Condo a lifestyle advantage in urban D.C.

You have seen the cranes. You have listened to the hype about plasma televisions, hardwood floors and lack of closing costs. And you have heard the rumors about a free-falling real estate market.

So the question remains: Is now a good time to buy a condo? The answer, surprisingly, is yes.

“It’s a great time to buy,” says Brenda Small, president of the Greater Capital Area of Realtors. “There’s more inventory choice, favorable interest rates and more incentives than ever.”

Condominiums seem to promise something for everyone. Especially popular in urban areas like the District, condominiums offer a virtually maintenance-free lifestyle with access to amenities like shopping and cultural institutions.

In the District, condos represent more than a quarter of the city’s ownership units, says William Rich, vice president of Delta Associates, an Alexandria-based company that provides data and analysis of the real estate industry.

Despite what you’ve heard about the market downturn, things in the greater Washington area are looking up, relatively speaking.

“The fundamentals of the market are still good,” Mr. Rich says. “There’s job growth, a relatively affluent population; and worsening traffic congestion means that people aren’t willing to make that long trek from the suburbs.”

Of course, suburban condominiums offer their own allure, from gated communities to a maintenance-free lifestyle in a less urban environment.

“Suburban Maryland has been steadily increasing its share of sales activity,” Mr. Rich says. “Places like Prince George’s County have been late to the party in terms of development, so they’ve just caught up in the last year or two.”

There is interest in condos in places like Arlington and Alexandria, too, where access to Metro and other amenities is key, says Dewita Soeharjono, a Realtor with Hollar & Co. Weichert, Realtors in McLean.

“Some people like having a swimming pool and fitness center,” says Ms. Soeharjono, “but being near Metro is really important.”

To be sure, the market for condominiums is not what it was a year or two ago.

“In 2005, condos were selling at a rapid rate, with 14,000 units sold in the metropolitan area,” Mr. Rich says. “That’s compared to 6,600 units for 2006.”

Those cranes you keep seeing? Not all of them are building condos any longer.

A number of projects in the District, like View 14 in the up-and-coming 14th Street Corridor, have transformed midstream from condo projects to rental ones. The View 14 project is scheduled for completion in 2009.

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