Best Condo Investment Opportunities in Loudoun, Fairfax County

Several folks have recently asked me, “Which condo communities in Loudoun and Fairfax County offer the best investment opportunities?” Here are my thoughts and the rationale behind them…

Loudoun County

The best current bang for your buck on condos for rental investment opportunities in Ashburn is in the Westmaren community (Ashburn Farm) and the Lakeshore community (Ashburn Village). They’re both immediately next to shopping centers which make them very attractive for renters (and buyers). Westmaren has a lower price point than Lakeshore, but Lakeshore’s rental rates are higher. Both communities have decent condo fees and currently offer break-even to positive cash flow with 20 to 30 percent down at today’s interest rates.

The condos with the best future (6-10 year) potential are in the Summerfield community in Brambleton. The Summerfield condos are directly across Ryan Rd from Brambleton Town Center, which they’re planning on building either an underground or overhead walkway to/from. In addition, Summerfield and Brambleton are only a few miles from the future Moorefield Station and the last stop on the Dulles Metro Rail (Silver Line).

Fairfax County

Condos with some of the greatest upside potential throughout all of Fairfax County (if not the entire Northern VA area) can be found in Reston. More specifically, condos located near one of the two future metro rail stations (coming 2013). And the metro stations themselves aren’t the only thing being built. Roads are being redesigned, new walking/biking trails are being added, new bus routes are being designed, future growth won’t impact traffic as much as it has/does now, etc. (Click here for the Wiehle Avenue/Reston Parkway Station Access Management Plan Executive Summary)

Once the metro stops are operational (if not before), you’ll see an increased demand for condos located near those stops or on one of the new arteries leading to the stops. This typically leads to an increase in rental rates and market values.

If you’re wondering just how much upside there is when metro comes to town, just look at what effect the Orange Line from Washington, DC to Ballston had on the Wilson/Clarendon Boulevard corridor in Arlington.

One thing to keep in mind…condo fees.

In Northern VA, the landlord, not the tenant, typically pays the condo fees out of their own pocket. Make sure you factor in the condo fee when crunching the numbers.

• Condo fees in Westmaren in Ashburn range from around $175 to $300 (per month); Lakeshore’s range from $240 to $350; Summerfield’s are a bit higher than both
• Condo fees in Reston very greatly from community to community and unit to unit. I can provide you with the condo fees on any community or specific condo unit upon request

If you have any questions or need further clarification on anything, don’t hesitate to contact me.