Sometime last week, I drove around DC neighborhoods to check on new developments. It is different when you are just reading the information versus seeing it with your own eyes. I had not paid much attention to some of the hoods before. After getting my DC real estate license, I decided that I need to get out there to learn the ins and outs of new projects slated for DC. These are the hoods that I think have room to grow or have upside potential and not yet fully developed. Sort like when buying stocks, you're looking for companies that would be the next Microsoft, Starbucks, Wholefoods or Google. Okay, you get the idea.
In the District of Columbia, they have a ReStore DC Program. This is a program that helps revitalize neighborhood business districts and small businesses. Having a thriving business corridor is important for neighborhood development.
I remember in Arlington, when Clarendon was still a boring place, not much going on at night. Only few shops and restaurants here and there. That's about it. Life was different then. Ever since Wholefoods opened up its door in the neighborhood, development in the area just took off after that. That was less than 10 years ago. Look at Clarendon today! Until recently, you couldn't find single family homes under $600,000. Now that the market shifted, you can find ramblers for under $600K. Or in DC, look at U Street corridor.
If you want to find where the upcoming hoods be, track where new developments are being built. Most likely developers are working in neighborhoods close to metro stations, because that's where people want to live. Close to a metro station -- is a big selling point! The gap in prices is big. Every inch a property gets closer to a station, the asking price gets higher.
It will be a plus, plus, plus -- if in addition to a metro station, the area offers other amenities like shops, restaurants, etc. These are some of the hoods that come to mind: Mount Vernon, Union Station, Columbia Heights, U Street/ Cardozo, and Shaw/Howard U. The first round of the proposed Capital City Market near NY Avenue metro station has just been approved. The 24-acre site (where the wholesalers are now) would be redeveloped as mix-use project that includes a hotel, condominiums, ice skating rink and warehouses.
Brookland, is another potential, simply because homes around Catholic U and Trinity U, still affordable. Sure, there are other factors to consider when it comes to buying or investing in real estate. At least, this is a start. There are 27 homes on the market from the upper-$300's to mid-$700's. With most homes in the-$500's. Compare that to neighborhoods around Dupont Circle/ Kalorama, where a one bedroom condo, starts in the mid-$300's. What's more, entry level townhouses are pushing 7 figures!
There are more homes on the market under $400,000 than on the high end luxury home market. One hundred fifty six homes on the market under $400K, combination of single homes and townhouses. It costs more to buy properties in a sought-after neighborhood that offer great community amenities. Look at Georgetown. The home prices there -- mind boggling. But, again that's Georgetown. Condodomain.com, a partner of urban trekker, their DC website gets a lot of hits because of a mock listing of a studio condo in Georgetown, listed for $100,000. Yes, everybody wants to buy "that" condo -- if it ever is for real.
The most expensive home in Washington DC, is a property located near Embassy Row, a 10 bedroom house on the market for $21,000,000! Wow....lots of zero there. Even the remarks for the listing reads, "Purchasers to provide pre-qual letter from bank or atty day before showing." Sure. It's their way of making sure that only selected "few" or very serious buyers, access the property.
For the most expensive homes in DC, I have compiled a list of homes on the market in the million dollar plus range. Location, location, location. It's very simple. You see, the difference in prices tells you that location matters.