January 30, 2006

DOW AT 100,000 BY 2000. Would someone please tell the Washington Examiner that the real estate market in DC has cooled. And that the neighborhoods most likely to feel the cooling are the speculative ones, like NOMA. Yet the Examiner today ran a story with this headline: Property Values Soaring in 'NoMa'

Now if today were July 30, 2005, not Jan. 30, 2006, we would be rooting too, saying "c'mon real estate keep on chugging." But as inventory builds even in established neighborhoods, one has to wonder what's up with this story with its prominent photo of the Whitman condo construction site.

Of course, prices have risen compared to five years ago, ten years ago. But six months ago? No way. If we were buying a condo today on spec for two years from now, we would want to know what protections are in place if prices fell even further. Some overstate the size of the housing bubble, particularly in DC, but to pretend the bubble has not compressed is ridiculous and foolhardy.

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PEPPERONI WITH ABSOLUTE BLACK GRANITE COUNTERS. Back when there was an Italian neighborhood in DC Augusto Vasaio opened what now is called a family-style restaurant. For decades, A.V.Ristorante Italiano at 607 New York Ave. served good pizza and pasta. Wine in earthen pitchers. But the family seems ready to cash in on their hot property and are being courted by developers.

Hey if Mayor Tony bet a white pizza from A.V. maybe the Redskins would be in the Superbowl and another historic DC venue would have found a new audience. Instead we will probably get more condos and an upscale Olive Garden with no personality. Progress comes with a cost.

4 comments:

Jason said...

agreed ... though AV's quality has really fallen over the past few years.

Scenic Artisan said...

the quality may have gone down, but i'm still sad to know AV's will be kickin it soon.

Anonymous said...

Did you get past the headline in the Examiner article? Despite the headline, the article wasn't even on property values much less those in the last 6 months. The article discussed a part of the city receiving new interest and development. Your points may be fine but they're not related to the issues discussed in the article.

dcbubble said...

Actually the post was about the headline, not the article.