Defining Real Estate Micro, Micro Markets
This piece of market commentary was originally written by Gretchen Koitz in December 2007. But I thought it would nicely illustrate how and why large area market reports are useless. The post below takes this concept another layer deeper. If you’d like to go straight to the source, visit our KoitzGroup.com archives (this should bring you straight to it) >> Greater Bethesda – DC Real estate blog: Mircromarkets.
December, 9th 2007
How you can’t talk about the Washington Metropolitan market, or even the Bethesda market, or even the Downtown Bethesda market. Instead, you have to go almost block-by-block, and consider not only location, but also product….or how about location within a product? For example, I showed a condo in NW Washington D.C. a couple of weeks ago in a building that is somewhat challenged because of high monthly fees. Most of the time, units in this building tend to sit for weeks on end. In this case, however, this particular apartment had one of the most fabulous terraces I’ve ever seen. It wrapped around the entire unit and faced open spaces and greenery…with an unobstructed view of The National Cathedral in the distance. It came as no surprise, that even in this “tough” market, this apartment was under contract in less than three weeks. It was a micro niche within a micro niche within a micro niche…