Markets & Economy

Will D.C. see more for-sale townhome developments?

Developer sees place for townhomes amid aging housing stock and new rentals
  • New townhomes for roughly $500,000 seem to represent an affordable option in DC considering volume of $1 million-plus sales
  • Demand for new housing in DC is there
  • District has a large population of potential millennial homebuyers

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In a number of D.C. neighborhoods the majority of newly-built housing has been rental product, but with more $1 million-plus home sales occurring it now seems for-sale developers are ready to re-enter the fray. Lock 7 DevelopmentĀ is under construction on 22 townhomes in the Northeast D.C. neighborhood of Brookland The two-level homes will be completed in spring 2016, with presales to begin shortly. With some existing homes recently trading for more than $1 million in Brookland the developer has to like its chances of selling 22 homes starting in the high $400,000. Lock 7's David Gorman states Brookland represents a less dense urban neighborhood that features older housing stock mixed with newly built rental - creating a need for new housing. To assemble the development site the firm acquired contiguous parcels from two separate owners. According to Graphiq, Brookland received a 19.7 score in its best places to raise a family category, a low rating for neighborhoods in ...