On the Southwest side of Old Town Alexandria there is an enclave of relatively new town homes and condominiums built to reflect the style of the clapboard and brick 18th and 19th century houses in greater Alexandria City. These tall, stately houses have the charm of the historic homes but are only 11 years old.
Moreover, in this dodgy market, these homes in Old Town Village are retaining their value.
“They are increasing in price in this market! At the end of 2006, I sold a corner unit — the Fayette model — for $750,000 and this past year it went for around $830,000” said McEnearney Realtor Kay Blemker.
The 155 town homes range in price from nearly $800,000 for the town houses to $1.1 million for the courtyard homes. An average price for one of the 125 condos is around $500,000.
The neighborhood is built at the crossroads of Duke and Henry streets where an old rail yard once stood. Today, the only reminder of the neighborhood’s railway past is the Round House where rail cars used to be decoupled and redirected. The Round House is now the clubhouse at the center of the community where the pool, party room and other amenities reside.
But if you ask those who live in Old Town Village, they say they stay because of the neighborhood’s sense of community rather than its home values or history. “Old Town is just a series of houses along a street, but here we have an actual community that is right in the heart of Old Town and it is extra-unique to have that kind of neighborliness,” said Kris Kolesnik the president of Old Town Village Owners Association.
In fact, the neighborhood is so appealing some residents never leave — they just move to different models that suit their different stages of life. Steve Neal is one such example: After getting engaged he moved from his townhouse to a two-level courtyard home called the “Patrick.”
“It is a great neighborhood mainly because of the people, but also because it is so close to everything. On Saturdays, I walk my dogs to the farmers market in Old Town and down to the Potomac River. I have all the amenities that Old Town offers, without the drawbacks. I live in a new, well-built house with lots of living space and a parking garage,” Neal says.
And new is key for would-be homebuyers interested in Old Town Village, according to Blemker. “My clients who want to live in Old Town but don’t want to deal with an old house — or they are too busy in their career to do so — like what this neighborhood offers.” Master suites with double-sink bathrooms and large walk-in closets are often as big a draw as the trappings of Old Town’s historic homes.
By combining the historic charm of Old Town and the convenience of city life, developers Eakin/Youngentob and Pulte seem to have found the formula for success — and residents continue to make money on their homes.
“It just keeps getting better over there,” Blemker said.
