Annapolis has always been a popular place to live, offering waterfront properties and historic homes within decent driving distance of both Washington and Baltimore.
But it hasn’t been immune to price drops. “The downturn nationally has been so bad that even here the market has softened,” says Bob McWilliams, a real-estate agent with Long & Foster.
Average home prices in Annapolis are down by 6 percent from their peak in 2007, McWilliams says. The average sale price for a home in Annapolis in 2009 so far is around $470,000.
While waterfront and historic homes remain sought after, they’ve also seen some of the biggest price reductions because of overinflation during the boom.
“I’d say waterfront homes have been hit the hardest,” says Karlton Morris of Champion Realty. “Something that was $2 million might be $1.5 million now.” Still, Morris says, houses are selling: “To get a decent waterfront home, you’re looking at between $1 million and $2 million, but you’ll get a lot more for your money these days.”
Every Friday, we round up the week's real-estate news and gossip.
• The $8,000 first-time home buyer tax credit was extended earlier this week. The credit will now run through April 2010. [WBJ]
• Park Place, the mixed-use development across from the Georgia Avenue Metro station in Petworth, will feature a Thai restaurant, a diner, and a wireless store. [UrbanTurf]
• The city council has agreed to redevelop a parcel of land in Southeast into a new fire station. The space is also expected to feature office and retail space. [DCMud]
The Neighborhood: This new 19-floor apartment building is in the heart of Crystal City, just south of the Pentagon. The neighborhood’s tree-lined streets are walkable—pedestrians can easily get to parks, shops, hotels, and restaurants. Chef Morou Ouattara recently opened his newest restaurant, Kora, a block away. The building also features underground access to the Metro’s Blue and Yellow lines, so there’s no need to step outside in the winter.
Floorplans and Prices: The building opened this summer, and about half of the 265 residences have been leased. Floorplans range from one-bedroom, one-bath residences with or without balconies to two-bedroom, two-bath penthouses. One-bedroom apartments range from $2,155 to $5,235 a month. Two-bedroom apartments range from $2,940 to $6,365 a month. Apartments feature nine-foot floor-to-ceiling windows, full-size washers and dryers, and walk-in closets. Kitchens have granite countertops, cherry cabinets, and stainless-steel appliances.
Every Friday, we round up the week's real-estate news and gossip.
• Take a look inside the Dupont Circle house where the Real World DC cast lived for fourth months (we recommend turning down your speakers to avoid the asinine commentary from the cast members). [WaPo]
• Construction employment in the Washington region has suffered a significant drop in the last year, says a study from the Bureau of Labor Statistics. [WBJ]
• Renderings of the seven-story Silver Spring library have been released as Montgomery County prepares to break ground next year. The building is designed to accommodate a Metro station for the proposed purple line. [DCMud]
• Things seem to be looking up for Logan Circle’s Metropole condominium: 25 units have sold in the past six months. The building, which opened more than a year ago, still has 30 condos on the market. [WBJ]
• The Historic Preservation Office has raised concerns about the plans to redevelop the Takoma Theatre as an apartment building. [DCMud]
• Catholic University’s Brookland campus buildings will soon feature 1,000 solar panels, installed and operated by Washington Gas Services. The eco-friendly system will still only generate a very small percentage of the total electric power used by the university. [Housing Complex]
• Shiloh Baptist Church’s long-neglected properties on the 1500 block of 9th Sreet are (finally!) being renovated—a new cover of paint and windows were installed earlier this week. [DCist]
• The city government is looking for proposals to redevelop the Franklin School in Southeast. The building is currently used as a shelter and, for Dan Brown fans out there, is featured in his most recent book, The Lost Symbol. [DCMud]
• Washington is the new New York. At least for young adults looking for lucrative jobs, says a panel of economists and demographers. Our city tied with Seattle for the title of “next youth-magnet city.” [WSJ]
• More potential delays are on the horizon for the planned Washington Convention Center hotel, as the development company JBG is suing the DC government over the contracting process by which competing developer Marriott International was selected. [WBJ]
• DC’s housing authority announced it received $34.4 million in competitive grants from the government. [Housing Complex]
• Curious about Washington’s current condo market? Here’s a list of the top-selling condominiums in town. [Urban Turf]
- The Real Estate Market
