Category Archives: Real Estate

What Would Metro do to Property Values?

This probably belongs in the Counting-Eggs-Before-They-Hatch Department, but what would a Georgetown Metro stop do to property values?

As discussed (a lot) here, there is a renewed effort to bring one, or even two, Metro stops to Georgetown. WMATA wants to do it by 2040. Georgetown civic groups want it by 2028. Regardless of when it gets built, its construction will have a transformative impact on how people get to and from the neighborhood.

And normally when such a significant project is constructed, it results in a boost to the property values. A study by Booz Allen points supports this conclusion. The report concludes that “property value premiums due to increases in accessibility [due to the construction of rail transit] range between 3% and 40%.” The report cites several real world examples of this. For instance, the report states that the median home price for homes in Southern New Jersey that are close to the PATCO line experienced a 10% premium.

A closer corollary may be Miami. The report found that the construction of a subway impacted home prices at most only 5%. It found, however, that the impact was greatest in higher priced neighborhoods. Continue reading

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Verizon Building Condos Go on Sale Soon

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The condos in the building formerly known as the “Verizon Building” will be on sale soon, as detailed on the project’s website 1055High.com.

The new name for the project is actually a rather old one: 1055 High. While “high” could be referencing many aspects of this property–not the least of which is the price–it almost certainly is a reference to the old name of Wisconsin Ave.: High St. Continue reading

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Historic Church to be Converted to Single Family Home?

 

As GM reported back in September, the parishioners of Alexander Memorial Church on O St. and 27th have decided to sell their historic church and relocate to Maryland, where most of them live.

The sale includes both the church itself, and the large building attached to it, which once served as the home to legendary astronomer Asaph Hall.

Last week, the Washington Business Journal wrote a piece on the property and speculated that the likely buyer would want to convert the property to condos. Well GM has learned that one potential Georgetown-based buyer actually wants to purchase the property and simply move in to it himself (with his young family). Continue reading

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The Montrose Apartments On Sale

Hurt Home Becomes the Montrose

 

Construction on the Montrose (previously known as the Hurt Home condos) has been going on for a little over a year. But according to some relatively new real estate listings, most of the units are already claimed. And the remaining ones are pretty damn expensive.

The three listings are for a 2 BD/2.5 BR, 2 BD/3 BR, and a 3 BR/3.5 BR. And they range in price from $1.4 million to $2.4 million. They’re pretty big, though, with square footage ranging from 1,500 SQF to 2,500 SQF.

Earlier listings indicate that five other units were listed and are under contract. There are going to be 15 units, and the current listings state that only the six remain (which appears to include a few of the properties now under contract). Continue reading

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Latham Hotel to be Converted to Mini Apartments

Photo by NCinDC.

Michael Neibauer of the Washington Business Journal has a great scoop on the future of the Latham Hotel property: it’s being converted to apartments. And not just typical apartments; mini-apartments.

Neibauer writes:

SB-Urban, a new venture from Mike Balaban and Frank Saul III, has a contract to purchase The Latham from Texas-based Lone Star Funds, numerous sources familiar with the deal confirm…a site plan that accompanies the [letter to the Zoning Administrator] suggests there will be roughly 122, most in the 250- to 400-square-foot range. The Latham Hotel had 133 rooms.

The plans that Neibauer include make it look like the hotel rooms will simply be converted to apartments. Think about the last time you were in a hotel room; now imagine living there. Continue reading

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Church For Sale

A historic Georgetown church, and its attached apartment building, has just been listed for sale.

The church is the Alexander Memorial Baptist Church at 27th and O. It has a long history in Georgetown. It was named after Rev. Sandy Alexander, an ex-slave who founded the First Baptist Church, which still stands at 26th and P. A group of dissatisfied parishioners, unhappy with the appointment of a young pastor, broke away from the First Baptist Church in 1906 and formed the new church around the corner.

GM has not heard anything about the church closing. The number listed for the church reaches a voice mail that says nothing about closing. GM reached out to the broker to confirm the listing, but has not had his call returned.

The listing sure doesn’t leave much doubt:

SITE CONSISTS OF 3 LAND PARCELS TOTALING 13,680 SQ. FT. EXISTING IMPROVMENTS INCLUDE A CHURCH AND 3-STORY ATTACHED APARTMENT BUILDING. CONDO CONVERSION OPPORTUNITY OR LUXURIOUS SINGLE FAMILY SITE. Continue reading

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Apparently Someone Will Pay $1 Million for a Murder Scene

In July GM wondered whether anyone would be willing to pay $1 million for the home that Viola Drath was murdered in.

The answer has come: Yes.

In fact, not only will someone pay $1 million for it, they’ll pay $1,235,000 for it. Continue reading

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Is Prospect Street Really That Bad?

Post Goes Micro on Georgetown Real Estate

 

The other day, GM asked whether you’d be willing to live in a murder scene to save a few hundred thousand dollars. Inspired by another Georgetown listing, GM is back today to ask a different question: is Prospect Street really that bad?

The house at 3344 Prospect St. just went on sale. It’s a beautiful 4 bedroom/3 bathroom house with updated finishes throughout. And it seems well under-priced at just $1.399 million. Yes that sounds crazy to say something almost a million and a half is under-priced, but homes of its quality in other parts of Georgetown would likely sell much closer to $2 million.

And in fact the listing itself demonstrates how much it’s under-priced. The description states: “Entry level can be rented out, currently receives $2,300/month and main house receives $8,500/month.” In other words, this house produces $10,800 a month in income. Continue reading

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Would You Pay $1 Million to Live in a Murder Scene?

The former home of Viola Drath, 3206 Q St., is now for sale for $995k. It’s a stately three bed room Victorian on a beautiful street.

It’s also the scene of her murder.

As you can see from the online tour, the interior appears to have been spruced up considerably. GM heard that when the house was occupied by Drath and her fabulist husband (and likely murderer), the interior was frighteningly dark and creepy. It looks like they addressed that particular problem.

But it is still and always will be the scene of a gruesome murder. Would you buy the house, knowing that? Continue reading

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Cheap Georgetown Land For Sale

Want to be a Georgetown land-owner? Got $5,000? That’s all you need to buy a slice of Georgetown land. Emphasis on the word “slice”.

For some reason, a tiny 22 square foot lot tucked between the Sun Trust Bank and the townhouse next door is for sale for $5,000.

The zoning map is unclear whether the land is occupied by the parking lot or the town-house. Either way, it seems like you’d be buying your way into a lawsuit.

But maybe you can work something out with whoever is occupying the land and build an extremely tiny house. Or a spacious dog house. It’s up to you.

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