Foggy Bottom

In the radius of 0.3m from the Foggy Bottom Metro station, there are 22 rental units on the market. THe cheapest is $1,600/mo for a 1 bedroom unit, and the most expensive is $10,000/mo . It is a luxurious 3 level Penthouse at the Ritz Residences. They have just dropped!!! the price from $12,000/mo...
As for sales, as usual this is one of the most desirable places, if people are looking for urban living. There are more than 50 properties available as of today. The cheapest is $209,000 for a 1 bedroom on the ground floor. The most expensive one is over $4mln - it is a unit in penthouse: 3 bedroom and a den about 4,400 sq.ft.
There are 10 short sales at walking distance to the metro. $274,900 for a 1 bedroom unit (583 sq.ft) is the leasr expensive, and over 2mln for a 3 bedroom 3 full bath unit in West End (2,776 sq.ft.)
It is still a very good investment, simply because location is unbeatable. Invest today - the interest rates are still attractive.

WHAT IS GOING ON?

Mortgage bond prices had another terrible week pushing mortgage interest rates considerably higher. (The interest rates rose by about 1 and 1/2 of a discount point!!!). Oil prices continued to escalate hitting over $70/barrel. The Fed attempts to keep rates in check were not very effective as selling pressure continued. Bernanke tried to calm the markets by reiterating forecasts of tame inflation but his words fell on deaf ears among bond traders. Unemployment was 9.4%, higher than the expected 9.2%.
The low mortgage interest rates that everyone considered a given have quickly gone away.
How does this affect the real estate market? Purchasers have started withdrawing from the market... Most likely, we will see more short sales and foreclosures in the months to come....
As expected, properties at walking distance to metro stations remain very attractive for purchasers.

West Falls Church metro

Today, we can find several properties for rent near this metro station. The cheapest is $1,500/mo - a 1 bedroom condo in the Pavillion and the most expensive is $2,100/mo for a 3 bedroom 2 full bath detached house in Ellison Heights.

Sales: Out of 13 properties in the radius of 03.m around metro, 11 are detached houses and 2 - 2 bedroom condos. The most expensive detached house is a new house listed for $1,374k. The cheapest is listed for $389.5 - but the value is only in land which is less than 0.2 acres.
Condo units -$400k and $475k respectively. Both are 2 level 2 bedroom units. About 1,200 sq.ft each. Both are normal sales - not foreclosure or short sale. Hurry! Interest rates are creeping up...

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