Map: What a regional bike trail network could look like in the D.C. area

As reported by DC Curbed, the Capital Trails Coalition has published a new map which shows the existing and planned bike trails in the Washington DC region, and how better cycling infrastructure could ensure better connectivity across the DMV.

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Going west to east from Fairfax County, Virginia to Prince George’s County, Maryland, there are currently more than 430 miles of bike trails in the D.C. area. Many of these trails, though, do not directly link up with each other, meaning cyclists must find other roads and paths to reconnect with them.

Every since bike-trails were added to major roads in the city, bike-commutes have increased! Not only is this a sustainable way to reduce your carbon footprint, it can also save time. Data backs the growth of the popularity of bikes in the nations capital. Since Capital Bikeshare launched in 2010, the National Association of City Transportation Officials (NACTO) reports that the company has expanded from 400 bikes to over 3,700 bikes in December 2016, an 825 percent growth!

Washington DC is the 8th best city for bicyclists in the country!

23 US Zip-Codes will become "$1 Million Cities" in the next year

 
 A home for sale in Monterey, California

A home for sale in Monterey, California

 

The number of cities with a median home value of $1 million or more continues to rise. Today, 197 cities of more than 10,000 analyzed have a median home value of $1 million or more. A year ago, that number was 164 – 33 cities nationwide crossed into $1 million median territory over the past year.

According to an analysis by Zillow, another 23 cities are expected to join the list in the coming year.

Unsurprisingly, the coasts are clustered with $1 million real estate markets – especially in California, where more than half (111) of the nation’s million-dollar markets can be found, including the Kardashians’ beloved Hidden Hills ($3.2 million median home value) and Calabasas ($1.2 million). The next most highly represented state is New York, with 30 million-dollar cities – and the New York City metro area, which includes New Jersey, has 41.

the 23 cities expected to join the list of $1 million cities over the coming year lean heavily coastal: 14 are in California – and nine of those are in the Bay Area. They include East Palo Alto, which is expected to have a median home value of $1.1 million by June 2019. It will join its cousin Palo Alto, where the median home value in June 2018 was $3.3 million.

While the real estate market in DC sees no sign of slowing down, the time to invest in property may be now. With Washington, Maryland and Virginia trying to court Amazon to set up shop in the region, we anticipate a steadily rising market for years to come.

TTRSIR Insider: The Definitive Guide to Buying and Selling Co-Ops in DC

The Insider, a monthly newsletter by TTR Sotheby's highlighting different aspects of real estate in the DC metropolitan area, has released it's August edition, which features an insightful article about one of the regions lesser-known types of real estate properties: co-ops.

In this article, TTR Sotheby's International Realty broker Sammy Dweck offers some practical advice when it comes to co-ops. You can read the article here.

See the stunning transformation in 7 DC neighborhoods across the last decade

It is no surprise that the housing market in DC has boomed in recent years, seeing explosive growth across the entire city. While millennials make up the largest segment of homebuyers today at 36%, rising home prices in the city has caused people to flock to neighborhoods which have seem lots of development over the last decade, including some of the projects.

Bisnow recently published a piece with images detailing all the incredible transformations in the city, which you can read here.

The Thrive Team is very active in the DMV real estate market, and uses a combination of data analytics, and current and future development projects to track "up-and-coming" markets. If you're curious about where to invest in order to build maximum equity, we can help.

The Thrive Team consistently ranked among the best agents in DC!

The Thrive Team has been ranked among the best realtors in the DMV area by RealTrends for the second year in a row. The report looks at agents in the area nationwide who have closed at least 50 transactions or $20 million in closed sales volume. All production numbers are independently verified by a third-party to ensure accuracy and report integrity

 

With regards to number of transactions, the Thrive Team is ranked 16 in DC, with over 101 transactions.

 

With regards to total sales volume, the Thrive Team is ranked 31, with over $53.5 million in sales.

 

 The Thrive Team. From left - right: Ameer, Simon, Yianni, Sandi, Eddie

The Thrive Team. From left - right: Ameer, Simon, Yianni, Sandi, Eddie

The Thrive Team at TTR Sotheby's International realty, led by Yianni Konstantopoulos, has had explosive success over the last few years, having been ranked as the best realtors by Washingtonian Magazine for two years in a row, as well as receiving numerous "Exceptional Sales Achievement Awards" by TTR Sotheby's. The Thrive Team is guided by a simple philosophy that sets them apart: Authenticity - Transparency - Effectiveness.

We'd like to thank our clients, without whom we would never be able to achieve the level of success that we do!

TTR Sotheby's is Leading the Real Estate Market in the DMV!

The Thrive Team couldn't be more proud to be working for and contributing to the success of our brokerage, TTR Sotheby's International Realty. After looking in depth at recent real estate market trends and data, TTR Sotheby's is leading the market, in terms of market share of transactions,  at recent market trends and data, it is clear that TTR Sotheby's is leading the market in the area, in terms of market share of "luxury" properties ($3.5m and above) both in DC and Virginia and most sold year-to-date in the Washington region.

 

See the rest of the graphs below:

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The Thrive Team at Sotheby's continues to be one of the top-performing real estate teams in the region, and has been recently named among the best agents in the city by Washingtonian Magazine! We are here to help you with all your real estate needs.

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.