What type of development will we see in DC over the next 12 months? Early this year my phone began to ring and it was a pleasant surprise. My developer clients were asking if I had any listings for small buildings or land parcels that could be developed into condos. The major question investors and developers tackle with constantly is if prices have come down enough for buyers to be motivated to buy a new condo. The other side of the issue is if the sellers of land parcels are realistic about the value of their property and price or sell accordingly.

While we have seen many parts of the real estate market hit rock bottom, I was beginning to see progress in the right direction. What followed over the next several months was somewhat of a meeting of the minds. Developers and sellers were able to sit at the same table and work together to hash out a deal that produced a product that was priced right. The recovery of the small developer is underway and my guess is the larger one will follow the well worn path these entrepreneurs travel as they have done before. Here are a few transactions that UrbanLand Company has done that encourages me about the future of DC condo development:

-SOLD small lot on 8th Street for 5 units just off of U ST.

-SOLD 6 lots in Eckington Sold in an all cash transaction.

-SOLD four unit building in Capitol Hill.

-A possible merger with a developer and owner of a 4 unit Victorian gem in Eckington near NY ave METRO.

Stay tuned or calls us for the latest!