Capitol Hill Real Estate Highs in 2014, Plus Predictions for 2015
This regularly scheduled, sponsored Q&A column is written by Tom Faison of ReMax Allegiance at Eastern Market. Please submit your questions via email.
What a year for Capitol Hill real estate. 2014 was as exuberant as any Hill market I’ve seen, and it ended with telltale signs that a high watermark may have been reached in some segments of our market.
However, there were two possible exceptions. The first was single-family homes in excess of 3,000 square feet of living space, with 3 to 4 bedrooms, a basement and parking, priced between $1.2 million and $2 million. The second was 2- to 3-bedroom homes, with or without basements or parking, priced between $800,000 and $1.2 million. Both of these examples assume a close-in location.
There were 261 fee-simple home sales within the Capitol Hill Historic District this year, according to the Metropolitan Regional Information Service. Some of the more noteworthy, (and pricey), were:
The first Capitol Hill residential purchase at or above $3 million occurred last year on Stanton Park: 515 C St., NE.
The greatest escalation as a dollar amount, and percentage of above-list price was for a completely unrestored home at 326 A St. SE. It was listed at $1 million and sold for $1.25 million.
The most expensive 2-bedroom home in 2014 was 111 4th St. SE. It’s not your typical “starter” house, with over 2,000 square feet of living space, but 2-bedrooms nonetheless. Listed for $1.05 million, sold at $1.201 million.
908 Independence Ave. SE fetched the highest 3-bedroom price. Around the corner from Eastern Market. 1970s construction with all the components most require. Listed for $1.565 million. Sold at $1.595 million.
The highest sale for a 4-bedroom Capitol Hill home occurred at 23 D St. SE. In the shadow of the Capitol Dome, listed for $2.995 million, sold at $2.85 million.
2015 inventory will soon start rolling out, and obviously if supply becomes high as the weather warms, then sellers will have to adjust expectations. I believe the heights reached in 2014, relative to previous years, will not be duplicated in 2015, but that the market will remain very strong for those sellers who take nothing for granted.
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of HillNow.com.
