A new condo project planned for 11th and M Street NW.
Prices for new condos in certain parts of the District rose significantly last year, as the rest of the region saw much more modest growth, according to a new report.
Sale prices for new condos increased 17.3 percent in the sub-market defined as Mideast DC by Delta Associates, and rose 14.1 percent in Central DC. In contrast, prices increased 3.3 percent metro-wide. Central DC includes neighborhoods like West End and Logan Circle, while Mideast includes Shaw, Bloomingdale, and Columbia Heights.
“Prices for new condos in Central DC are higher than in most downtown areas in the U.S. and similar to those in LA, but below other gateway cities such as New York and San Francisco,” the report from Delta Associates stated.
Prices per square foot are highest in the Upper NW section of DC, but the $1,500 number is deceiving as it is based on sales at one building in Woodley Park. The price per square foot in the Central DC sub-market is $884, and $713 in Mideast DC.
Delta anticipates that prices will continue to increase in the coming 24 months, but that the rise will be in the mid-single digits.
- Mideast DC includes Shaw, U Street, Adams Morgan, Columbia Heights, Petworth, Bloomingdale, Takoma, and Brookland.
- Central DC includes West End, Dupont Circle, Logan Circle, East End, Mt. Vernon Square/Triangle.
This article originally published at http://dc.urbanturf.com/articles/blog/new_condo_prices_in_central_dc_rise_significantly/10770
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