Inside the DC Bubble

The Offer:
--- $245K. 700 SF or so one bedroom for sale at Carrollsburg Condominium at 1250 4th St SW. Mid-range renovation granite and stainless. Parking for another $25K. My guess about 700 SF.

--- Capitol view. Outdoor pool. Walkable to Rayburn, DOE, DOT or the baseball stadium.

--- Don't like this one? Try one of these to buy or rent.

--- Built in 1967, the Carrollsburg offers mid-century charm, if can appreciate it. Lose the granite for some retro formica.

What's It Worth To Ya?

--- Buying as an investor or an owner occupant would take some vision. The waterfront is charmless now, but in ten years . . .

--- Will the stadium have a positive impact in 2008 or will it take a few more year?

---Owner might take an offer 10% below ask, since there is so much on the market.

--- Is there much of a rental market in Southwest?

The Story:
--- The fight continues over should control the National Capital Revitalization Corp. and the Anacostia Waterfront Corp.? Mayor Fenty or a quasi-independent agency, which is "common in cities and states to promote real estate deals, streamline bureaucracy, and issue bonds," noted the WaPo.
--- The NCRC "has closed on 20 real estate transactions since 2000," including Tivoli Square in Columbia Heights, and chose PN Hoffman "as the master developer for the Southwest waterfront," said the WaPo.

DC Bubble Says:
--- Many complain about the pace of development under these agencies. Only molasses was slower that the Redevelopment Land Authority, which the NCRC replaced. In our view, these agencies are not broken, why fix them? Remember: reorganizing takes time too and distracts from the goal of redeveloping land. Push them. Prod them, but why change them?

With each new feature that comes to the southern half of the city you can almost feel Alexandria and all its trade associations moving further and further away. Not in a physical sense, but in terms of travel time. While they once claimed "we're only minutes from Capitol Hill," only a year or two from now that will change to "we're only an hour, except on game days."

The impact on traffic of the baseball stadium, the redevelopment of L'Enfant Plaza, the Waterside Mall, the Southwest waterfront, the condo development has caught the attention of Councilman Tommy Wells noted the WashExam. “Even when there’s not a baseball game. We’re going to have to come up with a new traffic plan to begin with,” he said.

Also in the works is the redevelopment of the Randall School at 65 I St. SW, which was sold last year to the Corcoran Gallery for $6.2 million. Under the proposal, two-thirds of the original school building would be preserved and renovated to house new classroom, exhibition and studio space for the Corcoran College of Art and Design. As many as 500 new condominium units will replace the remaining buildings.

Maybe its time for those trade associations to relocate back to the city.

To save some dough, the DC government will consolidate various agencies away from downtown. This could spark development in underutilized and forgotten neighborhoods, the same way the Reeves Center helped get development going along U Street.

Part or all of the Metropolitan Police Department is "relocating late next year to the old Washington Star and Washington Post building on Virginia Avenue downtown," reports NBC4. The WaPo also had a story.

"We have two main goals: One is to improve efficiency or our operations and the other is to reduce expenses," said Lars Etzkorn, director of the office property management.

Other city agencies that plan to relocate are:
* The city street and transportation office, which is moving to Anacostia,
* Consumer affairs and chief financial officials are moving to the renewed Southwest waterfront mall, and
* Employment services is moving from its downtown location to Minnesota Avenue near Northeast.

The city also plans to build a major forensics lab in Southwest.