Here is a graphic of condominium prices at 4600 Duke Street, based on sales data from the City of Alexandria, VA:
What's interesting about this data is that the apartments within each class are almost identical in layout, although outside views differ, as do the age and quality of the windows, AC unit, nearness to elevators, carpet, and bathroom/kitchen updates. As a result, some of the variance in prices is due to quality; the rest is due to willingness to pay. For example, the $260K 2-bedroom blip in February was due to a completely renovated apartment being resold, but I still think my neighbor paid a bit too much.
But notice that 0,1, and 2 bedroom apartments have been relatively flat since late May, but 3 bedroom units are still escalating. Interesting...
Adding in the 2004 data yields more of the same:
Here is a related post:
1) Not Fair Market Value
