WASHINGTON, DC-Bozzuto Construction has begun work on 460 New York Ave., a high-rise condo community in Mount Vernon Triangle. The project is being developed by Bozzuto Homes and will be 11-story comprising 63 units. It is the only new condominium option in this neighborhood, Bozzuto says.

The project will offer 36 parking spaces via a vertical lift system. There will also be a 3,500-square foot rooftop penthouse. WDG Architecture is the architect of record.

The condo market in Washington, as evidenced by the small but growing number of projects, is coming back. Delta Associates reports that prices rose by 5.7% in 2013, the fastest rate in 8 years.

However, projects will likely remain small and aimed at certain micro markets that can support these products. In short, don't expect a repeat of 2005's largeness for several reasons, not the least of which is that mortgages are much harder to get for condos now.

Delta is anticipating prices to continue rising 4% to 6% per year over the next 12 to 36 months as inventory remains constrained. It estimates sales for 2014 to be in the 1,800 to 2,200-unit range.

Instant Insights /

Bozzuto Construction Begins Work on Luxury Condo

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