Spring is finally here but the biggest buzz isn’t about what’s outside but what’s going on inside. Real estate in the District is changing in a major way from size and design to renovations. Here’s a roundup of some of the latest trends a savvy buyer should know about when hunting for a new home in the District.
First, expansion has become a need than a want. Efficiencies were once the popular (and affordable) option when seeking out a new condo. However, more buyers are now springing for that two-bedroom unit. According to Valerie Blake of Prudential PenFed Realty, the market is more affordable than it’s been for a while. Residents are no longer forcing themselves to downsize and are choosing to spring for another bedroom. The extra space can be used for a guest room, office, nursery or combination of the three.
More space isn’t only desirable feature. Those looking for a new condo are no longer primarily interested in condo facilities such as how good the gym is or whether there’s a pool. Instead, Blake notices a trend of residents wanting their own private, larger outdoor space.
D.C. residents also seem to have had enough of picking up the hammer, those who work the local market say. Many buyers are now looking for completely finished properties that require no extra work.
Kevin McDuffie of Coldwell Banker in Dupont Circle says, “People just want to bring their clothes and toothbrush. They don’t want to do their own renovations. They want a finished product.”
Design is always evolving and kitchen design is no exception. Dark cabinets with light floors used to be the “in” trend. However, now the opposite is true. Dark floors with lighter cabinets is the new chic. Many new homes feature this modern design. In general, traditional looks are no longer being used and a sleeker, sophisticated feel is in demand.
A neighborhood that’s becoming a trend in its own right is the waterfront in Southwest. Chris Heller of Coldwell Banker says this spot is one of the best places to move these days. He says the River Park building (1301 Delaware Ave., S.W.) sat for years with empty townhouses and apartments. Now, many units are going under contract. Heller attributes the interest to the location.
“It feels like living in a suburb over here. There’s a new Safeway and restaurants. But the Metro is only two blocks away. It’s the best of both worlds.”
Bucking the trend of seeking more space are younger buyers, some of whom are seeking “micro units.” These units are even smaller than efficiencies. Many have been included in buildings on 14th Street and in the U Street corridor. Young professionals seek these micro units because they are easy to manage and clean. They are used solely for the purpose of sleeping. Nowadays, Heller says, entertaining isn’t done inside the home the way it used to in the past.
“People don’t hold dinner parties that often anymore if at all,” Heller says. “They entertain their guests in the city in restaurants and bars. There are so many places to go now that there’s isn’t a need for space to entertain anymore.”
These micro units are about 278 square feet and can run as low as $99,000.
Clean, modern and ready for move-in seems to be the consensus among those looking to purchase in the District. It’s something many of us can agree with — the less work the better.
U Street Corridor
The Cardozo, a 28-unit condominium residential building, is planned for the corner of 11th and V streets. Units are planned to be small, ranging in size from 615-750 square feet. The six-story building will have underground garage parking.
JBG plans to build two buildings with five stories of residential units including ground floor retail and one level of underground parking. One building is planned to run from 8th to 9th Street and the other will be to the east.
Louis at 14th is planned for the west side of 14th street south of U Street. The nine-story building will house 267 units with 30,000 square feet of street level retail. Amenities include a movie theater, yoga room, rooftop pool and 24-hour concierge.
Developer Brook Rose has proposed a rental complex on the 1400 block of Church Street. The building would include 29 micro-unit studios and six one-bedroom apartments for a total of 35 available units. Eight stories high, the complex would incorporate the existing row houses on the street.
The Fortis Companies plans to build a 33-unit apartment complex by converting the National Alliance of Postal and Federal Workers in Logan Circle. An additional two floors would be built for either condos or rentals. The units would range in size from 600-1,700 square feet.
Habte Sequar has built the Aston, a development consisting of 31 condominiums, 18 parking spaces and 3,000 in ground floor retail on 14th and R streets. This building is sold out.
The Irwin, a five-story residential building, has been planned for a vacant lot on 14th Street south of Rhode Island Avenue. Units are planned to be small ranging from 500-600 square feet. Condo amenities would include a large internal courtyard, fitness center, bicycle storage, 20 parking spaces and a common roof terrace.
14th Street Corridor
Douglas Development is building a seven-story residential building on the southeast corner of 14th and Florida Ave.; 30 units are planned for the building.
Community Three plans for a residential building with 18 condos with ground floor retail. The six-story building would have condos around 600-1,400 square feet including a penthouse on the top floor.
The Corcoran is a seven-story condo planned for a current Zipcar parking lot on 14th Street. The 40-unit condo building would include ground floor retail.
CAS Riegler has redeveloped the Lionel Train Store (1324 14th St., N.W.) into a five-unit condo building. Units are around 1,000 square feet. Pricing runs from $600,000-$850,000. The building is sold out.