“In 2014, likely when much of the development became reality (although it had been in the works for years), the median price jumped more than $100,000.”

Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is intended as a case study and a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.

GDoN-R has been written exclusively for PoPville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with Compass. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Bright MLS, which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.

Featured Property: 1224 Linden Pl NE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Old City #1
Bedrooms: 2 Baths: 1.1 Parking: Street Basement: No Ownership: Fee Simple
Original List Price: $749,500. List Price at Contract: $749,500.
List Date: 4/26/2018 Days on Market: 11
Settled Sales Price: $731,000.
Seller Subsidy: $0.
Settlement Date: 6/12/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Linden Pl NE is a one block long enclave located one block south of H Street NE, at the east end by the diagonal intersection of Maryland and Florida Ave NE. The homes on this block tend to be 2 to 3 bedroom small to medium scale Victorians, many without basements.

Not surprisingly, the development along the H Street corridor has impacted the market value of homes in the area.

Five years ago, during the first half of 2013, the median price for a fee simple house within a fifth of a mile of the subject property was solidly below $600,000.

In 2014, likely when much of the development became reality (although it had been in the works for years), the median price jumped more than $100,000. Median price in the immediate area surrounding the subject property for fee simple houses increased into the high $600,000’s in 2014 and stayed there into 2017.

So far in 2018, median net price for fee simple homes within a fifth of the mile of the subject property has increased above the mid $700,000. mark to $769,000.

Mortgage interest rates are on the rise, further affecting the affordability of becoming a homeowner in the District. Demand, however, is so strong and interest rates remain low enough that we are not yet seeing an impact on values.

In this case, we can’t even blame it on low inventory since there were, at 26 in the first part of 2018, double the number of fee simple sales in this area compared to the same time last year.

Moral of the story? Listen for where retail development is in process and buy before it actually exists. (Hint: McMillan and Walter Reed).

The listing agents for this transaction were Tom Faison and Tim Barley with Re/Max Allegiance. Andy Peers with Compass (per disclosure above, the same brokerage as the writer), represented the Purchaser.