Elan Condos at East Market

Elan Condos at East Market Comprehensive Analysis of Elan Condos at East Market, Fairfax County, Virginia The Elan Condos at East Market, located at 4480 Market Commons Drive, Fairfax, Virginia 22033, represent a modern, upscale residential community in the heart of the vibrant Fair Lakes neighborhood. Completed in 2007, this 8-story mid-rise condominium complex has […]

Elan Condos at East Market

Comprehensive Analysis of Elan Condos at East Market, Fairfax County, Virginia

The Elan Condos at East Market, located at 4480 Market Commons Drive, Fairfax, Virginia 22033, represent a modern, upscale residential community in the heart of the vibrant Fair Lakes neighborhood. Completed in 2007, this 8-story mid-rise condominium complex has become a sought-after destination for professionals, families, and retirees seeking a blend of urban convenience and suburban tranquility. This essay provides an in-depth exploration of the Elan Condos, covering its history, demographics, real estate trends, surrounding shopping options, and community amenities, drawing on available data and critical analysis to offer a holistic perspective.

History of Elan Condos at East Market

The Elan Condos at East Market were developed in 2007 as part of the broader East Market at Fair Lakes, a mixed-use development designed to integrate residential, commercial, and recreational spaces. Fairfax County, known for its rapid growth and proximity to Washington, D.C., saw significant development in the early 2000s, particularly in the Fair Lakes area, which emerged as a hub for technology companies, retail, and residential communities. The Elan Condos were constructed to cater to a growing demographic of urban professionals and families seeking stylish, low-maintenance living with easy access to employment centers and amenities.

The architectural design of Elan Condos emphasizes modern aesthetics, with high ceilings, oversized windows, and open floor plans that maximize natural light and space. The development was marketed as a luxury condominium community, offering a range of floor plans from cozy one-bedroom units to spacious three-bedroom residences. Its completion in 2007 coincided with a period of robust real estate growth in Northern Virginia, though the subsequent 2008 financial crisis temporarily slowed the market. Despite this, the Elan Condos maintained their appeal due to their prime location and comprehensive amenities, positioning them as a resilient investment in Fairfax County’s competitive housing market.

Demographics of the Fair Lakes Area

The Elan Condos are situated in the Fair Lakes neighborhood, part of Fairfax County, which is one of the most affluent and diverse counties in the United States. According to Fairfax County’s Demographic Reports, the county’s population in 2023 was approximately 1.15 million, with Fair Lakes contributing to the region’s suburban density. The median household income in Fairfax County is around $145,000, significantly higher than the national average, reflecting the area’s economic prosperity driven by government, technology, and defense industries.

Fair Lakes, specifically, attracts a mix of young professionals, families, and retirees. The demographic profile around Elan Condos includes:

Age Distribution: A balanced mix, with a significant portion of residents aged 25–44 (young professionals) and 45–64 (established professionals and empty-nesters). The presence of families is notable due to the area’s excellent schools.
Education: Over 60% of Fairfax County residents hold a bachelor’s degree or higher, and Fair Lakes mirrors this trend, with many residents employed in high-skill sectors like IT, consulting, and government.
Ethnic Diversity: Fairfax County is ethnically diverse, with approximately 20% Asian, 17% Hispanic, 10% Black, and 50% White residents. Fair Lakes reflects similar diversity, with a growing Asian and Hispanic population.
Household Composition: The Elan Condos cater to singles, couples, and small families, with many units designed for one- or two-person households. The condo lifestyle appeals to those seeking low-maintenance living.

The demographic makeup supports the demand for upscale condominiums like Elan, as residents value proximity to employment hubs, quality schools, and lifestyle amenities. The area’s diversity also fosters a vibrant community atmosphere, with dining and cultural options reflecting varied tastes.

