Perhaps the first-time homebuyers credit—-which was set to expire by Nov. 30, but now is being extended—-has been good to D.C.’s condo market. It looks like for-sale condos are being snapped up around the city.
Last week, we heard that Union Row, the mammoth 14th Street complex with some 270 units, was nearly sold out. This week, McWilliams|Ballard announced that Ten Ten Mass, located near Mount Vernon Square, had finally unloaded the last of its 163 condos.
Yes, both buildings have been on the market for several years. Ten Ten Mass first began sales in 2005, before the building had completed construction. Union Row completed construction in 2007, and began pre-sales in late 2005. But sales have been moving at a speedy pace recently—-or at least they were according to the last numbers I saw.* A recent Delta Associates report noted that condo prices will probably start to rise in the District and the Arlington/Alexandria areas given the current number of units for sale.
*MRIS stats show that condo/coop sales in D.C. (between $100,000 and $5 million) dropped off slightly between August 2009 and September 2009, with 296 and 274 sales respectively. But that sales were up significantly between September 2009 and September 2008, which reported 194 sales.