As D.C.’s tourism market continues to increase, a number of hotels are on the way.  The city is growing, and to satisfy that growth, hotels and other residences are being introduced at relatively rapid rate.

Additionally, some hotels are changing hands as the prices of real estate continue an upward trend.  With that in mind, it’s always interesting to see how much hotels are actually valued to be in D.C..

“Modus Hotels and Alex. Brown Realty have acquired the 75-room Normandy Hotel in Washington, D.C., for $16 million,” The Baltimore Business Journal reports.  “The joint venture purchased the property, on Wyoming Avenue between the Dupont and Adams Morgan neighborhoods, for $213,000 per room. Alex. Brown Realty’s investment in the property was made through the Baltimore-based company’s ABR Chesapeake Fund IV.”

You can read the full story on Baltimore Business Journal online. 

16 Million dollars total and $213,000 per room?   That’s some serious cash and shows the value of property.

Log onto Brandon Green online to learn more about real estate prices throughout the D.C. area.

We’ve seen a number of signs recently that back up the theory that D.C.’s real estate market is on the rise.

And now we’ve got another sign affirming this idea.

“The median price of a home in the District reached its highest point in history last month, according to the latest data from RealEstate Business Intelligence, a subsidiary of MRIS,” Kathy Orton of the Washington Post wrote earlier this week.  “D.C.’s median sale price soared to $460,000 from $405,000 in March 2012, an increase of 13.6 percent year over year. For the entire metro area, the growth was more modest. The median sale price for the region rose 8 percent, to $372,500 last month from $345,000 in March 2012.”

“Condos were the strongest sellers in March, accounting for 1,011 sales,” The article continues.  ”That was the highest total for that month in six years for this area. In contrast, sales of single-family detached homes diminished slightly, down 0.7 percent from March 2012.”

The article has tons of interesting nuggets and is definitely worth a read so check it out here.

D.C.’s housing market is HOT!  Join the action NOW!

It’s always interesting to see where politicians who move to D.C. decide to live.

Each neighborhood in the District has its own character, traits, and aura, so choosing a neighborhood that matches you as a person is key.

Elizabeth Warren, the newly appointed Senator from Massachusetts has elected to set up camp in Penn Quarter right in the heart of Downtown, according to the Washington Post.

“The new senator from Massachusetts has put down roots in downtown Washington — and her posh Penn Quarter condo is within walking distance of hot restaurants, popular museums and even her new office,” The article reads.  “Two bedrooms, two baths and just over 1,400 square feet. ”

Read the full story on Washington Post online. 

Moving to Penn Quarter gives Warren the ultimate urban experience, as the community is surrounded by the sights and sounds of the city.

The question is this: Which D.C. neighborhood fits YOU the best?

Find out by contacting one of agents who have experience working all over the D.C. Metro.

As the appeal of moving to D.C. continues to grow, the prices for D.C. real estate will undoubtedly rise as well.

In the recent past prices around town seem to be creeping up, with certain locations leading the way.

“Within the city limits of the District, the average price per residential square foot according to Trulia is $425, an increase of 14.9 percent over last year,” Ted Smith of the Washington Blade wrote earlier this month.

Smith then lists the ten most expensive neighborhoods in D.C. (measured by price per residential square foot) in December 2012.

Georgetown, not surprisingly, was ranked the priciest in the city followed by Kalorama and West End respectively.

See the full top 10 priciest neighborhoods list and Smith’s entire article here.

We at Brandon Green Companies can help you find all types of homes at whatever price point fits your needs.

Click this link to learn more and to see homes for sale in Georgetown, Dupont Circle, and all over D.C..

Take a look at this fantastic client testimonial posted on our Brandon Green Yelp page:

For your information, we’re pretty sure Troy has an “S” on his chest too! :p

So happy “Bonita” had a positive experience with us.

Find out more about our terrific team on Brandon Green website. 

As D.C. continues to develop, the city’s tourism has continued to develop as well.  Construction is evident all over the District as investors try to capitalize on the burgeoning industry.

One of those investors is Foxhall Partners, who recently secured two hotels in Northwest Washington according to BisNow.

“Bisnow has learned that a Foxhall Partners affiliate has acquired two boutique hotels in Northwest DC for $91M, or $284K a key,” The article reads.  “The hotels are the 170-room Carlyle Suites at 1731 New Hampshire Ave in Dupont Circle and Glover Park’s 150-key Savoy Suites at 2505 Wisconsin Ave.”

Read the full story on Bisnow.

With these fantastic locations, these hotels should have no problem renting rooms.

There are some beautiful homes in Dupont Circle and Glover Park available for sale. 

Check them out on BGC’s homepage here.

