CRE in DC

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These residential trends are concerning

In moderately priced areas on the east side of the city, like Brookland and Woodridge, about 30% of homes have dropped their prices in 2024, while in higher-priced areas, like 16th Street Heights and Georgetown, that number is in the 10% range. In Chevy Chase and American University Park, very few listings have seen price reductions.

The percentage of listings with price reductions so far in 2024 is a bit higher than at this time last year. If you are curious about the percentage of homes that have seen price reductions in your neighborhood, shoot us an email at editor(at)urbanturf.com and we will give you the answer.

https://dc.urbanturf.com/articles/blog/where_are_home_sellers_dropping_their_price_in_dc/21998

I wonder how much condos vs. SFH is a factor in some of these neighborhoods?

Anyone in the industry with any insight?

This is happening in most of the country - price cuts because interest rates are so high. The prices are still up 20%+ over the pre-COVID trend line. People ain't selling at a loss if they owned for 4+ years.

Go look at the price cuts in California.

Yet the article notes no cuts in AU Park or Chevy Chase DC, Ward 3 is perceived as the "safest" area of DC.

Cuts are noted in areas that have seen increases in violent crime.

This. Our neighborhiid in Ward 3 is considered a pearl clutchy suburb in the city. Derided by the hipsters for a lack of "vibrancy". Fair. But now everyone is seeing the appeal. Hipsters with baby strollers dont want to be hit by stray bullets. This and to some extent the schools explains the resilience of Ward home prices.

If it’s possible to buy bulletproof fake pearls, I’ll happily wear them or clutch them whenever I leave home!

—aspiring DC “pearl clutcher”

[Anonymous]

The fiscal cliff is approaching

[Anonymous]

Uh oh

https://www.bizjournals.com/washington/news/2024/03/18/sequoia-georgetown-washington-harbour-dc-sales.html

[Anonymous]

Anonymous wrote:Uh oh

https://www.bizjournals.com/washington/news/2024/03/18/sequoia-georgetown-washington-harbour-dc-sales.html

"targeted menu price increases"

[Anonymous]

Anonymous wrote:

Anonymous wrote:Uh oh

https://www.bizjournals.com/washington/news/2024/03/18/sequoia-georgetown-washington-harbour-dc-sales.html

"targeted menu price increases"

For example:

$20 cocktails
$20 salads
$20 appetizers
$40-50 entrees
+ service fees and extra charges

At a nothing special restaurant. Their revenue drop is self-inflicted and prices out non-tourists.

[Anonymous]

See, downsized. Didn't leave.

https://wtop.com/business-finance/2024/08/fannie-mae-will-keep-downtown-dc-headquarters-after-all/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Uh oh

https://www.bizjournals.com/washington/news/2024/03/18/sequoia-georgetown-washington-harbour-dc-sales.html

"targeted menu price increases"

For example:

$20 cocktails
$20 salads
$20 appetizers
$40-50 entrees
+ service fees and extra charges

At a nothing special restaurant. Their revenue drop is self-inflicted and prices out non-tourists.

those prices price out tourists, too. If I were visiting DC from almost anywhere else in the country, those prices would be shocking. If I had my kids with me, too, then it'd be "buy a loaf of bread and some cold cuts and we eat in the hotel room tonight, fam."