If you are looking to buy land to build a new home in Arlington, you could now be paying seven figures.
Recently, a lot in Lyon Village sold for $1,135,400. A source says that the home will be torn down and a new home will be built with the hefty price tag of around $2,300,000.
Strangely enough, this sale is not that uncommon (for Lyon Village that is). Four lots sold in 2015 in Lyon Village and all of them sold for $930,000 or higher.
So what factors contribute to a sale of this price?
Obviously location. Most of you stopped reading after hearing ‘Lyon Village’ and muttered something to yourself. But the thing to remember is that currently there is a home for sale in Lyon Village for $759,900. So there is more to it than merely the subdivision.
First, these lots that are selling this high are usually larger than average. Think around 7,500 square feet.
Second, these lots are flat. Construction is easier. You can do more things. Costs are less because you do not have to undertake arduous site work.
And third, you guessed it, these are some of the best-located lots in one of the best neighborhoods in Arlington. 3147 Key which sold for $1.135M is on a corner lot on two(relatively) quiet streets. 1600 Edgewood (map) is another good example as this lot sold for $950,000 in 2015 and is located on one of the better streets in Lyon Village. You are far enough from I-66 where you do not hear the freeway while being just over a block and a half to Wilson Boulevard.
Depending on where you are looking for land in Arlington, you might be surprised by the price tag. There are still opportunities in western Arlington or south Arlington to purchase land in the $400’s and $500’s but those opportunities are disappearing quickly. The new normal is now around $650,000 – $750,000. And if you are in a more-eastern neighborhood like Bellevue Forest, Ashton Heights, Dover Crystal, or another similar neighborhood, the price tag could be significantly higher.