This was not the kind of autumn we are used to. Normally we get bright sunny days, very little rain and a weak October stock market. This year we had unseasonal weather, a crazy stock market with huge ups and downs chasing headlines, and a Congress that seems broken. And yet in spite of all that uncertainty, we live in a city that seems to be able to withstand all of these gyrations. Thus I am cautiously optimistic about our tri-state real estate market. There has been some very strong activity while inventories remain very tight. High end investors decided to deploy cash in a smart way as many superb luxury properties went under contract in the last 90 days; meanwhile young college grads seem to be voting that Washington DC is a safer place to find a job or wait it out in a hip, vibrant place.
There absolutely is a flight to living in the city, all neighborhoods are being explored, and we are seeing this trend take hold; a key take-away from Aspen Ideas which I wrote about this summer. Conversely, some young families are seeking out suburbia and the deals that can be had on large homes Maryland and Virginia. As they say, people are always moving in and moving out. Currently the trend is to move into town, but great values can be found out in the suburbs.
The DC Growth Expo, hosted by Real Estate Bisnow held in October featured top Washington entrepreneurs who laid out their vision for how the next 10-20 years would unfold for the DC Metro area. Michael Saylor, Nigel Morris, Mark Ein were among the impressive line up who discussed the convergence of mobile, social and cloud companies as the next important business driver for the coming decade. Simply put, this means far more business for our city as Washington has one of the highest edcuated workforces in the country. Outside of New York and Silicon Valley, our infrastructure is most attractive for the kinds of ventures that will focus on how to manage and monetize data. I believe we are on the precipice of some very interesting growth in the next decade, market and political uncertainty issues aside. Let\’s discuss as it is a vibrant topic.
I had a great fall, helping buyers secure what they wanted at good values, and was hired to market two spectacular properties that are singular places. Please click on my listings on the Chesapeake and in Georgetown. I can\’t divulge it now, but some more lovely things close in-town will come on the market in early February when the spring market begins.
In order to round out my own portfolio, I invested in a new DC restaurant called Bistrot Le Zinc, which opened to the public in early July. Located at 3714 Macomb Street NW in Cleveland Park, it is a wonderful space serving classic French bistro fare, so check out the buzz on this fun clubby spot. Let me know your comments, or call to meet there for a bite to eat. The food is truly delicious.
As always, this newsletter is meant to be an on-going dialogue, I look forward to hearing your news, or how I can be helpful to you. I am grateful everyday for my friends, family and the opportunity to work in a vibrant, ever-changing world.
Happy Thanksgiving to you and yours.