half a million dollar condos coming to new center

[emu steve]

best of luck hopefully they'll find the tenants who like this. I hope updated apartments/condos can come to other parts of the city beyond downtown/midtown.

Replying to Chicago48's reply:

I think he is probably right. The biggest factor is the increasing desirability of the neighborhood.

If one is going to build a 6 bedoom 4 bath house they will probably do it is the best neighborhoods. Ditto with apartment / condos.

The neighborhood dictates to a large degree what someone will pay for housing.

In D.C. a Georgetown row house with probably less space, less bathrooms, etc. than my town home probably sells for say 5x what my town home sells.

My land is valued at say $125K. Go to McLean, Va and it doubles or triples.

In Georgetown similar land would be say 1M+.

Certain neightborhoods, e.g., Midtown, New Center, Georgetown, etc. have unique characteristics which might cause the value of residential housing in those areas to be inflated.

And we aren't talking the 'burbs where some of the price of housing is dictated by the pure size of the house [[many are uge, as Bernie would say).

[Wesley Mouch]

The neighborhood dictates to a large degree what someone will pay for housing.

No, the buyer dictates what they will pay. The asking price is simply the owner's request.

...snip...Certain neightborhoods, e.g., Midtown, New Center, Georgetown, etc. have unique characteristics which might cause the value of residential housing in those areas to be inflated.
...

To inflate is an action verb. It suggests that someone is taking the action of inflating. They are not. They are selling. And someone else is buying. Its a voluntary exchange of apartment for money.

Yes, some neighborhoods do have 'unique characteristics' that make buyers agree to pay more.

But in the end, all that matters is that new housing is being built. These buyers won't be moving into older buildings, will they? Those buildings will become more affordable, since some buyers will have bought these units. And so on and so forth all the way through the market. These new condos aid affordability. And that's the holy grail these days I hear, affordable housing.