February home sales

[from Lesley Aranha]

Address / BR / BA / List Price / Sold Price

10 Farragut Pl -  3 / 2.5 / $385,000 / $380,000
4417 3rd St -  3 / 2 / $439,900 / $340,000
427 Delafield Pl -  3 / 1 / $270,000 / $280,000
908 Farragut St -  4 / 1 / $336,900 / $342,900
4616 9th St -  3 / 2.5 / $394,000 / $402,000
4523 9th St -  3 / 1 / $315,000 / $352,000
122 Webster St -  4 / 3.5 / $579,500 / $589,500
723 Madison St -  4 / 2 / $439,900 / $450,000
4121 Illinois Ave -  3 / 1 / $404,990 / $407,000
731 Taylor St -  3 / 1.5 / $325,000 / $353,000
423 Quincy St -  4 / 2.5 / $465,000 / $444,000
620 Hamilton St -  2 / 1 / $275,000 / $291,000

Lesley
202-327-4502
email

Comments

[Bill]

Well put. I was talking to a couple of police officers the other day. One said this was a nice neighborhood, and that he would live here if he could afford it. The other had actually tried to buy around here with his fiancee but ended up getting priced out. Both said they could see how things would keep getting even better once Georgia Ave projects get going.

Nice to know that even those that see the problems of the neighborhood on a regular basis wish they could live here. Sad and unfortunate that they (along with teachers etc) probably can't afford it anymore. I know I couldn't afford my own house today. Petworth has always been proudly middle-class, I suppose it still is relative to many other DC areas. I'm glad to see some of the more ridiculous prices stabilizing so all kinds of people can still have a shot at living here. The flippers may not be able to make their money anymore, but Petworth is still a great investment - and a great place to call home - for the long haul.

[AJS]

I have followed the market pretty closely and it is definitely not as hot as last year. I see that as a good thing, not a bad thing.

Last year the market was white hot and, to borrow a phrase, there was a bit of irrational exuberance.

Today houses still sell very quickly if they are priced sensibly. But buyers are no longer willing to pay any amount simply to live in Petworth. Some sellers do not realize this, however, and they are pricing their homes way too high -- these homes are not selling.

I see several upsides for those of us who call Petworth home. The return of some rationality to the housing market means there is less incentive for the quick-buck artists who do shoddy renovations and flip homes -- this lends itself to neighborhood stability.

Also, although many people are no longer able to afford Petworth and never will be able to again, Petworth will remain somewhat affordable for those with moderate means. Donald Trump will not be moving here anytime soon.

The real estate market in Petworth will continue to improve and will outpace the rest of the DC area, what with the various structural improvements the city has planned and the numerous commercial development projects along Georgia Ave. The possible creation of a beautiful new public park on the Soldiers Home grounds would also help.

In the meantime, those of us who live here should be glad we're able to live in such a wonderful neighborhood so close to so much in this great city.

[MarcusGraham]

With all this talk about a housing bubble, is anyone worried?

Do you think the housing market in the Petworth neighborhood has much upside to it given that Georgia Ave. is being "revitalized"?

I am single and, to be honest, I have thought about cashing in so as not to lose any of the equity that has accrued in my home. I don't have any issues with renting until the market can recalibrate.

Please share your thoughts.

[MarcusGraham]

Make sure to call 311 whenever you see these "entrepreneurs" trying to make a sale. I practically live on 311 and I started seeing a difference on my block.

[Toby]

None of us could afford our home if we were to try to buy it today. In Petworth, it seems like only a shell is selling for less than $350,000. A cute little house near us just went on the market for over half a million dollars. Gotta factor in the riff raff on the corner being local entrepreneurs too, if you get my drift.

[Alex]

Indeed they are, no matter what, I am stay put. I could can not afford my own house if I buy it today

Alex

[Toby]

Wow, housing prices are really rocking, and right in my neighborhood too. But if we sold, where would we be able to move to?