Condo Development Shifts To Baby Boomers
Regarding condo development, investor interest is shifting from Millennials to Baby Boomers. Washington Fine Properties broker Matt Cheney says developers are finding money in building great accommodations for empty nesters, in best-in-class neighborhoods with awesome walkability. This begins the reversal of the trend of the last half-decade, where new condos were geared toward first-time homebuyers off the beaten (read: cheaper) path. Matt tells us to look for more of this kind of development in downtown McLean, VA, and Tysons Corner. In DC, the West End and Georgetown remain highly desirable. Matt also sees an increase in the price delta between resale condos and new construction condos in highly desirable submarkets like Logan, Bethesda, Georgetown and Old Town Alexandria. A 20% delta between resale and new construction prices is not unusual; this could increase as today’s consumer demands turnkey. Matt is now expanding his portfolio to include boutique and midsized condo projects. He’s handling the marketing and sales for the nine-unit condo building Lanier Station in Adams Morgan that is set for delivery early next year. For more information on our Bisnow partner, click here.