The Georgetown Report by Russell Firestone | The Real Estate Market in Georgetown and Washington DC
The Real Estate Market in Georgetown and Washington DC
According to Standard & Poor’s Case Shiller Home Price Index, the Washington DC metropolitan area home prices increased +4.1% year over year as of December 2010. The second best market is San Diego which only increased by +1.7% year over year. In stark contrast, New York decreased-2.3% and Chicago by a staggering -7.4%.
Click below for the press release.
I am the listing agent for this fantastic two bedroom and two bath condo on the corner of 33rd and N St. in Georgetown. Great views across the Potomac River from this fourth floor condominium. Large light filled formal living room with wood floors and a fireplace. Updated bathrooms and kitchen with breakfast area. Great opportunity in the heart of Georgetown.
The asking price is $675,000 and it is listed by TTR Sotheby’s International Realty.
According to Clear Capital, Washington DC area real estate prices will rise 6.5% in 2011 following a rise of 5.3% in 2010. The report was prepared by senior statistician Dr. Alex Villacorta.
“Some housing markets are well on their way to recovery, while others are experiencing a renewed downturn reminiscent of the housing crash only two years ago,” added Dr. Villacorta. “Understanding which path a given market is likely to follow is dependent on several key factors, but the two clear drivers are local unemployment rates and the prevalence of distressed homes.”
The Washington DC area already has the lowest unemployment in the nation and very low distressed home inventory compared to the rest of the country. According to Villacorta:
“Major cities in the western Gulf states, and Washington, D.C. are least likely to see high dollar declines in home values. Washington, D.C. follows-up its strong performance in 2010 with an expected 6.5 percent year-over-year price change in 2011.”
Click the images to see the full size charts:
Read the full report here Newsroom at Clear Capital : Market Report
2812 P Street has been completely renovated and features 4,100 square feet with garage parking and a swimming pool. Gorgeous wood floors, thick crown molding, a sunken living room and family room each with fireplaces. It has six bedrooms and five and a half baths. Beautiful kitchen with marble counter tops and a separate breakfast area overlooking the pool. Fantastic master suite with with large master bath with a balcony. A truly fantastic renovation.
This is the link to the virtual tour
The asking price is $4.35 million and it is listed by TTR Sotheby’s International Realty.
2010 was a tremendous year for Georgetown real estate right through December. The largest sale was 3210 R Street which sold privately December sixth. The free standing eight bedroom and eight bathroom house has a pool, garage, a circular driveway in front and is near the Georgetown Library. At just over $11 million it is one of the biggest sales in all of Washington, DC for 2010.
The second largest sale in Georgetown is a condominium at 3303 Water Street for $5,750,000. Unit #N-8 is a modern two story condo that has four bedrooms and three and a half baths with fantastic views of the Potomac River from its rooftop deck. Surprisingly, three of the top ten sales in Georgetown are condos.
The other notable sale that received a lot of attention is Good Morning America’s host George Stephanopoulos’ house on the corner of 31st and Dumbarton. The free standing house has five bedrooms and six and a half baths with garage parking for two cars. The sale price of $5,450,000 makes it number three in the top ten sales in Georgetown for 2010.
What all of the top ten have in common is that they are completely renovated or in the case of the condos they are relatively new. The median sale price of the top ten is $4,625,000 with an average of 163 days on the market. All sales data is provided by MRIS or is publicly available online.
Washington DC is already the best real estate market in the country according to S&Ps Case Shiller Report and Georgetown may be the best of the best.
The average price of a home in the Washington DC area rose by 3.7% in October. No other housing market in the US is even close according to Case Shiller. Real estate values and jobs go hand in hand. The DC area has the lowest unemployment in the nation as well.
Link: Washington home values best in nation in October | Washington Business Journal
Link: Washington DC Area Unemployment Lowest in Nation | The Georgetown Report
The Washington metroplitan area unemployment rate is 5.8% and is the only major city in the US with an unemployment rate below 6%. According to the Bureau of Labor and Statistics, Washington DC metropolitan area had the largest year over year employment increase in the country- a gain of 43,700 jobs.
Bureau of Labor and Statistics Report
Washington unemployment lowest in nation | Washington Business Journal.
There are not many free standing houses in Georgetown much less on a cobble stone street in the West Village. 3332 O Street has four bedrooms and four and a half baths. The house has had a meticulous historic restoration and features a double parlor overlooking the front garden. The master suite has tall ceilings, a fireplace and a bathroom designed to be in keeping with the period of the house with a free standing tub and wood floors. There is parking for two cars.
This is the link to the virtual tour
The asking price is $3.495 million and it is listed by TTR Sotheby’s International Realty.
Existing home pending sales rise to a six month high nationwide thanks in part to mortgage rates being low. However, the mortgage rates are tied to the 10 year bond and investors are moving toward higher yields in Europe according to Frank Notehaft at Freddie Mac.
Existing pending sales may have jumped a staggering 10.4 percent in October, the strongest pace since April of this year, but interest rates are on the rise. According to Frank Notehaft, chief economist for Freddie Mac, investors moved from U.S. Treasury debt to European markets — where improvements are being made to the debt crisis. This in turn caused “bond yields to rise and mortgage rates along with them,” he says.
via Realty Times – Real Estate Outlook: Existing Pending Sales Rise.
Richard Moroscak, a Senior Lending Officer at Monarch Bank, in his weekly mortgage status report states that:
It is year-end on Wall Street and investors like everyone, are generally distracted by holiday events and administrative tasks aimed at cleaning up balance sheets. The effect is less participation in the bond market and increased volatility. Mortgage lenders have year-end activities as well and they impact loan pricing. Lenders are reluctant during the holiday season to get aggressive with mortgage rates. This slows loan production and gives the operations staff and management a chance to prepare for a new year. Everyone expects Rates to come back down in the New Year.
Hopefully, rates will go lower again in 2011 and existing home sales will continue the upward trend.
The median sold price for properties in zip code 20007 (which includes Georgetown) is up 29.45% from October 2009 to $1million. A total of $34,030,454 in properties sold in the month of October.
