Washington DC Real Estate Market Recovery
The Washington DC recovery has come in two distinctly different ways that have complimented each other. During the time of a great national real estate boom, DC was still dealing with the after effects of decades of urban blight. A concerted effort of revitalization gradually took hold, generated by community and business leaders along with local government. The much talked about gentrification trend was well underway when the subprime mortgage hit, affecting the entire country. During a time when overbuilding in Florida and California had compounded their market downturn, DC’s building efforts were part of a localized grassroots effort that had solid backing.
Legislators in Washington DC realized that the unique strength of their localized market wouldn’t be enough to offset the worst economic crisis since the Great Depression. A series of Foreclosure Prevention Acts were enacted and subsequently strengthened, in 2008, 2010 and 2011. While the national economic and real estate crisis slowed the city’s resurgence, it didn’t stop it. The market began to pick up again and by 2011, was well out in front of much of the country. Sales prices rose 2.6 percent in the nation’s capitol that year and have continued solid gains throughout the first three quarters of 2012.
Further evidence of the Washington DC recovery can be seen in the commercial real estate sector. The business improvement initiatives that began in NoMa during the late 1990’s and early 2000’s gained strength and expanded to other nearby areas, including the Navy Yard, Capitol Waterfront, the U-Street Corridor, Penn Quarter and numerous other urban sections of the city. The City Council formally created the NoMa Business Improvement District in 2007, building on the strength of similar DC business initiatives.
Today, the evidence of the Washington DC recovery can be seen in many shapes and forms. Luxury homes are selling briskly but even more importantly, the revitalization of more economically challenged neighborhoods is continuing unabated. And, new commercial construction can be found throughout the district, including the much talked about live, work and play communities where restaurants, offices, trendy retail, entertainment and residences exist in close proximity and sometimes, in the very same buildings. While the rest of the country finds its footing, the DC recovery could simply be called continued growth.
Andre Perez | District One Properties LLC | Realtor/Agent/Owner
1305 Leslie Ave, Alkexandria, VA 22301