TTR Sotheby's Condo Report - Q1 2018

TTR Sotheby's International Realty has released it's in-depth analysis of real estate trends in DC by looking at condominiums in the city. When compared to the period in 2017, the average monthly sales, prices, and monthly sales pace has increased. 

Some of the reports highlights include:

  1. There were 135 new condominium contracts in the District during the first quarter of 2018.
  2. The Capitol Hill/ Riverfront/ SW. Central and NoMa/ H Street submarkets lead the District in sales activity over the past year.
  3. The Capitol Hill/ Riverfront/ SW submarket had the fastest sales pace
  4. The DC submarkets continue to be considered supply-constrained except for four: Upper Northwest, Upper Georgia Avenue, NoMA/ H Street, and Northeast.

 

To read the full report, click here.

Understanding Condominium Conversions in DC

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The height limit in DC, coupled with only 62 square miles of space, means that land in the District is finite. One smart solution; condo conversions. This is the process by which existing single-home properties are converted into condominiums, which can be a fantastic opportunity for developers and homebuyers alike.

Why convert a home?

Condominium conversions allow real estate developers to increase the density of a property, which helps provide new home-ownership opportunities to the population. They often occur in older, neglected homes - which gives them new life. It is important to note that the District has different zoning laws, which limit the amount of development that can be undertaken per property.

Why convert a home?

Condominium conversions allow real estate developers to increase the density of a property, which helps provide new home-ownership opportunities to the population. They often occur in older, neglected homes - which gives them new life. It is important to note that the District has different zoning laws, which limit the amount of development that can be undertaken per property.

The Process in Brief:

  1. Submit an "eligibility to convert" application to the Department of Housing and Community Development (DCHD). If approved, the DCHD will provide a Certificate of Eligibility to Convert.
  2. Next, a Public Offering Statement (POS) must be submitted to the DCHD, explaining the features of the condominiums. This document must comply with Chapter 9 of the Code of the District of Columbia.
  3. The next step involves the recordation with the Department of Consumer and Regulatory Affairs (DCRA), which records the documents for public record.

It is easier to undergo this entire process with an agent who is knowledgable in the process, and who can market these condominiums for you.

The Thrive Team has expertise working with developers to create new housing opportunities for homebuyers through condo conversions, in many neighborhoods - such as Glover Park, Columbia Heights, Petworth, Brightwood and more! With an acute knowledge of the entire process, the Thrive Team can help guide you.

If you'd like to talk about some of the Thrive Team's developments, get in touch!

Break-Even Horizon for DC homeowners gets even shorter

As per a new study by Zillow, the amount of time it takes for a homeowner to recoup the costs of their purchase, as opposed to renting the same house, is even shorter than last year. It now takes only 2.96 years for the average homeowner in DC to "break-even" on their purchase. 

To clarify, the report measures the "break-even" amount as the amount of time it takes to make financial sense to buy a home, as opposed to renting the exact same home. The study found that the longest breakeven times tend to be in pricey cities like Los Angeles, Portland, San Francisco, San Diego, and Washington D.C.

Last year, the breakeven time for D.C. was 4.7 years, representing a drop of 1.74 years on average. This comes as no surprise considering how property values are rising, as are rents. While we remain at the tail end of the spring market, you may still be positioned to make a great return on your investment, and the Thrive Team can help you through your real estate decisions.

The Thrive Team is organizing a first-time homebuyers Webinar which may help you answer any questions you have regarding home-ownership. To sign up for the event, click here.

DC Housing Market was at it's peak in April

According to the latest report by ShowingTime, using Bright MLS data, April 2018 was a peak performance month for DC metro real estate. This includes the median home price, amount of days on market, and number of transactions

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Left: Listings sold and metro-wide median sold price. Click to enlarge.

