- 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
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 Development 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 the district. The neighborhood is also just outside the region where the most “hipsters” and young professionals live.
[graphiq id=”1BjRHDq32tL” title=”Brookland Washington, DC 20017 Profile” width=”600″ height=”600″ url=”https://w.graphiq.com/w/1BjRHDq32tL” link=”http://places.findthehome.com/l/171926/Brookland-Washington-DC-20017″ link_text=”Brookland Washington, DC 20017 Profile | FindTheHome”]
A number of these young professionals appear to be educated and make a solid income, which would seem to make them solid candidates for future home purchases. Overall, D.C. has a disproportionately large young professionals (25-34) population.