The D.C. condo market has been experiencing years of underdevelopment with most projects favoring rentals. But now, according to an article in Bisnow by Jonathan Banister, the D.C. market is experiencing the largest surge in condo projects in a decade.
1,750 units are expected to open this year in the District according to Urban Pace sales agency. These large projects include 11 condo developments having more than 50 units, the largest projects since the recession. Despite population and job growth, the supply has not kept up with the demand. Clint Mann, CEO of Urban Pace is expecting to deliver a lot of product for the first time in a long time.
Michael Darby, CEO of Monument Realty, noted, “It’s been a market for renters for so long….people are fed up because they haven’t had good product to buy.” He now has two condo projects with 171 and 97 units respectively.
Among the new developments in the Capitol Riverfront neighborhood are The Bower with 138 units; Avidian, near Nationals Park with 171 units; eNvy with 127 units and Peninsula 88 with 110 units.
The fast-growing NoMa (North of Massachusetts) neighborhood near Union Station will be home to the Lexicon with 182 units and Tribeca with 99 units.
With Amazon HQ2 expected in Crystal City and Pentagon City a huge demand in condo developments is also anticipated. Many long-term renters are now interested in buying and/or investing in the new condos and expect them to appreciate in value.