“Condo Hill” is a term that seems to be popping up with increased regularity in reaction to the rapid construction of new, high-end buildings on Capitol Hill . It turns out, the nickname misses the mark by at least a decade as the vast majority of projects built on Capitol Hill today are for new apartments, not condos. Developers and building owners say, like anything in real estate, it comes down to what’s profitable.
That’s not to say Capitol Hill’s new apartments could never become luxury resident-owned units, but if recent trends are any indication, apartment-to-condo conversions aren’t coming to Capitol Hill soon, either.
In the past three years there has not been one single condo conversion on Capitol Hill, according to city data obtained by CHS. In that same time period, only seven apartment units were converted to condos city-wide. New condo construction has also slowed dramatically in recent years.
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