2012 was a year when several real estate trends seemed to take over the conversation. Here is a look at three.
We’re guilty: UrbanTurf loves writing about micro-units and small homes. From the 275-square-foot units that almost came to Chinatown to the Tiny Houses of Stronghold to the 320-square-foot units coming to Shaw, we know that we have reported on this trend ad nauseaum over the last 12 months. And while detractors derisively call these living quarters “closets”, micro-units may become a reality as rents and home prices continue to go up and young adults continue to want to live near the city core.
Inventory of active listings in DC area since October 2007.
The next trend is one that shaped almost every homebuyer’s experience this year: the low inventory of active listings in the area.
2012 was the year that saw homes flying off the market within days, as evidenced by the numbers in our near-weekly Home Price Watch, and a remarkably low inventory of new condos. As a result, desirable homes regularly received multiple offers and new condo projects would sell out within weeks. This likely added an amount of frustration for buyers, who had to stay on top of new listings and compete perhaps more than in other years. As DC’s population grows by 1,000 new residents per month, we’ll certainly be watching to see if this trend continues in the coming year.
Fundrise’s first project: Maketto
In an early conversation that UrbanTurf had with Rise Companies founder Ben Miller, he hinted that the best way for community members to impact the retail in their neighborhood might be to actually find a way to own the retail. Sure enough, not a month later Miller announced Fundrise, a model that allows community members to buy a share of investment in a retail property, and to potentially share in the profits.
It wasn’t long before everyone from the Washington Post to Atlantic Cities was talking about this new concept. The original Fundrise property raised $325,000 from micro-investors and just closed in November; the company is now gearing up to release more investment options. The idea also seems contagious: one of the developers for Parcel 42 in Shaw proposed a community investment model in their pitch.
Is this concept going to sweep the nation? It’s a gamble: we may not know for years whether or not this sort of investment will yield dividends for those who buy in. But we’ll be sure to keep our eyes on Fundrise as it moves forward.
This article originally published at https://dc.urbanturf.com/articles/blog/most_notable_trends_of_2012_micro-units_fundrise_and_tight_inventory/6391.
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