Residential building at 16th and S Street NW. Google Maps.
In this installment of UrbanTurf Reader Asks, a co-op owner wonders if he should put his unit on the market before the supply of homes for sale increases.
I live in a large two-bedroom apartment in a historic (pre-war) co-op building near the intersection of 16th and S Street NW.
I plan to move away from DC within the next two years, but I’m not entirely sure when (depends on job relocation). My unit has appreciated quite handsomely in recent years (based on comps) and I could probably sell it for around $500,000 now. However, I’m concerned that the coming glut of many brand new condos will impair the value of my place—the classic case of supply and demand.
Do the experts think I should consider putting my place on the market now to lock in the gains? Or do people think prices will at least remain stable over the next year or two, even for older units that have lots of character (and classic proportions, not the smaller sizes of new units), but lack some of the amenities of newer buildings (no gym, no deck, no w/d in unit, etc)?
Readers, what do you think? Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to firstname.lastname@example.org.
This article originally published at https://dc.urbanturf.com/articles/blog/ut_reader_asks_should_i_sell_my_coop_now_before_the_supply_increases/7590.
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