Will Trader Joe’s Improve Clarendon Real Estate Values?
Trader Joe’s Will Open A New Location in Clarendon on Friday, December 18.
1109 N. Highland St., Arlington VA 22201
Grocery stores and coffee shops
Can we all agree that the right grocery store and coffee shop has the potential to add value to a neighborhood? Not always, but in circumstances like this one it certainly has the potential. I’m going to explain why.
Safeway & Giant wouldn’t help
You could bring Safeway, Giant… even Shoppers Food Warehouse to Clarendon and I don’t think it would help home values. Both of those stores are within close enough proximity already and they don’t fulfill a niche. And let’s face it, they are not very exciting.
Whole Foods is a rip off
I don’t personally agree with this statement, but a lot of people do. You’ve heard the expression “whole paycheck”. If the prices don’t deter you from Whole Foods, the parking at their Clarendon location might. The good thing about being a Clarendon resident is that you can walk. From a purely objective angle, Whole Foods is a value-add to the neighborhood. In other words, it is going to attract rather than deter people from Clarendon. But, it fulfills a different niche than Trader Joe’s.
It Fits The Vibe
Clarendon is the coolest place to live in Northern Virginia. Nowhere else in Northern Virginia would first-time-home-buyers be willing to spend over $400k for 750 square feet of real estate. Though Clarendon real estate is pricey, I argue that it is not showy. It’s far from the South Beach vibe. Clarendon is cool, but practical. Residents are smart and they don’t want to waste their money when they don’t have to. Hmmm…. sounds like the perfect audience for Trader Joe’s.
Location, Location, Location….
Up until now the closest Trader Joe’s locations were in Bailey’s Crossroads and Falls Church (Tysons). I don’t know about other Arlington residents, but those Bailey’s Crossroads and Tysons Corner are two places I despise driving to. Despite my distaste for driving to these two locations, I am willing to make the trek at least once every couple of weeks. The selection and prices at Trader Joe’s are that good.
Not only is Trader Joe’s coming to Arlington it is coming to the heart of Arlington. It will be located within a block of Clarendon Metro. It is one of the most densely populated areas in Northern Virginia. Will there be lines out the door the first couple of days after it opens… I would bet on yes.
Residents will love being within walking distance of what I predict will become Arlington’s new favorite grocery store. Real estate agents are already including this in the descriptions of their Clarendon listings (see example below).
Clarendon Real Estate
- Avg Sold Price: $522,580
- Avg Days On Market: 31 Days
- Avg Sold to Original List Ratio: 97.9%
This tells us that despite a relatively high average sales price, homes are selling quickly and sellers are getting what they are asking.
I am not saying that when the doors open for Trader Joe’s on 12/18/2011 that the average sales price is going to jump way above $600k right away or anything. A new grocery store is only one variable and though it has influence, it does not have that much influence.
What I am saying is that a lot of factors go in to determining where someone wants to live. In a walkable community like Clarendon, the options for shopping are extremely important to prospective home buyers. I think that the addition of Trader Joe’s will make Clarendon more attractive and will help to improve the numbers listed above, over time.
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I’m inclined to agree. If I ask myelf whether I’m willing to pay more to live near a Trader Joes or a Giant, the answer is TJs. How much more I am willing to pay is not clear.
Great point Mac. It’s more difficult to quantify when other options exist. I lived in Tysons Corner before there was a Harris Teeter. We had to drive to Vienna for Giant or Falls Church for Whole Foods and Trader Joe’s. At that point I would have been worth a lot more money to me to have TJ’s right around the corner.
For many of us in South Arlington, the TJ’s on the north side of Old Town in Alexandria (601 N St Asaph St) is quite nearby. Google Maps tells me that from my house, it’s 3.0 miles to the Alexandria store, but 4.1 miles to the one in Clarendon.