Let me clarify: if agents tell you “it’s a great time to buy in the Washington DC”, they better qualify that assertion….Like “what DC Neighborhoods or enclaves”….”what kind of properties are value buys” 🙂
For those who have followed either Gretchen or me for the last 3+ years (on blog, that is!), you know we take these National “Mega-tropoles” or city real estate market market reports with a grain of salt.
The Reason Why? Real estate can only be responsibly measured by examining micro-markets:
Read The Micro-Market Defined & How it Pertains To Washington DC Real Estate
Ranked by median income, Forbes Magazine just came out with its list of the wealthiest counties in the United States. Based on their ranking, the Washington, D.C. area has half of the top 20 counties. Some of these are true suburbs of the DC Metro area, while at least one (Calvert County) is on the Chesapeake Bay and is a second home choice for many D.C. area residents.
The Virginia and Maryland counties that made the list, beginning with the wealthiest county in the U.S., are as follows:
According to a Forbes Magazine article written by Matt Woolsey, Washington, D.C. is rated the #1 world’s best places for real estate investing in 2009.
This first place ranking has, in the past, been reserved for powerhouses like New York, London and Tokyo – but Washington DC property has now been identified as the place to put your real estate dollars this year. The reason lies in the massive amount of government spending that is going to be needed to get us out of our economic mess. And this influx of dollars means an influx of staff — and those people need both offices and places to live. The ensuing benefit to the Washington area real estate market will be in both commercial and residential sectors, according to this January 21st article.
The Forbes list was prepared using data from the Association of Foreign Investors in Real Estate. This organization tracks the places where their member investors are finding the best deals in real estate throughout the world. The article suggests that there is a greater fear this year of investing in markets in places like China and India and that the United States, as a whole, and Washington, D.C., specifically, will benefit greatly from this global concern.
According to the Association of Foreign Investors in Real Estate, there is a lot of money that is available for investment. Whether or not those controlling this capital will feel comfortable putting it to work in 2009 – or whether they will “wait out” the market – will certainly dramatically impact the end result of Washington, D.C.’s #1 ranking.
The world’s ten best places for real estate investment: