McWilliams Ballard Report on DC Condos Released to Urban Turf
Our friends over at UrbanTurf have received an advance copy of the 2009 McWilliams Ballard real estate report. The report, dubbed the “2009 Washington Metro Area Condominium Market Overview” provides an insider look at just that: the state of the DC Metro Condo Market.
According to UrbanTurf writer Will Smith’s article, certain DC Metro neighborhoods are selling condos at beyond rapid speed.
“The Rosslyn-Ballston Corridor, Logan Circle/U Street, and Mount Vernon Triangle are the most robust markets in the whole metropolitan area,” Smith writes. ”There is already a condo shortage in the RB Corridor, and McWilliams|Ballard predicts that “it is only a matter of time” before new condos are introduced to the market, either in the form of under-construction rentals ultimately delivering as condos, or existing apartment buildings converting to condos.”
Overall, DC condos are being moved very quickly.
“Given the low (and diminishing) supply, there is likely to be a shortage of new condos starting sometime later this year,” Smith writes. ”You may have already heard of the “condo shortage”; DC real estate watchers first started talking about it halfway through 2009. Fast forward six months, and the trends leading to a shortage have only continued: the condo projects that delivered over the last few years are selling out, while no new projects are breaking ground.”
For more information and data from the report, read Smith’s article in its entirety.
