What does 2008 have in store for the DC area loft/condo real estate market?

Well the good news is the developer-stork has slowed down deliveries of all those lofts and condos in downtown. Basic economics is always in play in real estate; a Seller's market reflects a lack of supply (and generally higher demand) and a Buyer's market reflects over supply (and thus lower demand) for homes. The press is loving all the bad news and statistics out there right now as bad news sells stories; not good news. Well there is definitely some bad news out there, but as I have written in my Quarterly Newsletter for the past year, there are many stories and statistics out there that show a favorable real estate market here in DC. When I work with Buyers, the "location, location, location" discussion is followed by the importance of "quality" and "uniqueness". When I decided back in 2003 to specialize in lofts, most Agents laughed at such a limiting strategy. I have lived in lofts and love the "loft life". It really is a phenomenal feeling to have soaring ceiling heights of 12 or 20 feet. There are not lots of lofts here in DC like exist where I lived in my first loft, New York City. But, I knew that lofts offered a unique space that would always be limited in downtown DC. Not a demand for lofts in DC? After my first year in Real Estate I was in the top 1% of all Agents in North America!!! Sure, many builders jumped on board and have built loft-like condos (some great and others horrible) but it costs them much more to do so and we will see builders think twice before building more. All this plays into the demand issue and thus has translated into stable investments; especially in the better condos and lofts. 2008 will be another year of appreciation for properties that have the best location, best quality and are unique. Unlike the deliveries from the "real" stork, in real estate you can have 100% control over your purchase and the consequences can be enjoyable and rewarding.