K Street downtown

Yesterday the Urban Land Institute released its annual survey on commercial real estate across the country naming D.C. the number one "recession-proof city," ahead of San Francisco, Boston, Austin, and New York.

This is really no surprise. Though I recently posted on a vision—laid out by New York magazine—about artists transforming empty office spaces into the new loft studios, the truth is neither their city, nor our's has suffered much in terms of office vacancies. As of last month, D.C.'s office vacancy rates were up "sharply" from the previous year, but they still remained the second lowest in the country, according to the Washington Business Journal.

Here's what the Urban Land Institute had to say about Washington's future in the coming year:

Washington D.C. scores the highest marks during a recession.  While hard-pressed lenders pull back in most cities, major insurers and big banks have taken a long term view and are actually providing financing for new deals.  Bethesda, home to the National Institutes of Health, should benefit from increased bio-medical spending and Virginia markets, inside the Beltway, are expected to suffer only modest erosion relative to past downturns. Survey respondents expect suburban vacancies to advance well into the high teens further out.

Image by Jonathan Pfeiffer, Flickr Creative Commons Attribution License

Since July, I've been blogging about Vijay Taneja, the Bollywood producer and local real estate titan turned convict serving time for conspiracy in connection with a mortgage fraud scheme.

Why so many posts? Well, so many auctions! Such a sprawling portfolio of real estate.

In the last year, auctioneer Tranzon Fox has sold Taneja- owned properties in Fairfax, the Outer Banks, and Potomac, and now Tranzon's about to make one more available to the highest bidder.

This one, pictured above, is also located in Potomac, right next to the other Taneja Potomac mansion sold in late September.

Here's a description:

"This 13,600+/- square foot, luxury home is minutes from Washington, DC and 1+/- mile from Congressional Country Club. The home is situated just off River Road on a 2.2 +/- acre site just inside its electronic gates. This 6 bedroom, 8 full bath, 2 half bath home is the perfect place for any distinguished lifestyle."

The auction is scheduled for Thurs, Nov 19th at 11 am. Preview dates are coming up Nov 1st, 8th, 15th, from 1 to 3 pm, or by appointment
and one hour prior to auction.

Zillow Home Value Index

This graph exhibits the median "Zestimate valuations"—Zillow's estimated market value of properties—for Washington D.C. and the Washington region in the last five years. This graph was calculated on 09/09/2009.

Fewer Washingtonians are willing to lower their home asking prices, according to a new report out by Trulia on Friday. The amount of price reductions has dipped 17 percent in the region's housing market, comparing June 2009 to August 2009 numbers.

Here are some other cities experiencing the trend:

• Dallas, TX – 42% fewer price reductions
•  Las Vegas, NV – 33% fewer price reductions
• Louisville, KY – 33% fewer price reductions
• Los Angeles, CA – 19% fewer price reductions

In the DC area, the average reduction—when it does occur, which is roughly a quarter of the time—tends to be around 10 percent, according to the report. 

Image by TheTruthAbout..., Flickr Creative Commons

HGTV is looking for fun, high-energy people in the areas of Philadelphia, Portland and Washington DC/Baltimore who are buying their first place! Singles, couples and families are all invited to apply.

My First Place is returning for a seventh season that will again focus on the trials and tribulations of looking for, bidding on, and buying your first place — whether it's a single family, townhouse or condo. We're looking for fun and interesting people in Philadelphia, Portland or Washington DC/Baltimore who are willing to share their personal and financial struggles during the home-buying process.

We'll follow you for approximately 8 shoot days over a 3-month period during some of the more stressful (and rewarding) days of your life, so if this sounds like fun, please apply! In addition to the once in a lifetime experience, we are able to reward homebuyers with a specially chosen gift we think will make your house feel like home. You’ll also receive a DVD copy of your episode giving you a lasting memory of the process to cherish for all time!.

My First Place has new episodes airing now at 10:00 PM Eastern on Sunday nights, but be sure to check your local listings!
My First Place Application Rules

• PLEASE NOTE: WE CANNOT travel more than 90 minutes (by car) outside the selected cities. Please be sure these locations and time ranges work for you!

• The IRS requires that we file a 1099MISC for you on re-sellable gifts totaling $600 and over. This includes lamps, furniture, art, etc. but not materials or services. We require a signature on this form before taping, but it is your responsibility to file it with the rest of your taxes for 2009.

• If this sounds like an exciting, fun experience to you (we think it is!) and you are planning on buying your first place soon in or around Philadelphia, Portland or Washington DC/Baltimore, then please fill out the questions below.

We will contact you and let you know what the next step is!

View more news videos at: http://www.nbcwashington.com/video.

Prince William County is considering launching a ferry service to Washington D.C. Might this be the way to revive the area's foreclosure-battered real estate market?

The number of sales is already significantly up from a year ago (750 in March 2009, compared to 502 in March 2008, according to a MRIS listing service report). But prices have drifted down significantly. Perhaps the promise of a river commute, instead of three hours listening to traffic reports, would change things.

Some 14 percent of D.C.-area residents said that affordable housing (or lack thereof) was a leading concern in the region. Transportation issues came out on top, followed by "Economy/Jobs" and, well, you can read the rest.

The report was released today by the Metropolitan Washington Council of Governments (COG). The organization polled people from around the region, not just in D.C. proper, which has got me thinking about how Washingtonians would rearrange these priorities. I'm thinking traffic/transpo would be much further down (as indicated by the numbers in the orange box above), and affordable housing and education/schools would edge up, as would poverty/social services. Given the recent AIDS figures, health care would also probably make it into a top five list. What do you think?

Image courtesy of Metropolitan Washington Council of Governments (COG)

A Woodley Park Apartment building

Well, Houston's the exception (incidentally the last major city I lived in).

But it's true: That city and the District are the only two major urban centers nationwide where rents are increasing or staying stable, according to Forbes magazine.

I experienced this trend myself last fall when my Columbia Heights rent rose $40 from the previous year's rent. And that was with some negotiating! First, we had to point out to the landlord that the hike she proposed didn't entirely adhere to city policy.Her instincts were correct in asking for more though. Washington has the "second-best apartment rental market in the U.S., with rental income down less than 1percent," according to Forbes.

Here's more from that piece:

Dallas-based Axiometrics' latest survey of 13,000 rental-property managers was unsettling: Rental "revenue per available key" fell 4.1% in the first quarter. Rents in the top 20 U.S. cities are now down 5.7% from a year ago. Phoenix, Atlanta, Las Vegas, New York City and Charlotte all experienced declines greater than 8% from a year ago.

Image by Mr. T in D.C., Flickr Creative Commons