I’d like to start out by saying that I’m honored to be here.  This is the first of what I hope will be many contributions to this great community. 

Apologies for beginning my stint here with a D.C.-centric theme but with January 20th rapidly approaching, we do feel like we’re the center of the universe.

I have a family friend, a young lawyer, who is now six months pregnant with her second child, who recently lost her job in New York City when her law firm folded.  She had very little warning and no severance pay.  Her husband works for Goldman Sachs.  I imagine that there are sleepless nights in that family.

Another friend worked for Lehman Brothers.  Before you picture her out on the street, it turns out that her entire division at Lehman was acquired by Barclays, so she is still gainfully employed.  But many of her closest friends lost their jobs and she reports that New York City has changed dramatically over the past few months.

Perhaps New York’s loss will be a gain for Washington D.C. and for the health of the D.C. real estate market.  According to The Washington Posts’ Steven Pearlstein, “The region should leverage the enthusiasm of the new generation of bright, young, ambitious people who will seek to come here.  NoMa (a downtown D.C. neighborhood north of Massachusetts Avenue) will become the new SoHo.” 

Why NoMa? 

This developing area offers reasonable/affordable housing, easy access to Metrorail, and a vibrancy that should be especially appealing to young, urban dwellers.  

Pearlstein’s comments were made at a recent meeting of local leaders that focused on the current economic crisis and its impact on our region. He said that he believed that President-Elect Obama’s administration will encourage young people to consider public service as a viable career.  The same Ivy League grads that used to make their way to New York City will now land in Washington…and our area, and thus our real estate market, will thrive because of this move.

It’s an exciting time right now in the Nation’s Capitol…I look forward to sharing more thoughts and insights as 2009 progresses.  Happy New Year!

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