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2015 Fall guide
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Realtors see continued strength in Northwest D.C. market as fall nears By BRADY HOLT Current Staff Writer
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istorically, August is a slow month for D.C. home sales. Buyers are on vacation or at least their minds are elsewhere, Realtors say, and the data support it: Sales fell 16 percent from July to August of this year. But even a slow month in Washington beats a strong month nearly
anywhere else. “In August, our listings didn’t move quite as quickly and it took things a little bit longer to go under contract,” said Suzanne Des Marais, an agent with Keller Williams Capital Properties in Dupont Circle and president of the Greater Capital Area Association of Realtors. She quickly added: “Meaning a couple weeks, not months.” According to data from RealEstate Business Intelligence and the
Realtors group, D.C. condos and houses spent a median of just 13 days on the market last month, with buyers paying an average of 99.1 percent of the original listing price. Nearly half of the homes on the market today are already under contract. There were 774 new listings last month and 686 closed sales. Year to date through August, the District’s median sales price stands at around $525,000 — a record
high — and single-family detached homes have had a median of nearly $764,000. All metrics comfortably beat the market performance from this time last year as well. Realtors said the situation has become familiar: More residents are flocking to the District and fewer are fleeing to the suburbs, leading to a seller’s market with tight supply. Ron Sitrin of Long & Foster Real Estate in Friendship Heights said as young D.C. residents grow
Mixed effects seen from institutions
their families, they increasingly try to find a bigger home nearby: “All they’re really doing is selling one unit to buy another unit, so they’re not adding inventory to the pot.” And as developers in close-in neighborhoods convert large row houses into condo buildings with small units, he said, “the demand for single-family homes is just going to get tighter and tighter and tighter.” See Market/Page RE22
INSIDE
New 16th Street home features parkside view, modern style and amenities
By BRADY HOLT Current Staff Writer
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ashington is a city filled with attractions that lure visitors from around the region, country and world. Respected universities, cultural institutions, embassies, parks, nightlife spots — it’s easy to see how all could be the envy of many outsiders, driving property values as local buyers and renters compete to be close to the action. Yet it’s also common to hear D.C. residents complain about the side effects of living near these amenities. At community meetings and on listservs, they bemoan the crowds of visitors who clog streets, make noise, take up parking spaces and leave litter. A common refrain is that these disruptions detract from a neighborhood more than the positive effects enhance it, and some residents fear that their properties will lose value as a result. According to area Realtors, the results can vary widely, depending on the area of the city, the type of amenity and the home’s proximity to it. It’s not always easy to quantify, but they said sometimes there’s a benefit to property values, sometimes a reduction, and sometimes no effect at all. Suzanne Des Marais, a Realtor with Keller Williams Capital Properties in Dupont Circle
Palisades Village House Tour to showcase neighborhood’s diverse architecture and history Oct. 17
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Chevy Chase home stands apart from its more traditional neighbors
Brian Kapur/The Current
Neighbors of American University, above, and Georgetown University, left, don’t always relish noise and crowds, but Realtors say such institutions can also help property values.
and president of the Greater Capital Area Association of Realtors, said many buyers are excited about “owning a piece of Washington.” “Having a landmark view, that’s something attractive that we can definitely market, and it’s particularly attractive at the higher end,” she said. One example she cited is the enhanced appeal of a small condo with a view of the Washington National Cathedral. Otherwise, said Des Marais, it’s the practical amenities that are often the most significant. “My clients tend to be more focused on
shopping, restaurants, transportation,” she said. “If you have transportation you can get to many of those things.” And despite frequent community complaints about nightlife noise, Des Marais said many buyers do seek out hubs of late-night activity: “I have had buyers specifically shop for homes in areas close to particular nightlife zones, and others who are completely turned off by any proximity to bars.” In other cases, a thriving source of employment can also protect property values by ensuring that there will always be demand for housing in that area. Tom Daley of TTR Sotheby’s International Realty, who also serves on the board of the Realtors associaSee Institutions/Page RE21
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With long history in Washington, limited-equity cooperatives offer affordable option in D.C. market
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A roof with a view: Seven properties that show off the city below them
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Northwest traffic circles’ names, many in honor of Civil War heroes, generate debate over diversity
The CurrenT newspapers norThwesT • GeorGeTown • FoGGy BoTTom • DuponT
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