Deals! Buyer Incentives on New and Luxury Homes For Sale in Washington DC

There’s a fair amount of confusion right now over what’s happening with the Washington DC real estate market - is it a buyer's market or a seller's market ? I'll answer that question in another post- and it's no surprise considering the scary click-bait headlines all over the internet. While we’re not at rock bottom rates anymore, buying a home continues to be one of the best investments you can make, especially when you can get a deal on brand new construction. Today we’re talking about the deals that are out there right now  in some of the best neighborhoods in DC.

First a bit of backstory: New construction differs from resale homes. Builders have pre-established timelines and targets and multiple homes to sell so the impact of a slowdown is magnified for them. They can’t wait for the market to shift back and they typically won’t lower prices. As a matter of fact, they tend to roll out the units in blocks and incrementally raise prices as they hit certain milestones. That’s why it can be so rewarding to get in early on a new development.

Rather than lower prices, DC developers are offering incentives such as closing cost assistance (cash back at close) and rate buy-downs, which are particularly rewarding because a 2-1 buydown, for example, can create a huge reduction in a buyer's monthly payment.

For today's focus I've selected 3 particularly enticing new condominium developments currently for sale in the DC neighborhoods of Shaw, Petworth and North Brightwood.

KiteHouse at The Parks at Walter Reed - The Parks is a beautifully conceived repurposing of the old Walter Reed Army Medical Hospital site into a vibrant urban village in a charming DC neighborhood just north of Brightwood and one block from Rock Creek Park and golf, tennis and nature trails. The Parks has multiple residential sites being developed along with campus amenities including a Whole Foods Market. KiteHouse is delivering this spring (2023) and features a collection of 109 condominium homes with seamlessly designed floor plans, elegant amenity spaces and convenient proximity to the Marketplace. KiteHouse condos range from 1-3 bedrooms most with balcony or terrace and are priced from the $400,000's to above $1 Million.

Motif  is a smaller project in Petworth, DC and features 30 new condominiums starting from the $300,000s. These design-forward homes are complete with convenient elevator  access, a spacious lobby and a breezy, private rooftop terrace with stunning tree-lined Washington, D.C. views. Beautifully designed at an affordable priec-point.

For those seeking luxury homes for sale in Washington DC, there is Intersect at O, centrally located in the vibrant neighborhood of Shaw. This is a highly curated collection of contemporary townhomes featuring large living spaces with luxury finishes and amenities. These dramatic townhomes are part of the City at O complex and feature elevators inside the homes, garage parking, double height ceilings and unparalleled private 4th floor terraces with built-in gas cooking and fireplaces. These newly-built homes start at 1.8 million and have access to all of the City at O amenities including the green roof deck, lap pool, gym, party rooms and more.

At all of these developments it’s possible to negotiate buyer incentives like rate buydowns, interest rate locks, and reduced closing costs. Truth is as the market shifts back and more of these condos sell, the incentives will start to go away (and the prices will continue to climb) so these condos are a good opportunity for longterm homebuyers.