Need advice on condo market in DC + neighborhood

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Need advice on condo market in DC + neighborhood

Mary Joe
Investor · Brooklyn, NY · Member since 2013 · 254 posts · 28 votes

Hi All

I live in NY,  am thinking of purchasing a condo as a rental investment in DC, near metro, long term buy and hold. Would appreciate advice on the following

1) Can you recommend safe and good neighborhoods that are easy to attract stable and good quality tenants?  The only ones I know of is Georgetown and Dupont Circle, wonder if there are other areas that I should consider.

2) What is the condo market like in DC these days?  Crazy expensive, overheated,  or stable? 

3) What is the approx average rent per sq feet these days for condos in Dupont Circlce and Georgetown area?

4) Anything in particular that an out of town investor needs to know about buying condos in DC and renting it out?

Would appreciate any advice you can offer, many thanks in advance !

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Wendell HallPro Member
Investor · Houston, TX · Member since 2016 · 30 posts · 43 votes
9y

Mary Joe , there are many, many more neighborhoods to buy than Gtown and DuPont. Safe is relative but most neighborhoods in the city, except a few in each city quadrant, are pretty safe--despite what many say or believe (most don't live in or know areas outside NW or trendy NE).

As for condo investments around metro stations for long term, anywhere near Cap Hill/H street corridor might still be profitable (soon adding the Benning Rd extension of H street).

Potomac Ave metro area near Eastern Market and extending down Penn Ave toward the river has new condos, Navy Yard near the ball park, near Catholic U, Petworth, Stadium Armory.

There are more (east of the river) but these are some areas with current amenities (except SA). Hope this helps and happy to chat here or offline.

@russellBrazil is also very knowledgeable of the area.  

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  • Mary Joe
    OP
    Investor · Brooklyn, NY · Member since 2013 · 254 posts · 28 votes
    9y

    Oh, I want to add I am looking for areas that are close to shops, restaurants, amenities, metro.  Thanks

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    Mt Vernon Square, Petworth, Columbia Heights, a Cleveland Park, Van Ness, Capitol Hill, Shaw, are a few neighborhoods to check out.

    Newer luxury condos have been very hot the last year or two while older buildings have been more stable.

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  • Wendell HallPro Member
    Investor · Houston, TX · Member since 2016 · 30 posts · 43 votes
    9y

    Mary Joe , there are many, many more neighborhoods to buy than Gtown and DuPont. Safe is relative but most neighborhoods in the city, except a few in each city quadrant, are pretty safe--despite what many say or believe (most don't live in or know areas outside NW or trendy NE).

    As for condo investments around metro stations for long term, anywhere near Cap Hill/H street corridor might still be profitable (soon adding the Benning Rd extension of H street).

    Potomac Ave metro area near Eastern Market and extending down Penn Ave toward the river has new condos, Navy Yard near the ball park, near Catholic U, Petworth, Stadium Armory.

    There are more (east of the river) but these are some areas with current amenities (except SA). Hope this helps and happy to chat here or offline.

    @russellBrazil is also very knowledgeable of the area.  

    2Reply
  • Teresa F.
    Residential Real Estate Broker · Clinton, MD · Member since 2008 · 297 posts · 178 votes
    9y

    Hi Mary Joe,  My client, also a New Yorker, bought a condo in the cathedral area.  I also manage a condo in Woodley Park.  These are stable, walkable communities, with concierge, etc.  You may also want to explore the Wharf area in SW.  You will need to be mindful of condo association fees which can be substantial.  Teresa

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  • M Marie M.
    Rental Property Investor · Washington, DC · Member since 2015 · 278 posts · 156 votes
    9y

    1) Safe. How would you define that? Many NW neighborhoods have their own vibe and what some may see as funky others take as unsafe. There are parts west of the park (Rock Creek Park) that are very stable and boring and are in the preferred school districts. East of the park and west of the river there are more dynamic neighborhoods attracting lots of young professionals and hipsters who are attracted to the local bars, restaurants and coffeehouses. I love and live in Shaw, but it still has some rough spots and is economically diverse, which may be seen as "unsafe" to some. same goes for Columbia Heights, H Street, SW, and Petworth. I also like Mt. Vernon Sq & Triangle, Penn Quarter and Gallery Place.

    2) Personally I think condos are expensive and the condo fees are crazy. Almost everything (condos/fee simples) north of Anacostia is expensive.

    3) IDK

    4) DC is very renter friendly. In very popular neighborhoods parking is gold and you might have to buy a parking spot, if one is available.

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