Every two weeks, this blog will profile a neighborhood. I have seen there are so many changes in our neighborhoods, especially the increasing trend towards tearing down old houses and rebuild a much bigger and modern houses. We've seen this coming - because of scarcity of land. The escalation of home values for the time being is unstoppable, unless Alan Greenspan decided to raise the mortgage interest rates. The current market still be the seller's market due to the tight market supply and high demand plus - low mortgage interest that allow buyers to increase their buying power.
The first of the series of Neighborhood Watch will profile: Clarendon.
When I first came to the Washington area about 14 years ago, Clarendon was literary dead scene at night. Fast forward 10 years - look at all the changes surrounding Clarendon from Clarendon Metro all the way down towards Courthouse. This neighborhood has transformed itself into an extension of DC hangout place! I've never seen so many new stores and restaurants opened up in Clarendon in the past few months. The famous California outfit "Cheesecake Factory" is now open for business. Also Orvis, Pottery Barn, and many other trendy stores. These trendy stores around the neighborhood, definitely help boost housing prices in the area. The average sale price in Clarendon had a 83% change from 1999 to 2003, where average sale price jumped from $219,678 to $402,391.