April 29, 2006


Twelve units at G'town Heights went on the market in the last few days. Prices for 2-3 bdrms, 2-4 bthrms goes for between $995K -- $1.99M. The smallest of these units is 1600 SF and the largest over 3,000 SF.

Located in Glover Park at 2501 Wisconsin Ave. NW, the development features 5" wide plank walnut hardwood, viking appliances and wine coolers, large walk-in closets, side by side washer & dryer in larger laundry room, 2 parking spaces included amazing amount of space. Here's what on the market.

Is this developer dreaming?

Or is there a genuine shortage of super-luxe condos in DC. Wanna spend a million bucks on a house? You have lots of choices in terms of neighborhoods and style, but to spend the same amount on a condo, its slim pickings. Seems to us that empty nesters fleeing the traffic and lawns of the suburbs want the convenience of condo living. Trade your four bedroom rambler in McClean for what in DC?

Then again condo supply grows each week. Won't these condos come down in price over time like the rest of the market? Maybe its better to wait. Thanks to the attentive reader for spotting these new market entrants.

10% PRICE DROP EXPECTED FOR CONDOS in DC region, says Mark Zandi, chief economist of Moody's Economy.com. "I could say roughly that prices would fall about zero to 5 percent for single-family homes and about 15 to 20 percent for condos," he said in the WaPost.

What area will fare the worst? DC, the inner suburbs or the outer suburbs?

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