For many real estate investors, the cosmopolitan nature of the DC area is particularly inviting. Representatives from different countries and working in different fields provide a solid group of renters for housing and commercial spaces.
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Betheda, MD (PRWEB) February 02, 2012
Washington DC was named one of the top global cities for foreign investment according to a recent survey released by the Association of Foreign Investors in Real Estate (AFIRE). The 20th Annual Foreign Investment Survey ranked Washington DC number three behind New York and London."Washington DC real estate continues to be a stable environment for home prices," says Steve Israel, President of DC based Buyer's Edge,
“Foreign investors find Washington Metropolitan real estate inviting as the region has one of the highest levels of education and income per capita in the US, and many are within easy commuting distance of the city,” explained Steve Israel, President of Buyer’s Edge, an Exclusive Buyer Brokerage firm serving the Metropolitan Washington area. “With the Federal Government and all its contractors located in the area, the workforce is constant, and job growth is projected to be substantial over the next 20 years.”
For foreign investors, the cosmopolitan nature of the area is particularly inviting said Israel. “Representatives from different countries and working in different fields live in the area, providing a solid group of renters for housing and commercial spaces. In Bethesda, Maryland, for example, doctors and researchers from around the world who come to work at the National Institutes of Health (many on a long-term basis) end up renting in the area, providing a seemingly endless supply of great renters.”
While the DC area, like the rest of the U.S., experienced an explosion of property values beginning in 2002, it also experienced a slight downturn in 2008 (15% inside the Beltway) but has steadily rebounded at a calm moderate pace of 1.5 to 2.5%. “These numbers far outperform nearly every other market in the country, largely due to the steady job market in the region,” added Israel.
In contrast to top-ranked New York City, whose market is exclusively very expensive high-rise apartments and townhomes, the Washington DC, Maryland and Northern Virginia area offer a wide array of housing types and investment levels. “In DC,” explained Israel, “An investor can find inexpensive or very high-end condo options in downtown locations, semi-detached or attached row houses, retail and office options of all kinds and even fabulous single family detached homes across a wide price range.”
Commenting on current activity in the Washington DC real estate market, Israel said investors have been “very active” in areas close to Metro stops that were a “bit beaten up” by the downturn in 2008. “Many investors have been buying and holding onto single-family houses,” he explained. “Others have concentrated on buying DC condos in the core areas of the city.”
Israel recommends that anyone considering buying a home retain an Exclusive Buyer Broker who will only represent the buyer, not the seller of the property. “It’s important to look for someone who is serious about evaluating properties correctly and will consistently provide the in-depth research required to develop an accurate picture of the costs and potential returns for each property. Exclusive Buyer Brokers do not list homes for sale, so there is no conflict of interest,” he explained. “All our efforts are directed to finding the best houses, at the lowest price, on the best terms for the buyer.”
For more information, contact Steve Israel, Buyer’s Edge, 4919 Hampden Lane, Bethesda, MD 20814. Phone: 800-207-6810, Fax: 301-657-4494, e-mail: broker(at)buyersagent(dot)com or visit http://www.buyersagent.com.
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