In its semi-annual report on the DC area condominium market, real estate sales and marketing firm McWilliams|Ballard predicts that in 2011, the area will see the most new condo construction since the boom. The company expects that in the most desirable markets, namely central DC and the Rosslyn-Ballston Corridor, the first groundbreakings could occur by early 2011.
Given how little new construction has occurred since 2006-2007, saying that 2011 will beat the last few years isn’t saying much. But it is a sign that the market is turning the corner, and that buyers who want a new condo will finally have a larger selection from which to choose. McWilliams|Ballard expects that the first such projects will be relatively modest in size, so don’t expect another Union Row or CityVista anytime soon.
Rendering of the yet-to-be-named JBG/Grosvenor project
“New condominiums in the next 12-18 months will be smaller-scale projects with developers who can execute to a higher standard,” reads the report. “Large condo projects, those over 150 units, are still some time off as preconstruction sales are not possible and condominium financing is not yet freely available.”
The major DC project that is scheduled to break ground soon is the JBG/Grosvenor 125-unit residential development planned for 14th and S Streets NW, which will likely deliver in Spring or Summer 2012. Also, the second phase of the Woodley-Wardman in Woodley Park, which consists of a new seven-story tower, will begin construction in 2011.
In northern Virgina, the 144-unit Isabella at Monticello Mews in Alexandria is scheduled to break ground soon, and deliver in fall 2011. Also, Lyon Pointe, a new 8-unit project in Arlington, will deliver in late 2011.
In addition to new condo construction, 2011 will see a continued rise in condo conversions (in which existing buildings are redeveloped as condominiums), a trend that has gained momentum this year. UrbanTurf has heard of a number of conversion projects, ranging in size from three to 30 units, that are on tap for DC in the coming year. Stay tuned for more info on these projects in the coming weeks.
- UIP Begins Work on Adams Morgan Condos
- Condo Conversions Return as DC Supply Tightens
- Report: New Condo Inventory at Lowest Level Since Before the Boom
- 5 Tips for Buying a Condo in Fall 2010
This article originally published at https://dc.urbanturf.com/articles/blog/2011_to_see_most_new_condo_construction_since_the_boom/2573.
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