Real Estate Blog

Parking Wars:  Cost of parking in DC

The War on Cars that Lon Anderson –Spokesman for AAA Mid-Atlantic- has articulated seems to be getting lots of attention recently with claims that the priority for DC government is to create a more bike friendly and walkable city at the expense of car ownership.  We are all for a more walkable and biker friendly city, but the city might consider a more ballanced approach that includes cars. Here are  some of the recent developments on the political sphere and also an attempt to decipher the cost of a parking spot:

On of the proposals DC is considering is reducing the required number of parking spots a developer is required to build in a new development if it is located within a certain distance to a metro.  The goal

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City Center just annouced that the 1st building is 51% sold out.  The sales office just had their Broker Preview last night, and with the sales office barely been open for a month, they are on schedule for a record fast sell out.  The response from buyers and agents has been extremely positive.

This is what DC is has been waiting for, Real-luxury-condos and green living as a bonus. In total there will be 216 residential condos (or as the developer likes to call them "private homes") in City Center, each with the possibility of outdoor living access.  This level of design is inspiring.

This is what the future of downtown living looks like, High-end, one-level-living, with outdoor space in the heart of the city. 

City Center is going to sell out fast

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The Case Shiller index for year over year house prices are up nationally by 7.3%. 

For DC the increase in median sales price over the last year is 12.3%. In some neighborhoods the increase is even greater.

According to RBI the inventory of homes for sale in the DC area in January was at the lowest since 2005.  From interviews with many real estate agents in DC, it is clear that the buyers are back in full force. Attendance at open houses is way up, and multiple offer situations are becoming common.

January New Listings VS New Contracts

Low inventory, Increasing numbers of buyers wanting to buy in DC and record low mortgage rates are contributing to a rising real estate market in DC.  The best (and not so best) houses are being bid up with escalation clauses, cash offers, and as-is

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The sales plans are underway for for Washington DC’s new City Center Residences in Penn Quarter.  The prices will range from $500,000 to $3M.   

City Center Residences

city center dc

 The new City Center Residences are designed with environmentally responsible materials.   The master plan has even been pre-certified to achieve LEED Neighborhood Development, the first certification of its kind in the United States. 

City Center Floor PlanThe Residences at City Center Outside

The homes have layouts to capture the optimal amount of natural light.  Amenities will include concierge, 24-hour security, parking, key FOB access, storage, fitness center, yoga studio, two roof parks, outdoor kitchens, outdoor dining room, outdoor fire pit, lounge, wine storage, bar lounge, dining room, catering kitchen, executive board room, guest suite, spa treatment

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A new place to strike in Georgetown may be struck down.  According to Shaun Courtney of the Georgetown Patch, the Georgetown Advisory Neighborhood Commission voted against the bowling alley planned by Pinstripes to open at the Georgetown Park Mall.  The vote will go before the board zoning adjustment on Jan 15th.  Besides the bowling alley, some residents asked to have better restaurants, benches by the bus stops and even meet and greet “get to know your neighbors Block Parties. 

  Bowling Alley

Search Georgetown Homes Now

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1)  Increase in Green Building

Following a trend nationwide, we predict D.C. to continue to build homes which follow the latest green standards and renovate current buildings to become more energy efficient.  According to Pike Research, solar cells integrated into rooftops, windows and other building facades is poised to quadruple in value in the next five years.  Innovative practices of design in the past have now become expectations for home buyers.  As Gen X and Gen Y’ers enter the market, they are making careful choices of low waste and energy efficiency.  In PWC and Urban Lands Institute’s Emerging Trends in Real Estate 2013 they state, “Major tenants willingly pay high rents in return for more efficient design layouts and lower operating costs in

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DC Real Estate Summit 2012:  Infill Comes Out on Top

Over 250 gathered last week to discuss the real estate market in D.C. and the dominating trend was for urban infill.  Gil Neuman, Greysteel managing director says investor interest in metro-area retail has shifted from the powerful demographics of the 'burbs to the urban infill opportunities of the District.  This trend has been seen nationwide with incentives for developers to reuse land land and buildings.

   

Mixed use Residences at CityCenter in DC expected to be completed end of 2013, which will include 216 condominium homes. “In many areas, we are seeing more interest in urban infill locations than in remote exurbs, which is having a pronounced shift in neighborhood design elements,” said

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The GMU Center for Regional Analysis released an update December 10th about the state of the region for housing in DC. 

All types of housing has seen the greatest increase in value in three years, with townhomes increasing 31.4% compared to November 2011.  The second greatest increase was average sales price for Condos increasing 22%, followed by single family homes at a growth of 16.2%.  

Median home prices continue to climb reaching $347,000 in November 2012.  We expect this trend to continue as the available homes on the market is decreasing with only 7,830 listings last month.  The GMU Center for Regional Analysis also showed trends in decreasing unemployment and an increasing GRP which inevitably are contributing to this rise in housing

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Aston on 14thIf you're looking for modern design and walls of windows in Logan Circle, look no further than the Aston on 14th. This new construction seven-story building is located at 1634 14th Street NW between Q & R Streets. There are 31 homes here and they are configured as one-bedroom, one-bedroom + den and two-bedroom floorplans. Each home will feature a full-size stackable washer and dryer, stainless appliances, marble countertops, white oak hardwood flooring and more. Some homes have balconies too. Take a look at the available inventory and contact us to go tour the new Aston on 14th!

Floorplans at Aston on 14th

Floorplan

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10317 cherry tree silver spring md street view   10317 Cherry Tree Lane, Silver Spring, MD 20901     Closed at $520,000   The Abbott Klar Real Estate Group is happy to announce they sold this fabulous custom built rambler in Silver Spring. The living room has a beautiful fireplace perfect for cold nights. Beautiful hardwood floors flow throughout. The kitchen has been completely remodeled and features stainless steel appliances and granite counters. The home is close to shops, restaurants, Metro and DC. Congratulations to our buyers, we wish you many years of happiness here!   10317 cherry tree silver spring md living room   10317 cherry tree silver spring md dining room   10317 cherry tree silver spring md kitchen   10317 cherry tree silver spring md bedroom   Thanks for reading our blog! We at Abbott Klar Real Estate Group are an experienced, full-service real estate team that specializes in the diverse neighborhoods of the Washington, DC…
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