Archive for October, 2008
October 28, 2008
Dear DC-Area Sweet Digs Readers,
As part of changes already announced two weeks ago, Redfin is changing up Sweet Digs to focus the format on proprietary, leading-edge indicators of what is happening to home prices in DC, northern Virginia and a few bits of Maryland.
We had initially tried to provide a personal review of individual homes for sale in the area, but as a broker and an MLS member, we were not in an ideal position to be objective about other brokers’ properties. Since Sweet Digs was so local, it was also hard to keep pace with Redfin’s growth across the U.S.
The new format will largely focus on what you asked for, and what Redfin does best: hard data, delivered in a freakishly compelling way:
- Broker-only data on transaction-volume, median-price and inventory trends;
- Broker-only data on sale-to-list ratios by neighborhood;
- Redfin-only price-drop data, showing what neighborhoods have the highest fraction of price-reductions;
- Redfin-only reports on shifting search traffic patterns and price parameters;
- Local agent round-ups about how current-week offer dynamics anticipate pricing shifts;
- Analysis of Case-Schiller, Census and National Association of Realtor data.
It’s good stuff.
We’ve been preparing a change in format for several months, informed by a survey many of you completed earlier this summer, so we have reason to believe that you’ll like the new Sweet Digs.
For now, we just wanted to say thanks to the folks who helped us get Sweet Digs this far, for your dazzling wit and insight, your verve and dedication to your craft. And thanks to our readers for your steady support!
The new, more analytical blog posts start later this week. If there’s a particular type of analysis you’d like to see, just leave a comment to let us know. We’ll definitely be listening.
Regards, Glenn
Glenn Kelman, Redfin CEO
October 14, 2008
Nighttime view of Adams Morgan. (Photo credit: CooltownStudios.com)
October 13, 2008
Downtown Leesburg could be a contender as the site for GMU’s Loudoun campus.
- 93% of Loudoun County’s high schoolers graduated on time. We’re second in the state only to Falls Church City, which has just 1906 students in a total of 4 schools. [LoudounExtra.com via Our Loudoun Schools]
- Loudoun has its own wiki! [LoudounPedia]
- Want to know how to start a business in Loudoun? [Gateway to Loudoun]
- Where’s the best place for GMU to build its full-service Loudoun Campus: near the to-be-built Moorefield Station (with Metro access), or downtown Leesburg? [Living in LoCo]
- Will larger class sizes be an inevitable result of Loudoun’s budget crunch?[Leesburg Tomorrow]
Recent Loudoun County Posts
Priced to Sell
HGTV “Dream House”
October 13, 2008
If you’ve been wondering what $49,000,000 will get you in the DC real estate market (and really, who hasn’t?), I have an answer for you: Evermay. Built in 1801 by Nicholas King (who helped Pierre L’Enfant design DC), the estate is now owned by Harry Belin (heir of diplomat F. Lammot Belin, who bought the place in 1923). Belin has been leasing the estate to the Evermay Society, a charitable organization that rents the estate in exchange for hefty fees. The house is listed on the National Register of Historic Places.
Why would Belin decide to unload nearly $50 million worth of historic property in today’s market? In this The Georgetowner editorial, the author reveals the reason for the sale. Harry Belin decided to sell the estate due to a dispute with neighbors over the number of parties held on the premises. The neighbors are unhappy with the noise and parking inconveniences caused by social events held at the estate. I wonder how those same neighbors will feel if developers buy the estate and divvy it up for townhomes.
On to the details…
1623 28th St Northwest Washington, DC, 20007
9 bd/8.5 ba; sq. ft. unavailable
Website: www.EvermayDC.com
Situated on 3.5 acres with views of the Washington Monument and Rock Creek Park, the estate features renowned grounds and gardens, parking for 100 cars, a ballroom and a gatehouse. Interested parties must receive advance qualification and provide 24 hours notice in order to tour the house.
Thanks to my fellow blogger, Allison Scuriatti, for the tip about this property.
October 10, 2008
Okay, let’s all take a deep breath. If you’re like me, you feel like you’ve been white-knuckling your way through the market’s wild, unpredictable ride this week and you could use a bit of good news. So, I made it my personal mission to find some today, and I actually managed to dig up a few things. It might not be much, but I’ll take it.
- Remember when oil was trading at $35 to $40 a barrel? We could see that again in the next year or so, along with gas at about $2 per gallon. [CNN Money]
- The number of jobless claims fell by 20,000 last week. [WashingtonPost.com]
- 30-year mortgage rates fell below 6% this week. [WashingtonPost.com]
Recent Sweet Digs Posts
Loudoun County Open Houses, 10/11 & 10/12
NW DC SQFT Deals of the Week
October 10, 2008
The thing I miss the most when the market cools in the fall is the variety of open houses. It’s because I’m so nosy. Even when I’m not actively searching for a home, I still love to walk through homes for sale to get decorating ideas, landscaping ideas, and to get a feel for what you can get for the money.
That being said, I was pleasantly surprised to see that both 20147 and 20176 are having a decent amount of open houses this weekend (20148 only has four). Both the most expensive and least expensive open houses are in 20147. If you’re going to be out looking, you’ve got beautiful weather for it. Happy hunting!
Click here for open house listings in 20147.
Most expensive: Belmont Country Club
19805 Rothschild Ct, Ashburn
Price: $1,350,000
5 bd/5.5ba; 7011 sq. ft.
On the 18th green and directly across from the Clubhouse. Professional movie theatre; main level in-law suite with sitting room and full bath; deck and hot tub.
