Effect of silver line on Tysons Corner condo value

[shamrock847]

I don't think the silver line is going to have a huge impact on Tyson's corner condo values.

First, everyone knows the silver line is coming there so it is already being priced in to some extent.

Second, the metro is going in to Tyson's to help people commute to there, not just from there. The Tyson's area is already expensive because of all the people who work in the area who are willing to pay a bit more to have a short commute to their jobs in Tyson's. These people won't be willing to pay significantly more than they are now due to the metro since likely it will not help them commute from Tyson's to jobs in Tyson's. A big reason there is a premium for housing close to other metro stops such as Vienna is because it facilitates easier commuting to DC and Arlington. I doubt many new people will suddenly move to the Tyson's Corner area to commute to DC or Arlington via metro when they could live some place cheaper and drive to Vienna or Falls Church for the same commute time, or they could choose to live closer in along the Orange Line, and have a shorter commute and easier access to nightlife etc.

Bottom line is it is a positive factor for the area, but a large amount of any gains are already priced in.

[bmwguydc]

The other consideration is the large-scale redevelopment in the planning stages for the light industrial and commercial properties along Spring Hill Road. Most assuredly, there are going to be new condos in the area, and it depends upon the price point of that product as to the degree of a price increase on an existing unit that is further away from the Metro station. I do agree that long-term the area will see gains in value, but there is a price ceiling where an older unit that does not have the features, warranty, and amenities to remain competitive with a newer property. There are many condos in the area, already, and the increase in supply will tend to work against immediate large price jumps with respect to the existing units.

After a few years, when redevelopment plans are largely complete, and the newer properties go into resale, then the entire area could sustain upward momentum, provided the Metro facilitates commutes, and the redevelopment hasn't turned Route 7 into a complete parking lot. At this point, however, price stratification between the two principal products, pre-Metro and post-Metro redevelopment, will be established by the market.

[brooklynborndad]

1. I tend to think it will have some positive impact. While the proximity to work places WITHIN Tysons certainly makes living in Tysons more optimal for someone working there than for someone commuting to Arlington or DC, its a fact that A. There are lots of dual career couples around here - for a couple where one person works in Tysons, and one in DC or Orange Line Arlington the metro could make location in Tysons more desirable B. People dont always stay at the same work location - folks change jobs, some people work in consulting or contracting where their work location may change from time to time, etc C. Some people who work in Tysons will value metro access for non work trips to DC. D. The construction of metro will advance other changes in Tysons that will make it more desirable

2. All of that said, I am not sure how much of that is priced in already. I am also not sure whether the new product in the pipeline will end up significantly lowering prices for existing units.