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Most of you should know by now that gentrifiers make housing and apartment prices go up up and away so nobody else can live around them but them, plus they're the only people developers are building for in 2016. they couldn't care any less for the rest of humanity.
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Originally Posted by Chriz Brown
I guess you don't know what "proven wrong" means. It means your claims are false backed up by facts.
Like I said, capital is flowing across the river now. Rents are rising high enough to offset construction costs and this building proves it. The first of many.
Like I said, capital is flowing across the river now. Rents are rising high enough to offset construction costs and this building proves it. The first of many.
I think the "luxury apartment" market is possibly in a bubble though. Only so many people can afford them. What will likely happen is they will be filled with 20-somethings fresh out of college living 6 people to a 2-bedroom apartment. The noise they bring will discourage older and more mature people from living in those units and prices might drop.
DC is about to get loads of new apartments in 2017. A good chunk of current construction projects will be completed next year. This might also lower prices as people will have more options.
But a luxury apartment in DC is still cheaper than a lot of studio coffins in Manhattan so...
I think the "luxury apartment" market is possibly in a bubble though. Only so many people can afford them. What will likely happen is they will be filled with 20-somethings fresh out of college living 6 people to a 2-bedroom apartment. The noise they bring will discourage older and more mature people from living in those units and prices might drop.
DC is about to get loads of new apartments in 2017. A good chunk of current construction projects will be completed next year. This might also lower prices as people will have more options.
But a luxury apartment in DC is still cheaper than a lot of studio coffins in Manhattan so...
There is no bubble in the apartment market in DC. There is actually a shortage. You must remember that the ages of people moving into luxury rentals range from 22-60s years old. I used to live in NOMA at first and M and we had people with gray hair, people with kids, and college kids.
There is no bubble in the apartment market in DC. There is actually a shortage. You must remember that the ages of people moving into luxury rentals range from 22-60s years old. I used to live in NOMA at first and M and we had people with gray hair, people with kids, and college kids.
I think you misunderstood. I'm not saying there is a bubble in the apartment market in DC.. I'm saying there is a bubble in the LUXURY apartment market.
I think you misunderstood. I'm not saying there is a bubble in the apartment market in DC.. I'm saying there is a bubble in the LUXURY apartment market.
Every year they predict a bubble in D.C. because of absorption trends over the last decade, however, DC is a very different place than it has ever been so the measurements being used to measure DC are very off. That's why DC continues to set records. I guess we will see in January whether the record absorption continues, but as you can see, they've been saying that for years. At some point, people are going to have to admit this may be the new normal.
Last edited by MDAllstar; 10-26-2016 at 04:01 PM..
Every year they predict a bubble in D.C. because of absorption trends over the last decade, however, DC is a very different place than it has ever been so the measurements being used to measure DC are very off. That's why DC continues to set records. I guess we will see in January whether the record absorption continues, but as you can see, they've been saying that for years. At some point, people are going to have to admit this may be the new normal.
I guess I'm wrong on this. And it makes sense the more I think about it.
I agree that its likely due to how much DC has changed. This 2013 article called DC "America's new second city".
Years ago people used to complain that DC didn't offer much excitement to justify the high COL. Clearly that has changed. Also, development in DC seems to have no end in sight. We keep getting MORE of everything on what seems like a weekly basis. This just raises DC's market value as a place people want to live.
2017 will be very exciting. Phase 1 of the Wharf opens along with a lot of other projects. NoMa is getting massive amounts of development. H street is developing because of the street car. We get Capital Crossing in 2018. No end in sight! More office space, more apartments, more people. Developers are grabbing every inch of land they can find and building on it. Its crossing the river to ward 7 and 8. Pretty amazing.
Another market rate building is coming east of the river. This one is 197 units and 100% market rate in Ward 7. This is the second building to be announced in the last month east of the river.
Another market rate building is coming east of the river. This one is 197 units and 100% market rate in Ward 7. This is the second building to be announced in the last month east of the river.
I think you misunderstood. I'm not saying there is a bubble in the apartment market in DC.. I'm saying there is a bubble in the LUXURY apartment market.
I think the market has conflated Class A with Luxury. Now, just about every new apartment building is marketed as "luxury." I'd prefer they just say Class A. Luxury should be marketed as more than granite countertops and an indoor gym. It should mean a door man, floor to ceiling windows, a concierge, a balcony with a fireplace, and be at least 1500 sqft.
These little 2-bedroom 800 sqft dorms being passed off as luxury is a joke. I've been in a lot of those new apartments in DC and wasn't impressed at all. Location is great. Even the rooftop pool, but not what I consider luxury.
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