Petworth

Photo courtesy of Alex Cooper Auctioneers

Dear PoPville,

Thought you might find this story and associated picture interesting given the recent post concerning Petworth’s status as one of the hottest neighborhoods of 2012 in terms of real estate. Alex Cooper Auctioneers conducted a public auction on Wednesday January 16th to sell 514 Quincy St. NW. As you can see from the picture, the auction drew a huge crow including over 60 registered bidders.

The bidding started at $300,000 and ended up at $488,000. The home is a large, semi-detached home with 4 bedrooms, but needs complete renovations. The interest in this home really demonstrates how attractive Petworth has become for home buyers. The purchaser was not an investor and intends to live in the home following renovations. The family who sold the property had resided in it since the 1940’s, the family recollects that they paid around $20,000 for the property. The family was very pleased with the sale price.

514 Quincy St, NW via google street view

Photo by PoPville flickr user a.w.miller

From an email:

Today Redfin announced a list of the hottest emerging neighborhoods and small cities for real estate in 16 cities across the country. The top three neighborhoods to watch in the Washington Area are Pimmit Hills in Fairfax, Petworth in Northwest DC and Fallsmead in Rockville. The ranking is based on input from Redfin real estate agents and analysis of current market data, including the number of homes for sale, sales volume, home prices, and sale-to-list price ratios. Below is the data for each neighborhood and a quote from a Redfin agent on why each neighborhood is so hot right now, comparing December 2012 data to that of December 2011:

Washington DC Area #1: Pimmit Hills, Fairfax, VA

“Pimmit Hills is right between the commercial haven and employment hub of Tyson’s Corner and Charming main street-esque Falls Church City. With an abundance of flat large lots, enhancement of the Tyson’s Corner area and additional transportation options Pimmit Hills looks to be a popular place for years to come.” -Redfin Agent Rob Wittman

Washington DC Area #2: Petworth, Northwest DC

“Petworth has easy access to exciting new corridors of restaurants and night life. In most places you are just a short walk to new restaurants by some of DC’s up-and-coming chefs and owners. New buildings, grocery stores, and renovations are being completed every day giving the neighborhood a rejuvenated and exciting feel.” -Redfin Agent Michael Alderfer

Washington DC Area #3: Fallsmead, Rockville, MD

“Fallsmead is in a highly desirable school district, and is close to the highway but doesn’t have highway noise. It has a lot of mid-sized homes and is a short distance to many centers of employment. There haven’t been many homes coming on the market lately, so the homes that do go on sale have had multiple offers made on them.” -Redfin Agent Philip Gvinter