The City of Alexandria will select nine locals via lottery for a chance to buy one of the handful of affordable condos built near the new Potomac Yard Metro station.
The units are committed affordable units — part of a trade for extra density from new development — in the Dylan Condominiums development at 701 and 737 Swann Avenue.
The new development is just a few blocks from the new Metro station, scheduled to open sometime next year after being derailed by delays.
“Dylan is a new residential condominium development in Potomac Yard proximate to the new Potomac Yard Metro Station and Metroway bus rapid transit, retail, parks, and other neighborhood amenities,” the city said in a release. “In total, nine condominium units will be available to income-eligible, first-time homebuyers at this new community, which is located at 701 and 737 Swann Avenue, Alexandria, Virginia.”
To qualify, buyers must live or work in Alexandria. In a telling indicator of local home prices, the city’s website said the qualifying income is “a gross annual household income up to 100% of the area median income.” In Alexandria, that’s $99,700 for one person.
According to the city’s website, the sale pries and monthly condo fees for the affordable units are:
- One bedroom and one bath at $175,000, with a monthly condo fee of $406
- Two bedroom and one bath at $225,000, with a monthly condo fee of $510
- Two bedroom and two baths at $225,000, with a monthly condo fee of $630
- Two bedroom plus den and two baths at $275,000, with a monthly condo fee of $630
“The City will accept applications for the units starting November 15 through December 15, 2022 at 11:59 p.m.,” the release said.
Image via Dylan Condominiums/Facebook
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