Open: Sun. 10/12 from 1 to 4:00
Least expensive: Westmaren
21023 Timber Ridge Ter, #101, Ashburn
Price: $170,000
2 bd/1 ba; 925 sq. ft.
Patio with view of common ground/pool; in-unit washer/dryer; home warranty.
Open: Sat. 10/11 from 1 to 4:00
Click here for open house listings in 20148.
Click here for open house listings in 20176.
October 10, 2008
Ahhhhhhh – I feel much better now. I just changed the radio station away from NPR and the overwhelmingly negative stock market news to instead listen to my favorite 80s tunes on 104.7 FM “The Globe.” Anyone with me on that?
For those of you who need a home and have managed to secure a loan, here are a few sweet deals on offer. I only looked at houses because condo fees complicate the matter of value/sqft. My picks are all low in terms of $$/sqft compared to the surrounding neighborhood but they also have other attributes that made them stand out.
Deal#1: Chevy Chase (DC), where average price is $337/sqft
3205 Beech St NW - $729,000 REDUCED - $189/sqft- 4 beds/3 baths split level house. This house is in a very leafy neighborhood close to Rock Creek Park. It originally listed for $879,000 and has been on the markt for 6 months. Sellers are ready to MOVE IT.
Deal#2: Georgetown, where average price is $647/sqft
3344 Prospect St NW - $1,350,000 REDUCED – $397/sqft – 4 bed/3 bath historic row house on a famous street in the heart of the west village. The house has been renovated and includes an in-law suite. It has only been on the market 15 days, originally at $1,449,000. It looks like the sellers are reading things correctly and don’t want it to sit for months.
Deal#3: Columbia Heights, where average price is $277/sqft
517 Rock Creek Church Rd NW - $595,000 – $189/sqft – 4 bed/2 bath Spanish-style semi-detached house. This is a very pretty, restored home that was built in 1905. It has lots of wood trim, new appliances and a full in-law suite. The sellers say they will look at all offers. It has been on the market for a month.
>Find open houses in NW DC this weekend
>Find open condos in NW DC this weekend
Related post:
>Don’t Make an Offer Yet
Cheers,
Allison
Photo: Mad African/Pineappler under Creative Commons license
October 9, 2008
They say that if you have a lot of money then a down market can be the best time to buy. Well, maybe that will get wealthy Kalorama moving soon – because it ain’t moving quickly now! On a single block of Wyoming Ave NW there are four properties for sale.
The latest is this federal-style row house at 2128 Wyoming Avenue NW. It has 4 bedrooms, 3.5 baths, and all-important parking. The interior photos looks okay but the decor does not appear updated. It is listed at $2,150,000 and will be open on Sunday, Oct. 12 from 1-4 pm.
Best of luck to this seller, who is not the only one to put a house on the market in the last two weeks. Interesting timing. I wonder if any Kalorama mortgages will be bought out and renegotiated under the proposal McCain made in the debate on Tuesday night?
Kalorama Fixer-Upper More Likely To Sell
For buyers with less money but high aspirations to live long-term in this beautiful neighborhood, here is a rare and potential major opportunity: one of the last fixer-uppers in Kalorama. It is a 7 bed/3 bath row house at 2158 California Street NW. It looks like it was abandoned once and has been awaiting renovation for some time. The list price is $850,000, which is what you could pay for a large 2-bedroom condo in this neighborhood! My mouth is watering and my imaginary self is snapping it up.
Related posts:
>Walk this Way: Kalorama
Cheers,
Allison
October 8, 2008
A lot has been written about the charms and assets of Glover Park, including by me. Well, now’s your chance to live on a little one-way street that all the neighbors know about but only a few people can own: Hall Place NW.
The fully renovated, 4-bed/4.5 bath Victorian row house that has been for sale there for many weeks was just reduced for a second time, to $995,000. The original price was $1,149,000.
Hall Place is parallel to Wisconsin Ave NW, just a block from Whole Foods, a string of good restaurants, Starbucks, a hardware stor and other shopping, CVS, the Guy Mason Recreation Center/Park, and more. In other words, it is a highly convenient place to live even though it is a quiet street with a very residential feel. And that’s just the beginning. Everything green and park-like about Glover Park can be found starting a couple of blocks the other way. For families, Stoddert Elementary School and Hardy Middle School are also within walking distance.
Another nearby price reduction that stood out today is a 2 bed/2.5 bath condo in the new-ish luxury residence at 2501 Wisconsin Ave NW, #403. You know the building … it is pictured below. It overlooks the intersection of Wisconsin and Calvert, above Guy Mason park and leading you towards the good old Veep’s house on Observatory Circle.
The price has now been slashed by $200,000 to $1,049,000. Too bad there are not many interior pictures on the listing. I wonder if they would be as breathtaking as the original price plus the $773/mth condo fee?
In the same zip but moving south-east to more expensive Georgetown, I noticed a sweet red brick house that was just reduced, at 1664 32nd Street NW. Now selling for $799,000, it’s a classic 2 bed/1 bath colonial row house with all the charm, style and small spaces that would satisfy a person craving this kind of home. It oozes that “old Georgetown” feeling. The location is great too - meaning not far from bus transportation and walkable amenities.
More info:
>Reduced prices in zip 20007 (Berkeley, Burleith, Glover Park, Georgetown, Obs. Circle, etc.)
>Current listings in zip 20007
Related Posts:
>More for your money in Glover Park
Cheers,
Allison
