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Highlights from Delta Associates’ third quarter condo report:
- “The District accounts for two-thirds of net new condo sales. During the 3rd quarter, there were 262 new unit sales in the metro area. Although sales activity fell metro-wide almost by half compared to the second quarter, most of the inner communities reached sales milestones, led by the District. There were 174 sales in the District, the highest quarterly total in over a year, and accounted for two thirds of all sales this quarter in the metro area. However, there is still a risk of buyers dropping contracts or projects reprogramming to rentals as buildings set to deliver in the District during the 4th Quarter.”
- “The District’s 36-month pipeline of projects has declined to 6,504 units as of September 2008—-a 9% decrease from its peak. This figure includes only those units that we believe are probable to move forward as planned.”
- “[In the District] projected deliveries for the next 12 months stand at just over 900 units – a 58% decline from deliveries from the preceding 12 months.”
- In the Washington area, “in the second quarter of 2008, 14 condominium projects were canceled, totaling 2,685 units. In the third quarter of 2008, 10 projects were canceled, totaling 3,522 units. Of those changing course, 6 projects with 1,552 units, were added to the Class A development pipeline. Since the first quarter of 2006, over 28,000 condominium units have been reprogrammed and added to the Class A apartment pipeline.”