D.C. condo development reports increasing demand

An under-construction condominium project in Washington, D.C.'s Friendship Heights district has sold nearly three-quarters of its residences.

Developer Robertson Development told Multi-Housing News that despite a sagging home sales and condo market, their 49-unit project, called the Harrison, has already sold 70 percent of its residences.

The D.C. side of Friendship Heights has not seen any new residential projects in five years, but developers tell MHN that the condo's location makes it appealing to possible buyers. The Harrison's landlords will be able to advertise its easy access to the nearby Friendship Heights Metro stop, as well as its proximity to a high-end shopping district on Wisconsin Avenue. The project will also include a 40-car parking garage and separate spots for motorcycles and bicycles, reported MHN.

Citing data from Metropolitan Regional Information Systems, the report added that condo sales volume in the local market is down on a year-over-year basis. However, prices are rising, as the average condo sold in Washington, D.C. cost $443,800 in July. That was a 12.26 percent increase from the year earlier, said the report.

Condo managers in the region may be performing tenant credit screening on a number of military workers, given the military's ongoing Base Relocation and Closure Process. Some states, including Maryland, are offering relocating workers financial assistance that can be used towards buying a home or renting.