By Donald Issac
The District Is growing with 1000 new residents each month. These new residents need places to live. This increase in population has resulted in a very rapid growth in the District’s real estate market. Neighborhoods like Capitol Hill, Adams Morgan, Bllomingdale, and others selling homes in short time periods and at record prices.
The mind set and reasoning of our new residents is different and varied. One person who moved to the District from the mid-west talked about their decision-making in the following way:
“I semi-retired to DC’s Capitol Hill with my husband after 30 years of Midwest living. I swapped winter all year for four seasons; a 2500 sq ft suburban home for a 500 sq ft condo; a two car garage for street parking; an acre of land for a small patio & garden; and a beautiful borzoi for a tiny Betta fish. I literally left everything behind except one carload of fond memories and good wishes. My goal is to share what we encounter in pictures, sketches, and observations. It’s been an interesting transition!”
The search for affordable housing is increasingly pushing people east of the river in search of city living. The east of the river real estate market is located in zip codes 20019, 20020, and 20032. Anyone wanting to or who is intersted in buying or selling a property in those zip codes is in the east of the river real estate market.
Of the slightly less than two hundred listings currently available, a significant number are in the neighborhoods of Anacostia, Congress Heights, Bellevue, Deanwood, Randle Heights, Hillcrest, Fort DuPont Park, Lily Ponds, Marshall Heights are some of the more popular names in markets east of the river. This is significant because often the entire east of the river community is referred to as “Anacostia.”
A lot of confusion revolves around the difference between a neighborhood and a Submarket. East of the River has many neighborhoods, such as Twinning, Burrville, Washington Highlands, Bellevue and so on. Many of the neighborhoods have their own identity, history, and character.
While unique in their own right, these neighborhoods are not dominant and recognizable from a real estate sales perspective.
The submarket or market name that generates the most interest or buzz from prospective buyers. The name and history of any neighborhood is important in east of the river real estate in negotiations of the purchase and sales price to either the benefit of the buyer or the seller. Whoever convinces the other of the positives or negatives the best walks away with the best deal. This is why a small house in Hillcrest may sell for much more than a larger house in Deanwood.
Today the real estate market throughout the city is characterized as a seller’s market. This is an indication that the number of buyers greatly exceeds the number of properties to be sold. In this case, bidding wars are typical as now there are ten people wanting to buy the same home. This increase competition not only drives the prices up but it also results in properties being on the market for a short period of time.
Sales East of the River April 1 to May 25, 2014
165 36 St. NE 334,000
3414 Carpenter ST SE 335,000
2105 Suitland Ter SE #A 125,000
1234 45th St SE 400,000
1322 Talbert Place SE 307,000
1416 Ridge Pl SE 146,000
2245 14 Street SE 150,000
1613 T Street SE 200,000
4612 Bass Place SE 214,000
3031 Buena Vista SE #6 20,000
2501 Sayles Pl SE #11 305,400
2518 Sayles Pl SE #9 376,900
2518 Sayles Pl SE #11 331,400