The real estate sector has always been a strong pillar for the economy and that’s exactly the case with the real estate in Washington DC. Over the years, the demand for luxury real estate has seen a hike and new projects have been built throughout DC to meet the increasing demand. There are a few distinct elements that set the luxury real estate market in Washington DC apart. Let’s explore what contributes to the higher demand and prices of DC Luxury Real Estate.
Land In DC is Very Expensive
The high value of land is at the core of staggering property prices in Washington DC. In fact, the land here is probably the most valuable across the country with the average per-acre price being $1.2 million. Yes, that’s double the price you can get in Boston and around eight times what’s available in Pittsburgh.
In Washington DC, the economic development and the job opportunities have always lured more people into owning a luxury home here, and that has significantly caused the prices to go up. The impact could be seen in the prices of both existing and new homes.
High Demand of DC Luxury Real Estate Has Never Been Met
Yes, that’s another factor that contributes to the ever-increasing value of DC luxury real estate. Even with new housing construction in the DC area, there’s been a housing shortage and the demand is not being met. The failure to meet the housing demand is partly attributed to the zoning rules set forth by the authorities.
Zoning determines the density and location of new housing projects, and it curbs the ability of jurisdiction to adequately and quickly meet new homes’ demand. Research shows that when the supply is suppressed by land regulations, it has a direct influence on prices. The northeast is highly regulated, for instance, and it sees higher housing costs as compared to the southern region.
But You Get A Picturesque Setting
Besides the high value and demand of luxury properties in the DC area, you get a picturesque setting with spacious layouts, refined materials, and grand windows serving as a canvas in every luxury home for high-style living. The floor-to-ceiling glass walls give you brightly illuminated interiors while the floorplans are artfully designed and generously proportioned. Fine finishes combine with natural hardwood flooring and custom louvered shades to give you a picturesque setting for your dream home.
The Amenities Never Seem To Disappoint
The amenities you get at your luxury DC home are second to none. From concierge services to rooftop pools and state-of-the-art fitness facilities, the DC luxury real estate never disappoints when it comes to amenities on offer. The boutique residences in the area have been known to offer the most spacious residences. The distinguished design of the buildings gives you a perfect moment of peace while offering opportunities to seek social connections in the beautiful, designated spaces.
So, despite the high prices, the luxury properties in Washington DC have everything to offer to make for a true luxury living. Start exploring your options with The DC Team today, visit the website to learn more.