Renewshaw has a great summary of what has gone into the neighborhood over the past 5 years and having moved here 5 years ago last month I have seen it all go by as well. It is really amazing what 5 years of improvements can mean to a neighborhood and as he points out the next 5 will see even more dramatic growth. I look forward to many more happy years here.
Tuesday night there was a meeting at the Reeves Center with JBG and Myla Moss about the developers plans for the 3 parcels they bought between 7th & 9th south of Florida. The are proposing 5 floors of apartments, ground level retail and one level of parking. They cannot go much deeper because the metro sits right below the building but I am concerned at developers not putting in enough parking for their buildings, something brought up by the proposed building at 14th & Wallach with oth 45 parking spaces when zoning should mandate 80. I hope these units are at least bigger thus not needing more spaces.
Here is an interesting perspective on history: Grtr Grtr Wash has an artcile about how the residents of a development near AU object to a new apartment building. Turns out 30 years ago neighbors were saying the same thing about them. That is one of the things that really bothers me about residents blocking development. People once said the same thiing about you. Why not work with the developers to make the addition whats best for the neighborhood because 9 times out of 10, it improves neighborhoods, increases property values and brings new life to a neighborhood.
Also Geo Mason Univ did a study showing that DCers are more likely to move than most parts of the country – feeding our rep as a transitioning town. MOST interesting is that DC actually had as many residents movinig into the district as were moving to VA or MD. That says something for the city and it’s improved quality of life! BUT DC also has one of the smallest house averages nationwide, the average residence while pricey at $425k averages only 1000 square feet. VA and MD averages are almost double:
That high price tag means that we should be happy that Congress is attemppting to keep the FHA loan limit high – something we need in this area.
FHA rules also effect income from multifamily units that you may buy. There are many rules around this but there is a payoff in additional income in the future: thought there are some considerations like in this writers experience.
Curious about what your house is worth? You can now go on several sites to get a guessimate which could be only about 8.5% +/- off
Not looking to move but want more living space? Follow the common trend of creating outdoor rooms: Kitchens, decks, storage, etc I recently put in a outdoor set on my deck and I love sitting out there now.
But they are staying close to the DC metropolitan area:
What about Chinatown? Thanks to the MCI Center and city sponsored development 15 years ago, this are has lost it’s Chinese character. The retirees in the Wah Luck house, now go to VA to buy their groceries. Do we need to maintain what might no longer be there? Or is it just Disneyfication of the area? I think it adds character to the developments rather than the boring glass box model on K Street.
Don’t forget the Logan Circle House Tour on Sunday Dec 4!