There’s no shortage of expensive properties in Washington D.C. Even small studios are just out of reach to the growing number of home buyers here.
But several homes are on the market in the very top tiers of luxury real estate offering an especially expensive option for buyers nowadays. They range from penthouses to mansions and some have a history that beefs up their price tag.
One Virginia mansion is among the more historically branded homes on the market because it was built by John F. Kennedy. JFK and Jacqueline only visited the home, priced at $11 million, twice before the president was assassinated. Ronald Regan also spent time at the property, which has a pool, tennis court and pond on 166 acres. It’s called Wexford.
Clearly, housing prices have fallen since the housing market collapsed, which surprised many who once truly believed real estate values could only go up.
But now the once record levels of affordability in housing are waning. In fact, housing affordability has hit a four-year low, close to those recession lows, according to the National Association of Realtors. That’s because interest rates have started to climb, although prices are generally still dipping.
While real estate trends in the District may tell a slightly different story -- as the housing market here from Southwest Waterfront to Georgetown is booming -- prices are still not quite to levels they were pre-recession. Likewise, home buying nationwide is still significantly more affordable
Cooperative housing is a popular housing ownership model in New York City, and apparently Washington D.C. residents are increasingly favoring cooperative housing, too.
Cooperative housing is different from straight ownership in that residents actually purchase shares in a corporation that’s provides members with a place to live. That corporation owns the building, land and all the property, but the residents own the corporation.
Washington D.C.’s cooperative housing includes at least about 120 co-ops that, in this city, are a source of affordable housing. In New York City, many cooperatives are for luxury living and cater to the city’s more elite residents.
Among the earliest examples of cooperative housing in Washington D.C. is the Watergate
Dubbed the “most progressive community” in D.C., new properties at 17 Solar are giving buyers an option for solar-reliant housing that reduces energy consumption.
This eco-friendly housing project is just two blocks east of Capitol Hill and two blocks south of the Atlas District in the Rosedale and Kingman Park area just off the lively H Street corridor area. There are 26 units all powered by rooftop solar panels and all more efficient insulations than in the average home.
Floor plans range from first-floor flats to two-story stacked townhomes above the flats. Two stacked corner townhome models are also available. In fact, most of these 18 units are still available, according to the project’s website.
Just last month, rapidly rising interest rates caused great concern among homebuyers that the days of record-low interest rates are over.
However, recent political turmoil combined causing economic uncertainty in the markets and, in a trend that many did not predict last month, mortgage rates have been declining.
Mortgage rates fell for the third week in a row last week, with the 30-year fixed mortgage rate falling to 4.47%, according to a weekly survey by Bankrate.com. Meanwhile, the average 15-year mortgage rate plunged to 4.64% and adjustable rate mortgages also dropped to 3.41%, with the 7-year ARM rate being about 3.77%.
But homeowners have seen that interest rate trends are not set in stone and the quickly rising interest rates in the past
Home buyers should know that the mortgage market is not exempt from the impact of a possible government shut down, which the U.S. faces perhaps as soon as Tuesday if lawmakers do not agree on spending cuts.
On a positive note, home owner who are pursuing mortgages bought and backed by Fannie Mae and Freddie Mac can feel relieved. Those mortgages would not be affected because those companies rely on fees from loans to keep their operations going, not on government money. Luckily, Fannie Mae and Freddie Mac-backed loans comprise the majority of loans as of late.
However, home buyers pursing loans backed by a government agencies like the Federal Housing Administration should keep a sharp eye on government decisions this week. Any of these loans that
Clearly, there is no shortage of demand for city living. Prices are soaring in the District and properties are active for just a flash before buyers snatch them up.
But nationally the demand for suburban living is on the rise again. In its heyday just before the recession, suburban living was all the rage. Developers were charging full steam ahead on creating neighborhoods with a slew of amenities, including the large yards that city living rarely offers.
Like the rise in city development, the suburban sprawl engine in the Washington metro area is revving up again as the economy improves and more buyers are getting off the fence and into a home of their own. But demand for suburban homes may also be rising because single-family homes are luring more
Following trends for much of the year, housing inventory remained tight in August in Washington D.C. as the housing market here continues to make significant strides toward recovery.
Last month, the average number of days a home was on the market dropped 30% from a year prior, according to the Greater Capital Area Association of Realtors. It means this strong sellers’ market shows no signs of abating in favor of buyers any time soon.
Housing inventory in Washington D.C. started to loosen from March to June this year, but supplies have been shrinking the past few months through August to significant lows. Available condo inventory dropped 20.8% in August and single-family home inventory dropped 5.4%.
Two-story condos are hard to come by in Washington D.C., but the real estate market here does have several properties for homeowners looking for the convenience of cooperative living spread out on two floors.
The majority of condos in Washington D.C. are tight quartered, with the most common being studios or one-bedroom units. In the more suburban-like areas of the District, buyers may be more apt to find the rare two-story condo, although two-story condos can be found throughout all parts of the District.
Not surprisingly, two-story condos are significantly more expensive than their one-floor counterparts. For example one two-bedroom, two-story condo in the Adams Morgan area lists for $675,000. Other condos on one floor in this neighborhood list
D.C. is ready to redevelop a property in the 1100 block of North Capitol Street near NoMa into a business, retail and housing complex, according to a recent Washington Post article.
The building, which once housing Temple Courts housing project, was razed in 2008 after city officials moved tenants out, saying new housing would be available by the end of this year. But those plans were stalled.
This month, while behind schedule, D.C.’s housing agency began soliciting bids from developers for the project to help some of the former residents return and offer new housing to new residents. Temple Courts was a low-income property with 211 units.
Development is hot in this NoMa area. But of the roughly 1,700 units in this neighborhood, city officials