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
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
Properties in Spring Valley in Washington D.C. are in the city’s hidden gem of a community, but it’s for the more elite crowd as the average price of a home here is $1.5 million.
North of Georgetown and Glover Park, properties in Spring Valley and its neighboring Wesley Heights have fewer restaurant and shopping options than in other parts of the district, but there are several noteworthy luxury spas here.
Among the more expensive listings for properties in Spring Valley, a $7.9 million home is on the market now at 4400 Garfield St. NW. It boasts nine bedrooms and 10 bathrooms with 8,815 square feet of living space on half an acre. This home is beautiful and in pristine condition.
Among other properties in the Spring Valley area, a French Country
Yes, the housing market is showing signs of recovery nationwide. But in Washington D.C., sales are especially hot, making this market much more of a sellers’ market than a buyers’ market lately.
Demand is very high in Washington D.C., but the supply is just not there right now, says a recent Washington Post article titled “Washington area homes fly off the listings fast,” which said the market is the tightest it’s been since before the housing market bubble burst. Buyers are snatching up homes in as little as nine days in this hot D.C. housing market.
The end result is that prices in the hot D.C. housing market are steadily increasing. Median housing prices in D.C. were $529,000 in June, according to RealEstate Business Intelligence, which is up
Affordable housing in Washington D.C. actually exists. Washington D.C. is one of the most expensive cities to live in and its housing and rental prices are rising more quickly than in most other major metropolitan areas. Now, renting an average studio or one-bedroom easily costs about $2,000.
For residents who make less than $45,000 per year, affordable housing in Washington D.C. may seem out of reach. But increasingly, developers are including affordable units in newer projects per requirements by the D.C. government. For renters who qualify, that may mean the difference between living outside the city districts with a long commute to work and living in a decent, affordable apartment in the city limits.
The Citadel apartments in Northwest’s Adams Morgan are almost ready for delivery. The Citadel apartments are cleverly built into a converted roller skating rink above the Harris Teeter at 1631 Kalorama Road NW.
The Citadel apartments include three models, all one-bedrooms with varying floor space. The first style, ranging from the 450- to 600-square-foot Manhattan; the 700- to 825-square-foot Midtown; and the 650- to 700-square-foot Uptown, which includes an extra half bath. Pricing is not available online.
Because the architects were trying to jimmy as many apartments into the space as possible, a few of the units have no windows, but they do have skylights. Photos of the apartments show crisp renovations with stainless steel appliances, quartz
Schools in Foggy Bottom community in Northwest D.C. include schools George Washington University and nearby Georgetown University and several elementary schools in walking distance.
By far, George Washington University assumes the dominant position among schools in Foggy Bottom, with the campus consuming several square blocks south of K Street between roughly 24th Street and 20th Street. The renowned Georgetown University is in walking distance in adjacent Georgetown. The Schools Without Walls Home School Association is also based in Foggy Bottom.
Foggy Bottom is anchored between the Capitol and Georgetown, situated along the Potomac River. Listings near schools in the Foggy Bottom have been declining since October, when there were about 100
Homes near Sidwell Friends School in the Friendship Heights area have, unlike other areas of the District, been increasingly on the market in the past few months.
On the District side, homes on the market include a three-bedroom, semi-detached home on 45th Street for $725,000 with crown molding, a sunroom and more than 1,200 square feet of living space along with some outdoor area. A 562-square-foot studio condo on Military Road here lists for $425,000; it boasts granite counters, white marble floors and a 24-hour concierge. Homes near Sidwell Friends on the Maryland side, homes include a one-bedroom, $699,000 condo at 5600 Wisconsin Avenue in Chevy Chase.
Sidwell Friends School has a middle school and high school located in the District on Wisconsin
Condos near U Street Metro are no doubt among the more in-demand homes in Washington D.C. in recent years. The U Street Corridor, nestled next to the hip Adams Morgan and Dupont Circles, is brimming with new development and renovations.
While inventory of available condos near U Street Metro has been sharply declining in the past four months, buyers can still find a good array of condo housing options here, although many of them are on the higher end of the price ranges for District condos. If you’re willing to renovate a condo near U Street Metro station can of course find better deals.
Current listings for condos near U Street Metro include a 2BR, 1,150-square-foot loft-style condo at 2020 Lofts at 2020 12th Street. Condo fees here are $600 per
Investors in Petworth area of Washington D.C. are apparently seeing enormous potential in these properties in northwest D.C., which are attracting more young professionals who are drawn to the area’s more affordable prices and proximity to hip nightlife.
Petworth is one of the largest neighborhoods in Washington D.C. and investors are likely well aware this area is undergoing a significant revitalization. Among the many acquisitions going on here, Urban Investment Partners LLC has acquired The New Hampshire House apartment building at 3728 New Hampshire Ave. NW for $2.1 million, the Washington Business Journal reports.
The D.C.-based developer plans to renovate the 21-unit building, which it bought at a record amount for an occupied Class-C
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