 

Some of the findings of the report include:

  • The Washington D.C. Metro April median sales price of $450,000 was up 3.1% or $13,500 compared to last year and was up 3.4% or $15,000 compared to last month.
  • Sales volume across the DC Metro area was over $2.6 billion, up 9.5% from last year.
  • Compared to last year, closed sales were up 5.2% to 4,837, a reversal of the prior four months of declines in year-over-year sales and at the highest April level of the decade.
  • New contracts of 6,443 were up 5.7% compared to last year.
  • There were 8,319 new listings in April up 8.5% compared to last year.
  • Active listings of 8,655 are down 9.4% compared to last year but are up 14.9% compared to last month. This is the 24th consecutive month of declines in year-over-year inventory.
  • The average percent of original list price received at sale in April was 99.0% up from last year's 98.7% and at the highest April level of the past decade.
  • The median days-on-market this month was nine days, down one day from last year and down four days from last month.  This was the lowest April DOM of the last ten years.

 

TTR Sotheby's Q1 Market Report

TTR Sotheby's has just released their Q1 Market report (January - March), which gives a comprehensive and insightful analysis of the Washington DC real estate market. 

Read the report here.

We're in the heart of the spring market, so if you're interested in buying or selling your property, get in touch!

First Time Home-Buyers Workshop

Bilingual (English/Spanish) First-time Home-Buyers Workshop

The Thrive Team is pleased to invite you to another informative First-Time Home Buyers Workshop, as part of our spring-market seminars. Join Eddie and Yianni for a bilingual (English/Spanish) 60-minute seminar as they help you navigate the complex DC market, touching on all relevant aspects, such as:

  • Mortgages and pre-approvals
  • Tips for protecting your money
  • Finding the perfect home
  • Working with a real estate agent
  • Understanding appraisals
  • Settlements and Closing
 

You may be surprised how easy it is to get qualified and to purchase a home that hits all your marks in the D.C. area.

Beer, Wine, & Snacks and will be provided
Location:  TTR Sotheby's International Realty Office -- 1515 14th Street NW, Washington DC, 20005
Date & Time:  WEDNESDAY, April 25th from 6:30 to 7:30 PM
Seating will be limited, so RSVP NOW!: http://bit.ly/april252018

For more information:  Call Yianni Konstantopoulos at 202.957.3339

Contemporary Elegance - The Flats at Rock Creek

7 brand new condominium units at the intersection of two of the city's most trendy and desired neighborhoods, Petworth and Columbia Heights are ready! Cradled by rock-creek parkway, these brand-new constructions blend the details of two old row-houses with all of the amenities and luxuries demanded for high-end living. 

These condos feature expansive, comfortable floorplans, and are bathed in natural light with high ceilings. Some of the features include:

- Thoughtful, intelligent design & sleek, modern finishes
- Impeccable craftsmanship & quality
- Stainless steel appliances
- Ample storage options
- Private outdoor spaces, including balconies and decks for some units
- Parking available
- Within a block to trendy restaurants, cafes, grocery stores, and parks

See more about this property here.

 

Luxury Mediterranian-style estate on the Market in Spotsylvania County, VA

An incredible 11,000 square feet, three level luxury estate overlooking the Ni River Reservoir is now on the market! The listing agent is Yianni Konstantopoulos of the THRIVE Team.

Some of the property features (among many other) include:

  • Over 11,000 square feet of luxuriously appointed space
  • 7-Bedrooms, including a magnificent master suite
  • 6-Full Baths and 3-Half Baths
  • Water Views From Nearly Every Room
  • Hand Scraped Wood Floors and imported Tumbled Tile Fl0ors
  • Theater Room, Billiards Room, and Exercise Room
  • Large Three-Bay Garage
  • Expansive Rear Deck With Water Views
  • Sports Court
  • Over 8 Acres of Partially Wooded Land

Read the latest article about the property published by Fredricksburg.com here.

The listing website for the property can be reached here.

July 2017 1st Time Home Buyer Workshops!

Well, with the 4th of July Fireworks firmly behind us, we're regrouping to ensure folks are best prepared for the rest of the Summer and have plenty of time to be ready for the Fall Market.

Please join us as we host a series of free, informative, and fun sessions that will help you answer the most common questions associated with purchasing a home for the first time!

Read all about the event and RSVP here.