6 Reasons Why Buying Kingstowne and Springfield Real Estate is a Good Investment

There are a lot of reasons why buying a home in Northern Virginia is a good idea right now. Interest rates are still fantastic, prices are still low compared to the peak and the job market continues to be extremely strong. But as you probably already know, real estate is not just local, it’s hyper-local. Here are 6 big reasons why buying a home in the Kingstowne or Springfield area is a great investment right now.
  1. A lot of military personnel and employees are still slated to move to Fort Belvoir as part of BRAC (base realignment and closure process). In fact, the next big move will be in September when 6,400 employees will be relocated to the base’s main campus.
  2. Also in September, the National Geospatial Intelligence Agency will be moving 8,500 jobs to the Springfield’s former engineer proving grounds off of Backlick Rd (now Ft. Belvoir North)
  3. Because of reasons #1 and #2 many government contractors are also relocating to the area. The 37 acre Metropark Complex at the intersection of Beulah and the Franconia-Springfield Parkway is already home to SAIC, Calibre Systems, DCS Corp and CGI Group. A new 13 acre development is also going up in that complex that will consist of another 4-5 buildings and 875,000 square feet of office space.
  4. Inova Health System already has a 150,000 square foot complex in the Metropark and they are petitioning the county to double its size with an additional 8-story building.
  5. The Hilltop Village Center should be complete in 2013 at the intersection of Beulah and Telegraph. The anchor store will be Wegman’s. People love Wegman’s.
  6. Vornado Realty is finally moving forward with its vision of the Springfield Town Center around the site of the current Springfield Mall. They are starting phase 1 which will be a total renovation of the mall itself. They will then expand the Town Center to include high density office and residential space somewhere along the lines of what Pentagon Row has become.
So why are these 6 good reasons to buy a home right now in Kingstowne, Springfield and the surrounding areas? Because it will drastically increase the demand for housing but there is already a limited supply. I can’t predict the future but if Econ 101 taught me anything about the law of supply and demand then home values should continue to increase at a healthy pace over the coming years.
Jim Patrick, Realtor