Real Estate: Good news for U Street Condo owners

After years of struggle that the entire nation faced, it looks like condos in the U / 14 Street area are appreciating. The Aston, at 14th & R streets, has had units going for up to $704 per square foot. That bodes well for existing condos in the hood. That is in spite of the fact that 2000 units of housing, mostly rental, are being delivered in the 2 years in the area. The rental buildings combined with the number of people opting to stay in their homes, means that no inventory has caused higher prices which will not resolve itself for a few years. Northern Exchange across the street is seeing a ton of showings whenever they put a new floor on the market.

In fact, nationwide, new home sales are approaching what they were 5 years ago. That bodes well for the existing home market as well.

Best News: Brookland and Michigan Park are hold their prices and are sure to increase more over the next 5 years. I am betting this area will become hotter than some way out MD or VA suburbs. Where else can you afford to get a house with a yard and commute 5 minutes to downtown? Look at the appreciation as housing prices there continue to go up. And Providence Hospital continues to grow there as well.

Same thing goes for Trinidad, five years ago the police needed extra patrols and rerouting streets to avoid violent crowds. Now it seems that the gentrifyers are moving in.

You can also see appreciation in the 2 bdrm condo on Church Street between 14/15 which is asking $864k despite not being a penthouse. With 1240 square feet, it might be bigger than most condos but without outdoor space it might be a tough sell.

To the east, JBG is bidding on a property at Sherman and Florida adjacent to the Atlantic plumbing lot they currently own. With the promise of a supermarket, and a reopened street, they may be able to add onto the 4 properties that own at 8th & Florida and 8th & V Streets.

The McMillian complex, formerly a water filtration system near the Washington Hospital Center complex, is still undergoing plan revisions. Now it looks like the land will have a 1 acre park but also townhouses. We’ll see how it ends up. There are many more changes to come.

As for thew national mall, the architecture industry “it” boy, Dane Bjarke Ingels, has been selected to re-sculpt the national mall. Given some of his designs, are his looks a bit extreme for a conservative national capitol?

It looks like the GSA utility building in Georgetown is going for $5.2m though the auction closings seem to get farther away.

Some advice on how to save on Movers.

Given all this development, should DC have a skyline?

Tucker Gallagher, Realtor, Stages Premier, Email: tuckergallagher@gmail.comCell: 202-421-1585, Blog: http://ustreetbeat.wordpress.com/

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