Real Estate Rollercoaster ride slowing down
On one level I just gotta say WOOT! When seeing in today's Post what I believe I had been seeing and wondering about.... the crazy crack fueled real estate market is cooling down.You may ask, why would I rejoice at such a thing? For one selfish reason, I don't want to see my real estate assessment continue on an insane rise. Since buying, I have seen the first number in the assessment figure change almost every friggin year. $100K, then $200K then $300K. Crazy. Second, maybe just maybe now my single friends can buy their own homes when the market ceases to be overvalued.
Yes, there is the downside. The engine that fuels the redevelopment going on here may slow down as well. I don't believe the market will go bust. But I wondered if there was this continuous supply of people willing to spend a lot and take a chance on Shaw. My fear in a slowdown or a balancing out of the market is that investors and developers who have come in and have started work thinking they'd get desperate buyers throwing money at them will change plans and try for rentals and the ever reliable section 8 program when the buyers are not as desperate.
Maybe instead of "luxury" condos, maybe we'll get plain old condos that plain old professionals can afford to buy. Hopefully the developers and investors can build for them.
posted by Mari @ 11.11.05
5 Comments:
i REALLY hope that developers advertise with " plain'ol condo"!
Sign this plain old professional up for a plain old condo (fingers crossed)...
Not many plain old condos any time soon, unfortunately; developers usually take six to nine months to catch up with a slowing market, plus the extra time for the development itself. A better bet in the short term might be a plain old coop, since in this area coops are almost always undervalued...
Not to change the subject, but did anyone hear gunshots around S street last night? A lot of gun shots, or maybe the ambien is giving me bad dreams again. back to the subject at hand. Developers are still going to make a ton of money selling over priced condos in Shaw, even if they have to discount it 20geez a unit
Given the 300+ projects with 47,000 (!) units that are planned for the DC area in the next several years, I think we'll soon see a bunch of not-so-luxury condos in the not-so-distant future
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