Condominiums in a new building on Route 1 in Woodridge, D.C., just over the Mount Rainier border, are listed for as much as half a million dollars.
Located at 2027 Rhode Island Ave. NE, across from Good Food Markets, The Heritage D.C. has 43 one- and two-bedroom units in new construction built around the remnants of a bank building from 1923.
Although a brochure says prices start in the 300s, condos listed as pending sales on Zillow are going for $419,000 to $499,000, and one 900-square-foot unit with two bedrooms and two baths is listed as for sale at $525,000.
In a sign of how much the Route 1 corridor has become a draw, the brochure includes Zeke’s Coffee, Pennyroyal Station and Little Miner Taco among nearby amenities.
The condo market is slower than normal right now, as the pandemic has led a lot of buyers to look for more space, creating high demand for single-family homes.
Real estate agents expect the condo market to heat back up as workers return to the office, but until then some are resorting to creative promotions to draw attention to condos for sale.
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Those are prices above and beyond what I paid for a 2,000 sq. ft. single-family home in District 3 ten years ago.
@Jose You paid for your home 10 years ago. That’s a lifetime ago in the real estate industry. But it’s unfortunate homeowners are paying so much to get so little in square footage.
@Bea, That’s a very fair observation. The housing market has only intensified over the years, and to be fair, prices back then followed the market crash. Fortunately, the surrounding zip codes still have single-family homes for sale in the 300K-400K price range.
My primary concern is that the new units which go up in areas like Riverdale Park, College Park, Woodridge, and Hyattsville (see Suffrage Point) are hyper-inflated to the point of price gouging. Developers will charge what the market can bear, I suppose.
Additionally, inflation in supplies and labor is inevitably playing a part in the sky-high rates for condos and townhomes. Nonprofits like CSG conducted research revealing that the inherent construction costs make it next to impossible to build affordable housing along the Route One Corridor.