There is a lot of buzz surrounding the perceived potential shortage of condos in the DC market. A couple of sources agree, as it stands today, there will likely be a shortage of new condos in the DC Metro area within the next 12-18 months. That is because right now, mirroring the economic conditions of the past few years, many projects have been put on hold and we just aren't seeing the number of new planned projects on the table. Some of the few that are going forward in the DC area aren't scheduled to deliver until 2012 and even 2013.
But one of the beauties of living in America is that we have a capitalistic system that is based on supply and demand. Therefore even one of the most read current reports on the DC Condo market, put out by partners Urban Turf and McWilliams/Ballard, titled their 4th part: "The Upcoming Condo Shortage (Maybe)". Here in America, a high demand, is never left untended long. In other words, if the demand becomes high enough, suppliers will find a way to deliver the product, usually finding creative new and faster ways to deliver.
Many of the newer constructions had been planned in the Metro area, along the beltway around the Alexandria and Arlington VA areas called the Dulles Corridor. That is because of the new jobs, especially in the technology fields expected to come to the area. Again, once the jobs are slated and confirmed, it is expected that builders will be clamoring to find ways to deliver new condos as quickly as possible. This will also put many in the construction industry in the market for at the very least "temporary" housing in the DC area.
The McWilliams/Ballard 2010 report also notes that the DC is the strongest condo market in the region. It is also expected to be on of the most active markets in the near term. That seems reasonable, just consider DC neighborhoods that make condo buyers drool, like U Street, a buzzing and very vibrant community. We will take a look at some of these upcoming and hottest DC condo neighborhoods like U and H Streets upcoming articles.
Another consideration is that this report is looking at new construction. We can't forget that many potential sellers of current condos that have been riding out this stormy economy. It is expected that as the economic recover takes hold, we will see more sellers putting their current condos on the market. Winter has also been notorious for slower sales and DC is experiencing a record-breaking winter. There are also the foreclosed properties held by banks, the "shadow inventory" that still has not hit the market in large numbers. All these points combine to add additional opportunities for condo buying in DC in the near future.
Overall, the DC condo market remains positive. DC retains one of the lowest vacancy rates in the country among large metropolitan areas. The solid and expanding job market will continue to bring new residents to the area. Combined with the the ever growing great reasons to chose condo living - there are certainly ways to find a condo in DC, even in today's market.
But DC condos are being moved quickly, so you will want to start by teaming up with a professional Realtor® who is experienced and you can trust. Turn to Rachel Valentino who will help you form a plan putting you into the condo of your dreams. Expect her to be on top of the DC area condo market and the creative financing options open to condo buyers in the area. Turn to the best, contact her today - let her help you.