A lot of people have a lot of theories about why D.C.’s housing market is one of the strongest in the country.  Many point to the new constructions, developing neighborhoods, and abundance of jobs in the District, and it could be all of those things.Donna Evers of The Washington Blade, though, has a far less complicated concept: Evers thinks the D.C. market is rocking, quite simply, because D.C. is now a “hip” city.”"The Washington metro-area housing market continues to be one of the strongest in the nation, with many motivated and qualified buyers eager to purchase property and call the nation’s capital home,” Evers wrote today.  “Young professionals are a growing and key factor in this renewed interest in living the district as the city is seeing a surge in popularity as one the top cities to live in the country.”In the article entitled “D.C. a haven for the young, hip and cool”, Evers explains how the city has progressed over the past few decades to the bubbling metropolis we see today.”The average age in the District is 36 with some 10,000 people ages 25-34, having moved here between 2009 and 2011, in a trend that will only continue according to top urbanists and demographers,” She wrote.  ”So why is D.C. now so appealing to young professionals? One of the key factors is the job market and the opportunities that abound for educated young professionals with everything the city has to offer. The district’s unemployment rate is among the lowest in the country and career options are excellent in Washington, D.C. with the federal government and all the spin offs in business, science and the arts that radiate outward from government. Young people see greater potential to find employment and professional growth in the District than other areas and can relocate because they have the most flexibility to move anywhere in the country to make opportunities for themselves.”Evers also points to the culinary, culture, and nightlife scene that D.C. now possesses as reasons why the city continues to attract new residents and why the District has such a burgeoning housing market.Read the full article here…it’s not too long and definitely worth a glance.To learn more about D.C.’s housing market and how ‘hip’ the city really is, contact one of our super-hip agents at BGC.And also feast your eyes on some of these amazing homes available in D.C. right now.

There was interesting article by Ronald Paul, the Chairman and CEO of EagleBank, the other day in the Washington D.C. real estate section of the Huffington Post.The article, which talks about D.C.’s growth, offers a perspective on how the real estate industry can affect D.C.’s economy as a whole.

“It will be small businesses that will be the engine for economic recovery,” Paul writes. “As they grow, so too will jobs. Here in the Washington, D.C. area, “small business” includes a lot of real estate developers. We will literally build ourselves out of the current state. I’ve noticed more and more construction activity lately, and that’s a good sign. Most of the lending is being done by community banks, EagleBank among them. Unlike banks headquartered elsewhere, community banks know the market intimately. We understand the effect of being on the northwest corner of a certain intersection rather than the southeast corner (or vice versa). We lend in our hometowns and our backyards.”

It’s not a long article and it’s definitely worth the read.  He even talks specifically about Petworth and the change that particular neighborhood is seeing.

In D.C.’s Petworth area, a regional developer is redeveloping a Safeway one block from the Metro station into a mixed-use project that will include Safeway and about 218 multifamily units; the residential component will utilize $35 million in construction funds,” He explains. ”Ground breaking takes place next month. Also across the street from the Petworth Metro, another multifamily rental project, this one with 49 units, just completed construction.”

Check out the full article here.

It’s pretty clear D.C. is growing rapidly both business wise and real estate wise, and people all over the country are taking notice.

Many of our buyer clients are tense right now because despite accounts of a buyer’s market, and desperate sellers, the reality on the ground can seem much different.  A number of buyers are experiencing multiple offers, and very few options.  Why is this? Two big reasons:

  1.       The normal life cycle of someone’s active use of their home runs 3-5 years, after which life changes and it is frequently time to move on.  Because of equity loss, many sellers since 2005 are unable to list their property without writing a very large check, or short selling and destroying their credit.  They are therefore staying put, or renting – pulling thousands of opportunities (listings) from the hands of anxious buyers.

 2.       The foreclosure process in many jurisdictions has halted due to new mediation requirements which has stalled that pipeline as well. This translates into very few buyable opportunities for most buyers in many market categories.

If you’d like more information, contact me.

It has been raining all week here in Washington and I’ve been touring houses seeing signs of water in basements, windows, in corners and on ceilings.  I did a little bit of research thanks to Dave Moersen of Home Check Home Inspections and the stats are telling.  Only 600 sq feet of roof space sheds approximately 800 gallons of water after only 2 inches of rain.  4 downspouts emptying water at 4 different locations would each discharge 200 gallons of water.  Most water seepage into basements is less than 20 gallons!

90% of property condition issues I see are water related so if you’re a home owner (or potential seller) look carefully for signs of water infiltration.  During the next heavy rain that lasts more than a few minutes, walk around the inside and outside of your home – during the rain – with a flashlight and watch where and how the water flows.  This will tell you want you need to do to maintain proper water flow on your property.

If you’re a buyer, look for staining, rotten wood, musty smells, and damp areas of the house.

For more information about property condition signs to watch for, please contact me.  Brandon@BrandonGreen.com