LUXURY HOMES | BUILDER REPORT
Industry
UPDATE
Condo Crunch
I
n 2007, there were nearly
20,000 new condos on the
market in the DC area. Today,
fewer than 3,000 units are
under construction or being
marketed. But while the supply
of new condos is at its lowest
level in ten years, there are
signs of a turnaround. About
2,300 units are scheduled to
start construction this year,
the most since 2006. About 50
percent of them are planned
for the District, 40 percent in
Northern Virginia and 10 percent in Maryland.
Choosing New
M
ore than half of people
surveyed for a National
Association of Home Builders’
consumer preferences study said
they would rather purchase a
new home than an existing one.
A big contributor to this preference was energy efficiency.
Nine out of 10 buyers surveyed
would choose a new home
with energy-efficient features
over a home without those
features that costs two to three
percent less.
Single Family
Single-family housing starts
nationally rose seven percent
to a 628,000-unit pace in the
month of August, according to
figures recently released by the
U.S. Department of Housing
and Urban Development and
the United States Census
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