They are called YAPs or young affluent professionals and they find Washington a highly desirable place to live with its great job market, culture, shopping, hip urban neighborhoods and miles of suburban bliss waiting for them when they are ready to settle down.
Washington, in fact, ranked No. 2 on Forbes 2010 list of “Top Ten Cities for Young Professionals,” coming in behind Houston.
Rhonda Hayden, a Zip Realty team leader and Realtor in McLean, said what these young professionals look for in real estate depends on whether they are single, dating, married or married with children.
They tend to purchase in the $300,000 to more than $1 million price range with significant movement right now in the $500,000 to $900,000 bracket, added Aras Butas, a real estate consultant with Keller Williams Realty in Arlington.
For those living the single life, a condo in the city offers quick and easy access to everything. “Singles tend to want nice, open condos in the city close to all the amenities and near the Metro,” Hayden said. “They like to be able to walk to coffee houses, restaurants and shopping.”
For those with jobs that often require travel, Butas said: “Condos are great because you lock the door and go. There is no exterior maintenance to worry about.”
Cindy Moses, broker at Keller Williams Metro Team Realty in Rockville, said demand is strong for “loft-style” living in the city, especially in the U Street Corridor and Penn Quarter.
Butas added the H Street Corridor to that list because of the development of the Tram, a street car line that will run from Union Station down H Street and then through some of Bladensburg Avenue.
Married with children couples have different priorities, including a family home in the suburbs.
“They want these after they start a family and are a bit more established, once the convenience of the local entertainment venues are no longer the priority,” Hayden said.
Areas on that list, Butas said, include Lake Barcroft, a community outside the city but inside the Beltway. Hayden added good schools, such as Langley High School in McLean or Yorktown High School in Arlington, also draw families.
Young professionals look for a home that is a good value, in move-in condition, includes all appliances and requires little to no renovations or improvements.
“I meet few first-time buyers with any renovation skills or experience, so the more turn-key the property, the better,” Moses said.
Except when the real estate purchase is an investment, which is an attractive idea for some would-be landlords.
“I am seeing many young professionals buying investment properties to fix up and rent out,” Hayden said.
“With regard to investment properties, the potential is great if you want to buy now, fix it up a little, rent it out or sell later when prices go up,” Hayden added. “It’s also a good time to get into previously up-and-coming areas that might have been too expensive a few years ago and are more affordable now.”
The Washington market is one of the strongest in the country so real estate here can be a good investment. “People who buy now can also reap the benefits later if they plan to sell in the future and move to another part of the country,” she said.
