Posts Tagged ‘ obama effect ’

The Obama Effect … Or Maybe Not

Just wanted to give you the inside track on the effect on our local housing due to the new administration.  Some of you may remember that in January, I shared a prediction that some areas of Washington, D.C. would benefit greatly from the influx of young professionals coming to work for President Obama’s team.  It had been reported that the “best and the brightest” would turn from finance jobs in New York and make Washington, D.C. their homes as they joined the junior ranks of the new administration.  Local residents and real estate agents braced for what was sure to be a sharp increase in the sales of condos in the areas that most appeal to this segment of the population. 

But it didn’t happen.

If what we expected in Washington, D.C. was an immediate impact — i.e., quick buying decisions — from these new transplants, it just didn’t happen.  January and February sales were very slow, and prices continued to decline each month.  Beginning in March, we have seen an increase in the number of sales, but prices are still on a downward trend.  Washington, D.C. is also facing an increased volume of foreclosed properties and some suggest that this phenomenon is nowhere near its end.  Banks may even be holding back on listing foreclosed properties, fearing that this market will only yield rock bottom prices.   So, when the market does begin to show slight improvement, there is some expectation that the inventory could increase due to the release of these foreclosed homes.

So has the Obama Administration had an impact on the sale of housing in the Washington, D.C. area? Continue reading this post


Posted by: Kevin Koitz on May 22nd, 2009 under Regional

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The Obama Effect & D.C. Neighborhood Attraction

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. Continue reading this post


Posted by: Kevin Koitz on December 30th, 2008 under Guest Bloggers, Regional


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