Real Estate Trends at Elan Condos and Fairfax County

The real estate market in Fairfax County, including the Elan Condos at East Market, has remained robust, characterized as a seller’s market due to high demand and limited inventory. Below is a detailed analysis of trends specific to Elan Condos and the broader Fairfax County market, based on recent data:

Elan Condos Real Estate Trends

Unit Characteristics: Elan Condos offer 127 units, ranging from 674 square feet (1-bedroom) to 1,872 square feet (3-bedroom). Prices typically range from $365,000 for smaller units to $690,000 for larger, corner, or penthouse units. Recent listings highlight features like hardwood floors, granite countertops, stainless steel appliances, and balconies with views of greenery or the community pool.
Recent Sales: Examples include a 1-bedroom penthouse (820 sq. ft.) sold for $365,000 and a 2-bedroom corner unit (1,620 sq. ft.) listed for $690,000. Units often sell quickly, with an average listing age of 10–24 days, reflecting strong demand.
Market Dynamics: The condo market at Elan is competitive, with units often receiving multiple offers. The Northern Virginia Association of Realtors (NVAR) projects condo prices in the region to rise by 1.5–8.1% in 2025, driven by stabilizing mortgage rates and increased inventory. Elan’s proximity to Whole Foods and major highways enhances its appeal, often leading to sales at or above asking price.
Investment Potential: The Elan Condos have shown steady appreciation, with a 2021 report noting Fairfax’s annual appreciation rate at 7.12%, slightly above the national average. The condo’s modern design and amenities make it attractive for both owner-occupants and investors seeking rental income.

Fairfax County Real Estate Trends

Median Prices: As of March 2025, Fairfax County’s median home price was $729,053, up 5.8% from the previous year. Condos, including those at Elan, are generally priced lower, with a median around $400,000–$600,000, making them an accessible entry point into the market.
Inventory and Sales: The county had 3,039 homes for sale in March 2025, an 86.8% increase from February, indicating a slight easing of inventory shortages. Condo inventory specifically rose by 73.2% for 1-bedroom units and 65% for 2-bedroom units. Homes sell in an average of 16 days, with condos often moving faster due to their affordability.
Market Conditions: Fairfax County remains a seller’s market, with demand fueled by its proximity to Washington, D.C., strong job market, and quality of life. The Redfin Compete Score rates Fairfax as highly competitive (92/100), with homes receiving multiple offers and selling 1–5% above list price.
Future Outlook: NVAR forecasts a healthy market through 2026, with single-family home prices rising by 3.5–9.9%, townhomes by 3.8–4%, and condos by 1.5–8.1%. Factors like economic growth, infrastructure improvements, and sustainable building practices will continue to drive demand.

Critical Perspective

While the Elan Condos benefit from a strong market, potential buyers should consider risks such as rising interest rates, which could temper price growth, and condo fees (covering gas, water, trash, and amenities), which may impact affordability. Additionally, the 2008 financial crisis demonstrated that even prime locations like Fair Lakes are not immune to market downturns. Investors should weigh rental demand against maintenance costs, while owner-occupants should assess long-term appreciation potential against Fairfax County’s high cost of living.

Shopping Around Elan Condos

The Elan Condos at East Market are ideally situated in a shopper’s paradise, with a variety of retail and dining options within walking distance or a short drive. The Fair Lakes area is known for its commercial vibrancy, offering residents convenience and diversity. Key shopping and dining destinations include:

Whole Foods Market: Located directly across from Elan Condos, this high-end grocery store provides fresh produce, prepared foods, and specialty items, catering to health-conscious residents.
Fair Lakes Shopping Center: A short walk away, this center features major retailers like Target, Best Buy, and Home Depot, alongside smaller specialty stores for clothing, electronics, and home goods.
Fair Oaks Mall: Approximately one mile from Elan, this large indoor mall offers department stores (Macy’s, Nordstrom), specialty shops (Apple, Sephora), and a food court. It serves as a regional shopping and entertainment hub.
Fairfax Corner: A nearby open-air shopping center with upscale retailers (Anthropologie, J.Crew), restaurants, and a movie theater, providing a vibrant social scene.
Dining Options: The area boasts diverse dining, including upscale restaurants like Ruth’s Chris Steak House and The Capital Grille, casual eateries like Coastal Flats and P.F. Chang’s, and quick options like Starbucks, Silver Diner, and The Cheesecake Factory. These cater to varied tastes, from fine dining to family-friendly meals.

The proximity to these retail and dining options enhances the appeal of Elan Condos, offering residents a walkable, urban-like lifestyle within a suburban setting. The mix of high-end and casual options ensures accessibility for different income levels and preferences, though the concentration of chain restaurants may limit unique, local dining experiences.

