Micro, Micro Niches. What's a Balcony Have to Do With It?

In a previous blog post, we discussed the issue of micro niches…how you can’t talk about the Washington Metropolitan market, or even the Bethesda market, or even the Downtown Bethesda market. Instead, you have to go almost block-by-block, and consider not only location, but also product….or how about location within a product? For example, I showed a condo in NW Washington D.C. a couple of weeks ago in a building that is somewhat challenged because of high monthly fees. Most of the time, units in this building tend to sit for weeks on end. In this case, however, this particular apartment had one of the most fabulous terraces I’ve ever seen. It wrapped around the entire unit and faced open spaces and greenery…with an unobstructed view of The National Cathedral in the distance. It came as no surprise, that even in this “tough” market, this apartment was under contract in less than three weeks. It was a micro niche within a micro niche within a micro niche… 

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