Friday question of the day

We’ve touched on the housing situation in Petworth but what about the condo situation. As we all know the awesome condos being built above the metro will probably be finished in a year or so bringing our eagerly anticipated Mocha Hut… Will the condo market be able to support this addition? Will the condos sell with all those condos being built in Columbia Heights and U Street as well? I’d imagine the developer must be sweating a little bit. Thoughts?

9 Comment

  • i’m curious myself about allllll these condos going up….who’s going to buy these things? there’s also another development in CH that hasnt even started called the allegro….i imagine that park place will be competing with them for sales since they are both delivering in a year or two…..i’m rooting for park place

  • I hate to say it, but I believe that there will be an over-abundance of condos with most of them remaining vacant for a while. This will cause developers to take a loss while trying to fill the vacant units. The boom of the condos in our area will definitely bring a different “class” of citizens to our city and we can only benefit from the new shops and boutiques that gentrification has to offer.

  • I live a few blocks from several planned developments. At least two of them have changed from condo to rental as the condo market has softened. Perhaps we’ll reach the point where supply and demand create some affordable housing for teachers, firefighters, police, etc.

    I can dream, can’t I?

  • i hear ya rich….

  • Looks like median condo sales prices were down $20K from November 2005 to 2006, units sold were down 27% in DC (all types), and number of days on the market went up. It also looks like inventory for condos and coops is down (under 1200 at the end of Feb vs 1600 in September 06). Good statistics are here:

  • Hm. I think pricing is the key. I think those CH condo developments are aiming for a higher price point than the Ga. Ave development. I would think people would still feel OK about spending ~$200K for a nice new condo on top of a Metro vs. $400K+ for a condo just a couple of blocks east.

  • I agree that the price is definitely going to make a difference, because I think the city is in a condo glut. If I were the developer I would be nervous. However, I *hope* that living directly above a Metro station will always add a little bit of value to a development. That’s what I gambled on when I bought my place (I’m a block away from the Metro, just north of the Scary Safeway.)

  • Christina, what is possibly “scary” about that Safeway??
    Maybe you should have stayed over at the Social Safeway in G-town.

  • That Safeway wasn’t scary per se, but it always smelled like pee!

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