When Washington DC faced a period of economic challenge and urban decay, real estate investments became a bedrock foundation for recovery. Beginning in the 1990’s and continuing to today, the investments have paid off. Homes have been restored, rehabbed and renovated. Entire neighborhoods have changed through pride of ownership and a commitment to community. New business models have sprung up, cross-purposing the need for retail, office space, entertainment, food and beverage, and residential living.
In many ways, the success of a cottage industry helped pave the way for Washington DC’s new commercial infrastructure. It was the act of buying distressed homes and improving local businesses through grassroots efforts that began drawing new attention to the nation’s capital. Real estate investment at the most elemental level spawned gentrification, an oversimplified catch-phrase synonymous with growth and recovery. In the most basic of ways, DC’s recovery had much to do with an age-old principle, buy low and sell high.
While Washington DC real estate has moved from an obvious buyers market to a tighter inventory, there is still ample room for investment. For some entrepreneurs, it is an extension of earlier community revitalization – finding new opportunities for growth in some of the more challenging suburban areas. Ward 7 and Ward 8 in DC’s southeastern area are home to a number of neighborhoods that have lagged behind in revitalization efforts but are nonetheless positioned to improve. And, there is the other side of the coin – luxury home investment, ranging from trendy lofts to spacious mansions.
For all of the diversity in Washington DC real estate investments, there is one obvious area that is capturing a lot of attention – the growing commercial market in the highest density areas. New construction is commonplace along the U-Street and H-Street Corridors, in the NoMa Business Improvement District, in Penn Quarter and all along the western side of the Anacostia River, including Capitol Riverfront, the Navy Yard and Southwest Waterfront. In short, there is no lack of places to invest and the prospects for continued economic growth in the nation’s capital appear solid.
Andre Perez | District One Properties LLC | Realtor/Agent/Owner
1305 Leslie Ave, Alkexandria, VA 22301