Thursday, April 27, 2006
Wednesday, April 19, 2006
Some interesting excerpts from this report on the D.C. housing market from the Brookings Institution:
Incredibly, in 1996, developers did not seek a single residential building permit in the city, but just two years later the District issued more than 429 of them. As the market heated up, more developers went into action. In 2004 they took out more than 1,900 building permits, more than six times the average for the 1990s.Certainly some food for thought.
...Between 2000 and 2003,the median single-family house price leapt by 45 percent -- a higher increase than in any other section of the metropolitan area -- from $159,000 to $290,000. Then, between September 2003 and September 2005 the median sales price of homes in the District shot up even faster, by 57% to $485,000.
...To acquire a home in the increasingly expensive market, an increasing proportion of buyers took out adjustable rate, balloon, and other high-risk types of mortgages. In the first half of 2005, for example, half of all homebuyers in the District purchased homes with interest-only loans.
...Between 2001 and 2003, for example, the average of advertised rents for one- and two-bedroom apartments in Washington shot up by 60 and 84 percent, respectively ... Between 2000 and 2004, the portion of tenants paying more than 30 percent of their income for rent jumped from 39 to 46 percent and the share paying more than 50 percent of their income climbed from 18 percent to 23 percent.
Posted by Colin at 10:57 AM
Thursday, April 13, 2006
Here is the description of the Wormley School Condos development in Georgetown from dclofts.com:
In mid-2005, Georgetown University sold for nearly $8.3 million this land with a historic, red-brick school building built in 1875 to the developers who plan to convert the building into 9 condominium units with an average of 1,500 square feet. On the old playground and parking lot, the developer plans to construct 6 new row houses with 3,000 to 5,000 square feet of space plus an underground parking garage for the residences. Plans are being designed by the architecture firm of Cunningham-Quill. Read more.
While dclofts says that construction may start as early as this summer, there are signs it is already underway. If you look carefully in the bottom picture you will see a construction worker and what appears to be a cement mixer on the premises. Didn't appear to be anything major to me though, probably just prep work.
Posted by Colin at 10:35 AM
Wednesday, April 12, 2006
Friday, April 07, 2006
Tuesday, April 04, 2006
Georgetown Heights, which isn't actually located in Georgetown but Glover Park. Not sure how great the views are from the first two stories either. Diagonal from the front entrance is a gas station. Units here start in the $700s. Saw some workers there so I guess they're still putting the finishing touches on.