into consideration: housing prices around Amazon’s Seattle headquarters increased nearly 100% in just 6 years. With the DMV market already hot, it’s easy to imagine that the area will experience similar growth as the HQ2 project nears completion.
This also means that people looking to sell a home in the area have a great opportunity. As the predicated 25,000 jobs open up, those employees will likely be looking for properties near HQ2. This means that home owners in the area can take advantage of rising values to sell their current home while purchasing another, more valuable property — we call this being a “move-up buyer.”
The upward trend of home values, combined with the historically low mortgage rates, means that now is a very good time to purchase a home in the area around Amazon HQ2. If you want to learn more about whether or not buying a home around HQ2 is the right move for you, then we are here to help! Contact the Keri Shull Team today to speak with one of our local home search experts about your needs and situation.
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