March Home/Condo Sales in PoPville


Thanks again to DC realtor Kevin Wood for compiling this list of home/condo sales for zip codes – 20011, 20010, 20009, 20005, 20003, 20002, and 20001. Click below on “March 2010 Sales” for the full list in pdf format.  If I’m missing a zipcode you’d like just let me know.

March 2010 Sales

On a side note, the $8,000 tax credit ends April 30th – do you think that is going to significantly effect home prices/sales?

15 Comment

  • Damn 20011. I can’t believe I thought it was a good move to buy there six years ago.

    • Nicely renovated houses in 20011 sell from between 350 to 500K (at least in Brightwood/manor park). These 200K houses are mostly not in liveable condition. Granted, it’s been almost 2 years since I bought in 20011 but at the time this was the case and i’m pretty sure it is now too.

    • briefly, 20011 includes more than just Petworth. Kevin any change that you can give us an analysis of Petworth’s sales?

  • Interesting. A lot of volume in Petworth… I haven’t done an analysis, but it looks like most of the volume isn’t in the “sweet spot” which I consider to be anything within about 1/2 mile from the Metro (e.g. about to Allison Street).

    I think these are the only ones, most are farther north.

    322 Webster $415
    4008 3rd $425
    4101 3rd $263
    428 Taylor $450
    4213 3rd $230 (bid up from asking $208)
    4213 Illinois $240
    4013 8th $275
    4415 Kansas $389
    4314 2nd $468

    The range of prices is amazing. Only one house in the 3’s.

    This tells me that houses that are not move-in-ready area bargain. Many are probably being flipped in two months with $50-$100K of work for a huge profit. Most likely a lot of foreclosures.

    A great time to buy something if you are willing to do some work… and can beat out the all-cash offers that are probably winning the cheap houses.

  • Jamie, that’s a pretty odd analysis. I’m not sure what in those numbers indicates that properties are being flipped in two months with 50-100k of work for a huge profit. Sure, there are lots of properties being flipped, but it’s nearly impossible to fix up an unlivable house for anywhere near the cost or timeframe you suggest.

    • It’s entirely possibly to flip a house in a couple months.

      There’s a house on the 1000 block of Otis Place that just went on the market for $850K. It’s a really nice, high-end renovation, including a 3rd story pop-up. I have a picture of the house dated on January 18, completely gutted (down to the bricks and removing the back wall) about two weeks after it begin. I believe that would put their timeframe for a complete gut job at about 3 months.

      Most houses will not be gutted and rebuilt before being flipped and can be done even faster. Many of the houses in the mid-range of price we see listed here have just gotten a cosmetic upgrade.

      My point about the prices is that there’s very little between $250K and $400K. You don’t think that’s unusual?

      To me it says that the houses that need some work (I didn’t say “unlivable,” I said “not move-in ready”) are going for under $250, while houses that are move-in ready are going for $400 or more. Houses that are getting complete gut-jobs are going for $500 or more.

      $150-$250K is a lot of money to play with to give a facelift to a 3 bedroom house.

  • oh yeah…

    “$8,000 tax credit ends April 30th”

    I am sure this has a lot to do with the volume right now. I mean why wouldn’t you try to get your deal done in time to take advantage of it? I bet May/June will probably be a slower than you’d expect.

    But overall the effect is probably a net zero. Anyone in the market this year probably wants to get their deal done before it ends. This increases demand, and consequently increases price.

    I’d say the effect of this demand is that you’ll pay about 8 grand more for a typical house this month than you will next month…

    Who knows, you might be better off waiting until May to get serious since there will probably be less competition.

    • I don’t think that the tax credit is having that large of an impact on the prices. Yes, there is more demand, but the volume of properties has gone up a lot too. I know that many homeowners looking to sell were waiting for the late March/early April timeframe to put theirs on the market (less time on the market combined with the panic of the last of the first time homebuyers trying to get the credit might may mean getting closer to asking price). However, DC is booming in general right now. I have a friend who is a realtor and he says that most of his clients (and he has a good number right now) are NOT first time homebuyers – and therefore not eligible for the tax credit. Nobody can say for certainty what will happen when it ends, but I definitely wouldn’t assume that prices are going to drop.

  • From my perspective, the same forces that drove buyers and investors into Petworth a year or two ago are still in play. Look at the lack of affordable 2 BR+ housing in the 20009 zip. Listen to the antedoctal evidence of people you know trying to find something in Dupont, Kalorama, Cleveland park, Logan or Columbia Heights.
    P.S. Somebody got a deal on a 2 BR on Mintwood, was it a basement?
    If we can get these gol-danged public schools up to speed and crush the ridiculous street violence, homeowners would reap the benefit of higher values. Imagine if Lafayette Elementary were in Petworth. Imagine a Whole Foods on Georgia Avenue. Imagine all the people living life in peace whoo hoo oooh….

  • Question for the RE agents….What does a in-law/parking building go for? There are a lot of these around me and some are in crap condition and I’d love to buy one and fix it up (assuming I could legally separate it from the main property). I saw a couple parking garages get sold, but I couldn’t find an address. Anyone have any info on that?

  • I have a friend who has started looking, and to my astonishment, the volume of houses for sale in our neighborhood (northern Capitol Hill) has been limited. In fact, one house I thought was overpriced at $550,000 on the 700 block of E St just sold after only a week on the market. Another lower-priced house more in her range also sold after 3 days on the market.

    In fact almost every house I pass with a for-sale sign has an under contract or sold attached to it.

    Is the market turning around or is this because of the tax credit?

  • These are absolutely the difference between flipped and unflipped. Our street (Emerson) had 2 over $400K — both flips. There was also one last month — also well over $400K. And we are not within 1/2 mile (just under 1 mile) to Metro. This is not damn 20011, it is DAMMMMN 20011.

  • Also — one for under $200K on Delafield is a flip — they are already working on it and these do seem to finish in 60-90 days. Anything for that price (no closing help listed) is likely an all cash buyer/flipper.

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