Real Estate News Fleur Howgill August 22, 2023
Washington, D.C.’s Pennsylvania Avenue – the thoroughfare linking the White House and Capitol Hill -- is truly iconic. After all, it has been called “America’s Main Street.”
But could it be even more iconic? A group of local D.C. and federal agencies think so. They’ve recently formed a partnership to transform Pennsylvania Avenue into “a more lively corridor” by 2026, according to Axios.
The National Capital Planning Commission (NCPC) has released three concepts, all of which envision a more pedestrian and bike-friendly avenue. “The vision—The Avenue as a Venue—sees Pennsylvania Avenue transformed into an inspiring public space destination for the city and the country, offering an unforgettable visitor experience for spectacular events, a vibrant amenity for city living, and a place for communal joy,” the NCPC said in a press release.
While there are no residential units under construction or planned in the study area, there are nine current residential properties in the area, including the Newseum Residences, The Lansburgh, The Lexington at Market Square, The Residences at Historic Row, Residences at Market Square East, Residences at Market Square West, The Clara Barton, The Lafayette and The Pennsylvania, for a total of 1,420 residential units.
Speaking of transformations, anyone who has driven along the Dulles Tech Corridor (or ridden on the new Silver Line Metro) will surely notice that Tysons Corner, which was formerly just a shopping destination, is now a major Northern Virginia market.
Not surprisingly, the newly bustling district is running into a bit of a housing shortage, according to a recent study released by the Tysons Community Alliance and reported on by WTOP.
Tysons’ population has grown by 17% since 2015, reaching over 29,000 residents. Moreover, it is projected that roughly 15,000 more residents will call Tysons home by 2030. And while housing and rental units have increased substantially – over 1,000 new rental units were added in 2022 alone -- absorption has kept up, indicating a demand for more housing in Tysons.
In order to meet the projected population growth to nearly 45,000 people, Tysons will need to add an additional 4,400 housing units by 2032. New residential development is happening in the area, according to the report, with 1,600 units under construction and 624 more in the planning stages.
So if you are looking for a townhome or condo in an up-and-coming area with lots of great amenities, reach out and let’s start looking! And if you already own a property in Tysons Corner and are ready to sell, let me know!
Finally, we all heard last week about interest rates reaching 7.09%. The Washington Post has a good analysis of what this means for homebuyers in terms of mortgages and affordability.
The important thing to remember is rates do fluctuate – they go up and they do go down. It’s happened before and, in fact, interest rates have been even higher, according to experts, going as high as 18% in the 1980s. “High rates are challenging for home buyers, but it’s worth noting that Americans bought homes before the recent era of super-low rates,” Jeff Ostrowski, analyst at Bankrate said in the article.
Playing the rate game is always tricky. No one really knows when they’ll go down again or by how much. Or, they could go up again!
At the end of the day, the right time to buy a home is when you need a new home. Interest rates are only part of the equation and a changing part at that.
If you are ready to buy or sell a home, let me know and I’ll help guide you to what makes sense for you and your family.
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