Amenities at Elan Condos

The Elan Condos at East Market are renowned for their resort-style amenities, which distinguish them from other condominiums in Fairfax County. These amenities cater to a range of lifestyles, promoting convenience, fitness, and community engagement. Key features include:

Two-Level Pool: A standout feature, the pool offers a refreshing retreat for residents, with lounging areas for relaxation.
State-of-the-Art Fitness Center: Equipped with modern cardio and strength-training equipment, the gym supports residents’ health and wellness goals.
Party Room: Available for rent, this space is ideal for hosting events, fostering a sense of community among residents.
Business Center: A dedicated workspace with computers and meeting facilities, catering to remote workers and professionals.
Tennis Court: An outdoor court provides recreational opportunities for sports enthusiasts.
Secure Underground Parking: Residents benefit from two premium parking spaces per unit, with additional storage units available, enhancing convenience and security.
Onsite Management: Professional staff ensure maintenance and address resident needs, contributing to a well-run community.
Balconies and Views: Many units feature private balconies with views of mature trees, the pool, or the courtyard, adding to the living experience.

These amenities align with the luxury branding of Elan Condos, appealing to residents who value a low-maintenance lifestyle with access to high-quality facilities. However, the inclusion of utilities (gas, water, trash) in condo fees may increase monthly costs, which buyers should factor into their budgets.

Transportation and Connectivity

The Elan Condos benefit from excellent transportation options, making them ideal for commuters and local travelers. Major highways, including I-66, Fairfax County Parkway, Route 50, Route 29, and Route 28, provide quick access to Washington, D.C. (30 minutes via I-66), Dulles International Airport (15–20 minutes), and other Northern Virginia employment hubs. Public transit options include:

Vienna Orange Line Metro: Approximately 5 miles away, offering connectivity to D.C. and beyond.
Fairfax Connector and Metro Bus: Local bus services link Fair Lakes to regional transit hubs.
Fair Lakes Shuttle Service: A community-specific shuttle enhances local mobility.
Car/Van Pool Programs: Supported for residents seeking cost-effective commuting options.

This connectivity supports the area’s appeal for professionals working in D.C., Tysons Corner, or Reston’s tech corridor, while also facilitating easy access to recreational and cultural destinations.

Schools and Education

The Elan Condos are served by the highly regarded Fairfax County Public Schools system, known for its academic excellence. Schools in the Fair Lakes area include:

Greenbriar East Elementary School: Noted for strong academic programs and community involvement.
Rocky Run Middle School: Offers a robust curriculum and extracurricular activities.
Chantilly High School: Recognized for its Advanced Placement programs and high graduation rates.

Private school options, such as Gesher Jewish Day School and Paul VI Catholic High School, are also available nearby. The presence of George Mason University, Virginia’s largest public university, located in Fairfax, adds to the area’s educational appeal, attracting faculty, students, and academic professionals.

Environmental and Risk Factors

Fairfax County faces moderate environmental risks, which potential Elan Condo buyers should consider:

Flood Risk: 12% of properties in Fairfax County are at risk of severe flooding over the next 30 years, though Fair Lakes’ urban design mitigates some risk.
Wildfire Risk: 15% of properties face wildfire risk, moderate compared to national averages.
Heat Risk: A 114% increase in days over 103°F is projected over 30 years, potentially increasing cooling costs.
Wind Risk: Moderate risk from hurricanes, with potential wind gusts up to 76 mph in 30 years.

These factors may influence insurance costs and long-term property maintenance, though Elan’s modern construction and onsite management help mitigate some concerns.

Conclusion

The Elan Condos at East Market offer a compelling blend of modern luxury, strategic location, and comprehensive amenities, making them a standout choice in Fairfax County’s competitive real estate market. Since their completion in 2007, they have attracted a diverse demographic of professionals, families, and retirees drawn to the Fair Lakes area’s economic vitality and lifestyle offerings. The real estate market remains strong, with steady appreciation and high demand, though buyers should weigh condo fees and market risks. The proximity to Whole Foods, Fair Oaks Mall, and diverse dining options enhances convenience, while amenities like the two-level pool and fitness center elevate the living experience. Excellent schools, robust transportation, and a vibrant community further solidify Elan’s appeal.

For those considering a purchase or investment, the Elan Condos represent a balance of immediate lifestyle benefits and long-term value, provided buyers account for economic and environmental factors. As Fairfax County continues to grow, the Elan Condos at East Market are well-positioned to remain a desirable destination in Northern Virginia’s dynamic housing landscape.