From DC Mud
Recent articles on the real estate market have included a small glimmer of hope, amidst all of the decline, that the U.S. housing market could be looking up. The Wall Street Journal also reported that home prices in major U.S. cities have experienced the first monthly gain in three years.
DC seems to be taking advantage of the small, but significant opportunity.
The Hanover Company, a national developer of luxury apartment residences, introduced its newest addition to Washington DC last week. A high-rise and high-end apartment building, Ashton, is located at the Judiciary Square corner of Penn Quarter.
Ashton is described by The Hanover Company’s web site as, “easily the most anticipated newly developed luxury leasable residence to appear in the District’s unique northwest neighborhoods in years.”
The 12-story glass building located at 750 3rd Street, NW, holds 49 apartments and a parking garage. Ashton’s residents will have some of DC’s finest views, including the U.S. Capitol, Washington Monument and the National Building Museum.
Another project, just outside of DC takes its focus off of the upscale market as new public housing and mixed-income units are added to Alexandria. Alexandria Mayor William D. Euille, Redevelopment and Housing Authority Executive Director Roy Priest, and developer EYA will break ground for the construction and rehabilitation of 102 homes off West Glebe Road near Mount Vernon Avenue.
48 new apartment homes will replace the out-of-date public housing currently located on the 800-block of West Glebe Road. Two apartment buildings will be renovated, as well as the addition of a new apartment building and 18 for-sale homes to create 54 units on the 900-block of Old Dominion Boulevard. Ten of the homes will be targeted for workforce families.
Two or three-bedroom 1,024 to 1,416 square foot workforce homes will be priced from the low $300s, with a financial subsidy from the City of Alexandria to the buyer. The two or three-bedroom town-homes will range in size from 1,920 to 1,944 square feet and will be priced from the upper $400’s.
The real estate market is far from recovered. Credit is still difficult to come by but it is nice to see that the DC market is still going.
Tags: DC Mud, real estate market
