Washington, D.C Now A Hot Opportunity For First Time Homebuyers
Everyone is hearing reports of “how bad things are” and “how bad the real estate market is.” There is news of the economy being horrible and the unemployment situation getting worse. What is true nationally is not always true on the local level.
Take the Washington, D.C. area as an example. The greater Washington D.C. area can be currently classified as a buyers’ market, meaning that there is a vast selection of properties on the market, and that a dollar spent today buys a whole lot more home, space and amenities than it did in 2005. In terms of DC real estate, property prices have come down from historically high levels, plus new and renovated condominium properties entering the market since 2008 have been designed and built to show the lower prices expected by D.C. residents since the housing slump.
If you DO NOT currently own a home or condominium, you need to consider the following: The cost of purchasing DC real estate is currently very low. DC mortgage rates are still at historically low levels and mortgage rates are at historically low levels. Down payments for properties can be as low as 3.5% with FHA or even 3% from private lenders. The current DC market respresents your chance to buy low on a property that will most likely appreciate in value once the market and economy stabilizes.
Here are some examples of what new or recently renovated luxury condominiums will cost you in downtown Washington, D.C.:
A 1BR 1BA with luxury kitchen and luxury bath finishes located just 6 blocks from the hot U Street Corridor currently lists at $249k. Ledroit Place Condos is on quaint and Victorian Anna Cooper Circle – several units remain as the building is 65% sold out.
Large 2BR 2BA units are available at Stella Condos in Eckington starting at just $267k. Again, these condominiums are freshly renovated with all-new interiors and slick urban finishes throughout.
Just opened is The Lexington at 12 S Street NE in Eckington. These are huge 1,000+ square foot 2BR, 2BA residences with sophisticated bathroom finishes and features. This is a very unique Victorian building just recently renovated. First units for sale list at just $315k.
Coming Soon are The Avenue on Sherman Avenue and 315 G Street in Capitol Hill. Both will feature 1BR 1BA condos priced very attractively.
As you can see, there are a lot of new, beautiful properties that first time buyers can take advantage of. In addition to the new properties highlighted above, there are a TON of foreclosures, short sales and distressed properties that represent great buying opportunities in downtown D.C. All it takes is a smart and motivated DC real estate agent working on your behalf.
Contact UrbanLand Company for help now. We are a downtown DC real estate broker that is plugged in with what is going on in and around the city. Our team of DC realtors can be very helpful in making buying or selling easy for you.
