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Perhaps the first-time homebuyers credit—which was set to expire by Nov. 30, but now is being extended—has been good to D.C.’s condo market. It looks like for-sale condos are being snapped up around the city.

Last week, we heard that Union Row, the mammoth 14th Street complex with some 270 units, was nearly sold out. This week, McWilliams|Ballard announced that Ten Ten Mass, located near Mount Vernon Square, had finally unloaded the last of its 163 condos.

Read More “Ten Ten Mass Sold Out” »

Delta Associates third quarter condo report was released yesterday, and the numbers look good—well, better than usual—for the District. I did not spot the term “condo glut” once. In the last few months, several projects were cancelled and a few were “reprogrammed,” but Delta expects that demand will rise again soon here and across the river in Arlington and Alexandria. As we reported during the last go-round, it looks like prices won’t be falling too much more.

• In the last year, condo prices dropped three percent in the District, compared to six percent in the entire metropolitan area.

Read More “State of the D.C. Condo Market: Prices May Rise, Apartment Projects May Go Condo Soon…” »

Some bad news, but glimmers of a turnaround…

Delta Associates latest condo report was released today, showing that the DC-area pipeline is drying up and that condo prices have dipped a tiny amount in the city.  There are fewer and fewer area projects converting from condos to apartments.This year, 15 condo projects—totaling 2,432 units—were canceled.

At least one blogger is proffering that there will be some project reversions—buildings that started out condo, then became apartments and then went back to condo. “The takeaway for anyone contemplating buying a new condo is that, if Delta is right, prices won’t go much lower than they are right now,” writes Will Smith with UrbanTurf.

Read More “State of the D.C. Condo Market Today” »

The Lacey, a boutique 26-unit condo building at the corner of 11th and Florida NW, has released another set of price drops after a previous round in May (see below the jump). Over the weekend, someone asked me how the condo market was faring, and whether prices in D.C. had dropped substantially. Well, Delta Associates has a new report coming out soon, showing that prices for new and converted D.C. condos have fallen 2.6 percent in the last year—so not considerably.  In NoVa, the drop was only 2.9 percent. But in Maryland, it was more substantial: 7.6 percent. (Washington Business Journal got the numbers early.)

Read More “D.C. Condo Prices Down 2.6 Percent in the Last Year” »

Due to technical difficulties, I wasn’t able to get onto the local listings database for the last few weeks. In that time, a lot has happened. For example, the following video was posted—allowing you, me, and plenty of others the opportunity to avoid reading a long housing report that inevitably (at least in my case) will freeze our computers as it attempts to open. Without further adieu, here’s a video summarizing findings from the first quarter of 2009.

Or read the highlights below. Read More “First Quarter 2009: Washington-Area Home Sales Up 15 Percent” »

Highlights from Delta Associates’ third quarter condo report:

• “The District accounts for two-thirds of net new condo sales. During the 3rd quarter, there were 262 new unit sales in the metro area. Although sales activity fell metro-wide almost by half compared to the second quarter, most of the inner communities reached sales milestones, led by the District. There were 174 sales in the District, the highest quarterly total in over a year, and accounted for two thirds of all sales this quarter in the metro area. However, there is still a risk of buyers dropping contracts or projects reprogramming to rentals as buildings set to deliver in the District during the 4th Quarter.”

• “The District’s 36-month pipeline of projects has declined to 6,504 units as of September 2008—a 9% decrease from its peak. This figure includes only those units that we believe are probable to move forward as planned.”

• “[In the District] projected deliveries for the next 12 months stand at just over 900 units – a 58% decline from deliveries from the preceding 12 months.”

• In the Washington area, “in the second quarter of 2008, 14 condominium projects were canceled, totaling 2,685 units. In the third quarter of 2008, 10 projects were canceled, totaling 3,522 units. Of those changing course, 6 projects with 1,552 units, were added to the Class A development pipeline. Since the first quarter of 2006, over 28,000 condominium units have been reprogrammed and added to the Class A apartment pipeline.”