Washington DC being the capital of the superpower of the World is of great importance in terms of living. There are a lot of Luxury Condominiums in Washington DC. The 39th Annual Survey of Emerging Trends in Real Estate issued by Price water house Coopers nominated DC an attractive place to buy or rent Luxury Condos. There are high future returns for Luxury Condos in Washington DC.
DC ranks second among cities on the East Coast in terms of home sales of $ 1 million, with 2,759 closures in the last three years, according to Property Shark. On the other hand, Zillow found that more than a quarter of DC homes were sold for more than their quoted price in 2017, suggesting that price competition is increasingly common.
The increased competition is attributed to a radical change in the general character of the city. What happened in recent years is that DC has become a city that is not just a 'city of government, but it is home to law firms, students, and technology companies, as well as developers, builders, and financial firms.
The city’s entertainment and food attracts even more homebuyers, from couples without children returning to the city after years in the suburbs, to young families attracted by educational opportunities. They all look for New Condominiums in Washington DC. There is a significant variation in the strength of the Luxury Condos in DC metropolitan area, which also includes the neighboring cities of Arlington and Alexandria, Virginia.
DC is one of the fastest moving luxury markets. It still takes an average of 125 days to close a deal at that price level, but it's relatively fast for the region. It is not a city that rose at night, but it changed gradually. The influx of technology companies in the region seems to be one of the major factors that fueled this change. Cushman & Wakefield has ranked Washington DC in third place among the country's major technology cities, with many companies that have been attracted to its suburbs, where they can avoid capital gains taxes. There are a lot of people who come and want to stay in New Condos in DC. With all that comes lobbyists of several corporations, which generally enter and spend large sums on the property, particularly on New Condominiums in DC.
The Obama administration also brought an avalanche of shoppers looking for a luxury lifestyle, which helped the promotion of Luxury Condominiums in Washington DC. The people who came to the area are mostly young. This is because when the economy changed and people began to return to the city. There was already a national trend towards urbanization and then a young president came in and really helped revitalize the city. These changes in the culture of DC have meant a dramatic increase in the demand for Luxury Condominiums in Washington DC.
The couples without children don’t prefer houses of 5,000 square feet, they don't want an apartment of 950 square feet. They wish something bigger, and that's where the development of Luxury Condos in Washington DC begins.
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