A Look at Capitol Hill Real Estate in the First Quarter

by HillNow.com Sponsor April 1, 2015 at 2:40 pm 1 Comment

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This regularly scheduled, sponsored Q&A column is written by Tom Faison of ReMax Allegiance at Eastern Market. Please submit your questions via email.

More than 60 homes have been listed for sale to date this year within the boundaries of the Capitol Hill Historic District. More than a third either remain available or have failed to sell (withdrawn or expired).

Available properties:

  • Highest price: 700 7th St. SE, at $1.495 million. With C2-A zoning, this building is currently divided into office spaces, but small offices don’t buy pricey buildings, so the best use might be residential. For only a few hundred thousand more, and a couple of conversion headaches, you could easily create a $2 million manse just off Barracks Row.
  • Lowest price: 419 9th St. NE, at $748,000. A wonderful façade with approximately 1,200 square feet of living space, plus a garage and a solid location. A really good buy due to easy improvement opportunities.
  • Average days on the market for all active properties: 28

Properties under contract:

  • Highest price: 135 11th St. NE. A beast of a house just north of Lincoln Park, and at zero days on the market (sold off-market), the list price of $1.995 million is likely the contract price. This is a record breaker for the block.
  • Lowest price: 906 12th St. SE. It’s a two-bedroom house down by the freeway with only 1,100 square feet of living space, but what do you want for $549,000?
  • Average days on the market for all under-contract properties: 8

Sold properties:

  • Highest price: 214 11th St. NE. Listed at $1.375 million, sold for full price in 10 days.
  • Lowest price: 1210 Potomac Ave. SE. Originally listed at $595,000, reduced to $495,000 after 20 days, then dropped another $90,000 for a final sale price of $405,000. A developer will likely turn that into a high $600,000 home for resale.
  • Average days on the market for all sold properties: 11

The Capitol Hill Market, particularly within the historic boundaries, remains stable and robust. The number to watch is “days on market” for the first category, the actives, as the months go by. I’m paying close attention to inventory and interest rates.

The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of HillNow.com.


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