Saturday, June 25, 2011

More Signs the Economy is Improving (in Washington D.C.)

WaPo reports:
With all the bad news about the national housing market, it may come as a shock to eager Washington area home shoppers when they run into a bidding war. But that has been happening routinely in some popular neighborhoods, say real estate agents, especially when properties are priced slightly under the market and are in good condition or show strong promise for renovation..There usually are fewer bidders now compared with the boom times, agents say. “Most of my scenarios involve perhaps two to four bidders and anywhere from $5,000 to $20,000 extra, depending on the price range of the property, although one seller got more than $70,000 more with only three buyers in competition,” said Valerie Blake, associate broker with Prudential Carruthers Realtors in Upper Northwest.

Blake finds most multiple offers occurring at the first-time buyer level — up to $400,000 — and in the move-up price range up to $725,000. But others say they’re seeing competition in all categories, including the million-plus bracket.
Bottom line: Beside all the nonsense talk of budget battles, the federal government is growing, and so the area around the center of federal government is experiencing a mini-boom. You will know the government is shrinking, and becoming less powerful, when there is a housing crash in, and around, Washington D.C.


  1. Isn't this article discussing the Washington state market? It references the "upper Northwest."

  2. Upper Northwest is a section of D.C.

  3. Anon and Banacek, read the article again and note the areas that they are talking about, Bethesda, Reston, etc. When they mention the "upper Northwest, they are talking about the upper Northwest area of DC.