It’s been a while since GM did any deep analysis of Georgetown’s real estate market. But he’s been noticing the prices getting a little out of control recently, so he decided to see whether the stats backed up that observation. And they certainly do.
GM compared the first six months of this year to the first six months of last year (to capture to same annual cycles). And even considering that June isn’t even over yet, volume is up. Price is up too.
From January 1, 2012 to June 30, 2012, there were 94 properties sold in Georgetown. The average price was $1.39 million. But average prices for real estate, especially in Georgetown, can be easily skewed by a few extremely expensive homes. Looking instead to the far more meaningful median number, that was $1.01 million. Even more informative is that the average price per square foot was $689 (the median was only a shade lower at $670). Continue reading
As GM let you know a couple weeks ago, two of the massive Cooke’s Row houses on Q St. just west of 30th are for sale. That includes the home at 3023 Q St. that was the residence of Henry Cooke himself, the first governor of DC.
And if you can’t pony up the $5 million it’s listed for, don’t worry. It still can be yours temporarily if you can come up with
$14,000 $16,000 a month in rent.
Yet another one of the landmark Cooke’s Row houses is for sale. These houses are a group of seven houses on the north side of Q St. just west of 30th St. They were built in 1868 by Henry Cooke, the first governor of the territory of DC (we were a territory briefly until Cooke’s successor, the infamous Alexander “Boss” Shepard, drove us into bankruptcy with lavish public works projects. We didn’t get home rule back until 1972).
Right now two of the homes are for sale. The first is 3023 Q St., which was occupied by Cooke himself:
These homes are quite large and exquisitely detailed in the then popular Second Empire style (although they also display some elements of Italianate style). Continue reading
Yesterday, the Atlantic Cities website published an amusing piece wondering whether home value is affected by the street it’s on is called a “street” or, say, “lane”. Apparently a report by Trulia found that homes are worth the most is they’re on an avenue (average $117 per square foot) while they sell for the least on those humble “streets” ($86 per square foot).
This got GM wondering, would Georgetown homes be worth more if Georgetown still had the old street names? The street designation was the same with the old street names, but the given names, so to speak, were more distinctive (for the most part, that is, the east-west streets west of Wisconsin were just numbered first through eighth).
To test this theory, GM looked at the last three years of real estate sales in Georgetown and split them into two groups: streets with either letters or numbers (e.g. 30th or P St.) and streets with some other name (e.g. Dumbarton or Volta). Continue reading
DC Mud reported yesterday that construction is finally beginning (this morning) on the Hurt Home and that the building is going to be redubbed “the Montrose”.
DC Mud wrote that there were no details on the layout or pricing of the 15 units, but that construction is planned to be complete by the end of 2013.
GM did actually get his hands on some unit plans that were shown to the Old Georgetown Board last year. Perhaps they weren’t the final final plans but they probably give a sense for what they will look like. Continue reading
It’s time for Georgetown real estate number crunching for the first half of 2012! In short: they’re pretty much like they were the first half of 2011, which wasn’t too hot.
- Total Homes Sold:
- First Half 2011: 107
- First Half 2012: 105
- Average Starting Price:
- First Half 2011: $ 1,471,836
- First Half 2012: $ 1, 589,068 (without the Halcyon House price inflating this number, it would be about $1.44 million)
- Average Selling Price:
- First Half 2011: $1,307,922
- First Half 2012: $1,410,085 (again, Halcyon House’s $11 million sale price is inflating this number. Without it the average would be $1.32 million.)
- Average Drop in Price From List:
- First Half 2011: 11.1% drop
- First Half 2012: 10.7% drop
- Average $ per Square Feet:
- First Half 2011: $685.68 $/SQF
- First Half 2012: $704.95 $/SQF
On Monday, the Director of the General Services Administration resigned in the wake of a spending scandal that involved clowns, a mentalist, and Vegas. President Obama quickly named her successor: Dan Tangherlini.
Tangherlini should be familiar to District residents. Under Mayor Williams, he had a successful run as head of DDOT. This success led to an appointment as acting head of WMATA. Before WMATA got around to making him the permanent head, Mayor-elect Fenty hired him away as City Administrator. He made the jump to federal service in 2009 when Obama appointed him to a high ranking position in the Treasury Department, where he’s been ever since.
Lydia DePillis has already speculated that this change will be good for DC given Tangherlini’s familiarity with the city and that the GSA manages a portfolio of so many federal properties in DC. And that benefit might be felt quickly and significantly right here in Georgetown. Continue reading
Over GM’s brief paternity leave from posting, the Washington Post snuck up and did his job for him. Namely, the Post published two blog pieces discussing the state of Georgetown real estate.
The writer, Pat Kennedy, was sharp enough not to simply rely on a marketwide average. A sale like Evermay’s $22 million throws off an average wildly, without necessarily telling you anything worthwhile about the other houses sold. Thus her
his chart depicts, high/low sales, averages, medians, and averages taking highs and lows out:
It’s an interesting chart, but for all the thought put into using different measures, the scale of the chart is so high that you can’t really make much use out of the bottom four lines. But in GM’s opinion, this is really the whole point. The top u-shaped line represents the highest sale price per year since 2007. It took big dive right when the overall market did, while most of the market was far below and just sort of puttered along. Continue reading
Last weekend, the Friendly Estate at 31st and Avon opened its doors for a rare peak inside this slow motion train-wreck of a construction site. (For those unfamiliar with the back story: read this).
Since the new owners of the estate have taken control of the property from Marc Teren, they have tried to spruce up the house with things like a front door. But get beyond the door and you can see that whoever does finally end up with this house has a lot of work ahead of them.
The inside of the house is still completely gutted. While the new owners have done their best to clean up the house, it still feels like the workers are just on their lunch break or something. Continue reading
GM finally got around to crunching the real estate numbers for the first half of 2011, and they’re not good. While the average price ticked up, the price per square foot is down and the volume is way down . Here’s how it breaks out:
Average Starting Price:
- First Half 2010: 147
- First Half 2011: 107 (down 27%)
Average Selling Price:
- First Half 2010: $1,377,478
- First Half 2011: $ 1,471,836 (up 7%)
Average Drop in Price From List:
- First Half 2010: $1,242,767
- First Half 2011: $1,307,922 (up 10 %)
Average $ per Square Feet:
- First Half 2010: 9.8% drop
- First Half 2011: 11.1% drop
- First Half 2010: $719.05 $/SQF
- First Half 2011: $685.68 $/SQF
If you’re more of a visual person, here’s how the respective periods compare in chart form: Continue reading