The south-west beach breadth in Washington DC, which runs forth the Potomac River © Alamy
Dawn Hackney doesn’t alternate back asked why she bought a abode in The Wharf, a 24-acre $2.5bn attack to redevelop a mile of Washington DC’s Potomac riverfront. “I capital to be on the water,” says Hackney, an IT consultant. “I didn’t attending anywhere else.”
That will complete aberrant to a lot of bodies in DC, because afore The Wharf, that amplitude of beach was mostly parking lots, automated amplitude and ageing barrio dating from an burghal face-lifting accomplishment in the 1950s and 1960s. The primary battleground was an amphitheater angle market, which opened in 1805.
Today, the smartest apartments are listed at $4m. Sales are “ahead of schedule”, says Monty Hoffman, arch controlling of PN Hoffman, which is co-developing the project. The aboriginal appearance has 868 residential units on the bend of the river, a arcade complex, offices, 20 restaurants, parks and a 6,000-seat calm concert venue, which opened aftermost anniversary with a Foo Fighters gig.
The accomplished south-west neighbourhood had “one air-conditioned bar” and not abundant else, says Alina Ptaszynski, a communications specialist with acreage bureau Redfin. She confused to the breadth in 2007. “When I told bodies breadth I lived, they said they didn’t apperceive anybody lived there,” she says.
The Anchorage may alone be a 10-minute drive from axial DC, but it is afar abroad from Washington’s acceptable high-end enclaves of Georgetown, Dupont Circle and Foggy Bottom — breadth prices in contempo years accept been ascent rapidly. “Anything in DC has been hot,” says Jonathan Hill of Bright MLS, a acreage listings service. His aggregation calculates that, beyond the city, average prices are up 29 per cent in the accomplished bristles years.
With prices this high, added areas were starting to attending added attractive, agents report. The Potomac beach was “basically an breadth cat-and-mouse for burghal renewal”, says Hill.
But how will it attempt with some of the best adorable — and big-ticket — acreage in the US? In Georgetown, Sotheby’s International Realty is affairs a modernised six-bedroom townhouse for $7.99m. The abode has a lift, an alfresco basin and a cinema allowance and is a few blocks from the bean accomplish William Friedkin featured in the acme of the 1973 movie, The Exorcist.
Nearby, the aforementioned abettor is affairs a three-bedroom bifold accommodation for $5.99m, with no beneath appalling neighbours: the accommodation is on Pennsylvania Avenue, about a mile bottomward the artery from the White House.
For beneath presidential budgets, a adapted two-bedroom house, dating from 1890, in Logan Circle is for auction for $999,000, through Redfin.
Agents aspect the ascent prices to a accommodation shortage. The accumulation of homes for auction is at its everyman akin for years, they report. Height restrictions on barrio and the bound availability of affordable acreage in the burghal centre accept hindered new construction, which has primarily focused on the aerial end of the market.
“The better claiming with the bazaar is abridgement of inventory,” says Larry Foster, admiral of accepted allowance for Long & Foster. “We amount out a acceptable cardinal of buyers,” he says. His aggregation is advertisement a new two-bedroom, 1,645-sq ft address in the burghal centre for $1.49m.
This may be breadth the Anchorage accomplish in. Prices alpha at $300,000 and, according to Hoffman, abounding buyers are advancing from the Virginia and Maryland suburbs, attractive for a added burghal acquaintance and a quicker commute. “There are not that abounding choices in Washington DC for high-end condos,” he says.
Of the 220 condos in the aboriginal appearance (the blow are rentals), alone 30 abide unsold, according to Hoffman. The capital affairs point is the “cool lifestyle”, he says, with parks, restaurants, ball and arcade aural walking distance. “We were abaft abounding cities that accept adapted old, automated acreage and created absurd affairs communities,” he says.
$500,000 A 544 sq ft, one-bedroom, address downtown
$1m A three-bedroom, three-storey colonial townhouse
$5m A six-bedroom, 6,500 sq ft artist burghal home
Photographs: Alamy; Cameron Whitman/Getty Images
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