Category Archives: Real Estate

Old Georgetown Theater, Soon to Be Empty, Still For Sale

Way back in 2009, GM reported that the Heon family was quietly trying to sell the historic Georgetown theater building, which they’ve owned since 1949. At that point, the price was quoted at $4.9 million.

Skip to today, and according to PoP the building is still for sale. He was unable to determine the current price.

GM had heard that vendors the National Jewel Center were slowly shutting down business. And now Silverman confirms that all the jewelers will be out by the end of August.

Everyone’s got a favorite candidate they’d like to see replace the Jewel Center. Having the space return as a theater is probably the most common refrain. But GM’s heard ideas ranging from a music venue to a DC location of NY’s Eataly concept.

All these are great, if not likely, ideas. But they ignore the fact that the building is a complete and utter wreck inside. A total gut job is required. And then you have you ask yourself, why even bother? While the decrepit neon sign is a landmark, and its restoration would be great, the rest of the facade is not worth saving. It’s a 1950’s renovation that uses ugly formstone (it’s the fake brick stuff you see all over Baltimore). It’s not historic. What was historic was the facade of the Dumbarton Theater that they destroyed to put up the ugly fake brick veneer:

This was an utterly fantastical church of entertainment. Looking like a mix of a bishop’s mitre and birthday cake, it was a facade completely out of place in Georgetown, which probably made it an absolute magnet on Saturday afternoons. That was something worth saving. But it’s gone. Continue reading

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New Project Planned For Cecil Place and Grace Street

Despite the potential for a double-dip recession, condo construction in Georgetown is moving ahead full steam. On top of the planned projects at the Ket Bridge Exxon site, the Post Office, and the Verizon building parking lot (all EastBanc projects) a new project has popped up. It’s for a brand new building at the corner of Cecil Pl. and Grace St.

Right now the location is a parking lot:

The lot is owned by G.M. Steinbraker & Sons, a third generation Georgetown-based general contractor firm based out of a workshop just down the block on Grace St. Continue reading

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Friendly Estate Back on the Market

The controversy-fraught Friendly estate is back on the market. This property, located at 1645 31st St., has been the subject of much turmoil for years. Neighbors likely hope that this step will finally bring an end to it.

The story begins in 2006 when ex-Washington Post executive Marc Teren purchased the property. He wanted to subdivide the property and build a second home (presumably to sell it). The request was repeatedly denied.

Despite the fact that his subdivision plans were thwarted, Teren moved ahead with dramatic renovation plans. Unfortunately, the construction for these plans has stretched out over years and has been repeatedly beset with work stoppages. It would appear that Teren simply ran out of money to complete the job.

And the neighbors have been displeased, as this protest poster that appeared on the property last February can attest:

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Real Estate Week: Canal Views

This week GM is out of town (by now, he’s probably dodging flying fish at Pike Place Market along with all the other tourists). So he’s trolling through the real estate section looking for interesting houses.

Today he travels down to 1058 30th St. This unique house offers something few other homes in Georgetown can: a canal view. But it’s pretty nice inside to boot:

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Real Estate Week: Dumbarton Blues

This week, GM is out in the Pacific northwest sea kayaking at whatnot. So he took a stroll through the Georgetown real estate listings to pluck out some notable listings. Today he looks at 2806 Dumbarton.

There’s nothing particularly special about this house, other than the fact it’s been on and off the market several times since 2009. GM himself took a close look at it, but it just doesn’t fit his needs. But it just kind of breaks his heart to see it sit there month after month without a new owner. So check it out:

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Real Estate Week: The Most Expensive House

This week GM is out of town, so he’s taken the opportunity to run through some of the homes on the market in Georgetown and flag some that catch his eye.

Yesterday GM took a look at the tiniest home on the market. Today he looks at the most expensive (and probably largest): 3400 Prospect. When you’re in this territory, though, an address alone doesn’t suffice. You need a name for your house, and in this case the name is Halcyon House.

The main floor.

Windows looking out on Prospect. Continue reading

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Real Estate Week: The Tiniest House

This week, GM is off vacationing in the cool and beautiful Pacific northwest. But he’s not going to leave you completely in the cold (or sweltering heat, as the case may be). He took some time to find some of the more unusual or attractive homes on the market in Georgetown right now and will show them off this week. (While this probably would be a good way to make money, rest assured, GM isn’t getting paid for this.)

The first house that GM has loved since he first moved to Georgetown is 2726 P St. It is possibly the skinniest house in Georgetown, if not the city.

Skinny kitchen Continue reading

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Top Five Biggest Property Tax Bills in Georgetown

Photo by AlanCleaver_2000.

Next week, GM is heading out of town for a vacation. Not one to allow radio silence, GM prepared a series of posts to run in his absence next week. The focus will be on real estate. While doing some research, GM came across a list of the top five real estate bills in Georgetown, and he decided to share it.

So without further ado, here they are:

#5 – 2920 R St. – $86,514.70

This is the Beale-Washington House, which many Georgetowners simply call “Katharine Graham’s House”. Nowadays it’s owned by Mark Ein.

#4 – 1617 29th St. – $88,330.30

One block over from the Graham house, this is the huge house that was built by one of the founders of IBM. Continue reading

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Truly Unique Georgetown Property For Sale

GM mentioned this briefly last week, but this calls for a bit more discussion: the Stables of Georgetown property (1316 33rd St.)  is on the market. People on the west side are probably more familiar with this property than GM is, but GM is pretty confident that this is a truly unique property and it’s one of his favorites in the neighborhood.

According to the listing, it is actually two separate houses that were originally built as stables in the mid-19th century. From the virtual tour photos, you can see that the original purpose still influences the interior architecture:

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GM, For One, Welcomes Our New EastBanc Overlords

At last month’s ANC meeting, one developer had three significant projects up for review. It would come as no surprise to anyone watching the Georgetown real estate market that that developer was EastBanc. Started in 1996, EastBanc has built a real estate empire centered squarely in Georgetown. And with every passing year and every approved project, the future of EastBanc and Georgetown have become more and more entwined.

Even for EastBanc, last month’s ANC agenda was significant. They are proposing to build a condo building where the Key Bridge Exxon stands, build a massive stone building on the parking lot of the Verizon building, and build condos behind the post office. While there are other developers working in Georgetown (for instance Argos Group is converting the Hurt Home into condos) none is having an impact on the neighborhood as noticeable as EastBanc.

Yesterday, the Washington Post took note of this. Columnist Thomas Heath wrote:

Washington developer, technology entrepreneur, restaurateur and nightclub owner Anthony Lanier prompted me to look at real estate differently when he explained the business discipline that built a Georgetown barony that occupies 60 buildings and enough square footage to fill eight football fields.

“We built a conveyor belt for renovation,” said Lanier (pronounced lon-YAY), 59, explaining the methodology that turned dilapidated townhouses into profitable stores and offices.

Lanier’s assembly line was made up of engineers, architects, historical preservation specialists, zoning lawyers and construction firms that could pump out renovated buildings one after another.

Heath then described the early investments of Lanier, including its first purchase at 3060 M St. (which is actually the now empty Ritz Camera store). From there, they slowly worked their way down M St. (and beyond) buying up distressed or run-down properties, fixing them up, and bringing in higher-end tenants. Fifty-eight buildings later, EastBanc has left its impression on the neighborhood. Continue reading

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