Thursday, January 14, 2010

Condo sales increase in DC area: good news for CH?

The Washington Business Journal is reporting that condo sales in the DC area increased 34% last year, and that DC has a pretty short supply at present.

That's probably good news for Columbia Heights developers, who faced some trouble recently: converting condo buildings to apartments due to lack of demand, having to sell or face foreclosure (in the case of the Allegro), and needing tax breaks.

There are many new and unoccupied condos in the neighborhood, and I wonder how much of that is the economy, and how much is just high prices? Either way, more condo demand = more people to the neigbhborhood, which I think is a good thing. It means more demand for business and restaurants in the area and thus hopefully more new places opening, and more tax money for DC.

1 comment:

Simon Landau said...

The condo sales increase throughout DC will undoubtably mean more condos purchased in Columbia Heights. With the DC USA mall, and tons of new food and drink places, Columbia Heights is headed in the right direction, and, condo wise, will begin to look more and more like the neighboring U Street community.