Wednesday, July 27, 2011

H Street NE, new Giant and Streetcars

The ever developing H Street corridor in NE continues to expand.  A new development just broke ground last week on the 300 block of H Street, NE, which will be home to a new Giant (a 42,000 square foot store), 215 housing units, and all of this will be completed by 2013. 

The streetcar project is well under way, but won't be ready until 2013.  While the tracks have been laid and the streetscape project is just about complete, DC announced it won't be ready to run the program until 2013.  DC is now in negotiations with Amtrak to use the area under the "Hop-Scotch Bridge" as storage for the streetcars, followed by construction of the storage facility.

Looks like 2013 is going to be a big year for the H Street Corridor!

Monday, July 11, 2011

DC Metro Area Considered Hottest Housing Market in the Nation

It is well known the DC metro housing market sustained the recession better than most markets, especially Las Vegas and Florida.  This is largely thanks to the federal government being the number one employer in the area.  With fewer lost jobs than other areas in the country, buyers' confidence continued to hold steady thus allowing housing prices to remain relatively stable.

Now a report is stating the DC metro area housing market is to expected to end the year as one of the strongest in the country.  Even though the market suffered since the peak in 2006 (losing about 42% of its value), our market is expected to regain one third of that by the end of the year.

We all know that depending on the area, prices have gone up or down, but overall, the market is showing signs of improvement.  Now if you are looking to sell your home, this may be the time to consider.  People selling their homes are starting to see multiple offers and some are actually receiving the asking price for their homes.

As a buyer, the news isn't as positive since prices are beginning to go up.  Should you wait and see, I don't think that is necessarily a good idea since there are two factors at play here.  The first being interest rates have begun to increase again, so you have to be careful of being priced out different areas.  The second reason is the average sales price has increased since this past spring even though inventory is still not up to where it use to be in 2006. 

The good news for buyers is it's not to late to get into some great investment areas (up and coming with development such as Shaw, 7th and O Streets NW, H Street NE, Petworth) since housing values are increasing again.

For more information on the report, please visit

Wednesday, July 6, 2011

New condo building proposed for the corner of 15th and V Street, NW

Jair Lynch Development Partners, developer of Solea Condominium just a few blocks away, is proposing a 95-unit, 9-story residential building at the corner of 15th and V Street NW. The building, designed by WDG Architecture PLLC, is proposed on a portion of the existing parking lot for the Paul Lawrence Dunbar Apartment Complex which is home to affordable housing for senior citizens.

As part of the project, the developer will also be upgrading the exisiting Paul Lawrence Dunbar Apartment Complex with new kitchens, elevators, etc.  Also, a new common area park will be created between the two buildings.

Some other quick facts at a glance:
  • Units 95 condos
  • Affordable housing 9 in new building (normally 8%)
  • 90 feet high
  • Parking will be incorporated underground for 48 spaces and an expanded parking lot for the apartments which are currently 21 will be increased to 30
  • Groundbreaking next summer
  • Project will be at least lead silver
For more information on this project, please click here.