What's Happening in the Columbia Heights/Petworth/U Street Area

Over the weekend I worked with 2 sets of buyers who were looking in the Columbia Heights/Petworth/U Street area. It was the first time I have been in that area showing property in a few months. The construction in that area continues despite all the negative news about real estate. Yes, condos are still being built, just drive down 14th Street NW!

On Saturday I showed a great new condo building to one of my buyers at the corner of 14th and W Streets NW. The condo has the incredibly original name of “1407 W Street Condo” and is located at --you guessed it -- 1407 W Street NW. See a photo gallery of the place here: http://www.homevisit.com/tour/mrisTour.asp?id=29672. The very fancy brochure says, “Boutique 12 unit building in the Hip U Street Corridor.” Prices range from the mid 800’s for the penthouse 2 bedroom unit to the mid 300’s for a 1 bedroom on the sorta-basement level. For an extra 40K you can buy an outside reserved parking place too! My client was very funny, wondering if he bought would he be hip enough for the building!

Also along the 14th Street NW corridor construction continues at the corner of 14th, Florida and Belmont Streets NW. The large hole has been filled, presumably with the underground parking garage and work has begun above ground. Visit their website at http://solea-dc.com/index.htm for more info. I see that this project is being promoted as a “live and work” condo community, focused on spaces for people who work from home. I like the concept, when the building is ready I will be sure to check it out. My clients on Sunday said that a friend of theirs is working on the project and it is apparently going to be very “green” as well.

Farther north in the Petworth area construction also continues on a long awaited development at the Georgia Avenue-Petworth Metro Station.

You will note on the map that the southern exit is closed until 2008. That is for construction of the Park Place condo and retail development. You can visit their very boring website at http://www.parkplace-dc.com/. I think this development will help kick-start some more development in this area of Petworth. Lately I have noticed a serious increase in foreclosure properties going up for auction in the Petworth area. I believe that during the crazy days of 03-06 too many investor speculators were gobbling up houses in Petworth thinking they were going to be easy flips and now they are going to foreclosure. A few smaller project did come to fruition, like the small condo “New Hampshire House” at 3540 Rock Creek Church Road, NW. According to the MLS, this building has been selling quite well, with an average sales price of $258,571.00 with between 7-10K in seller subsidy. Seems like a good deal for a one bedroom within walking distance of the Metro and completely refurbished. See the pictures here: http://www.homevisit.com/tour/mrisTour.asp?id=26780. If you are looking to learn more about the Petworth community visit the Price of Petworth blog at http://www.princeofpetworth.com/.

As always, if you are interested in buying or selling, let me know! Michael Dillon (Michael@RealAstute.com)