2016
Inventory remains low with some hope for improvement in fall market By MARK LIEBERMAN Current Staff Writer
D
.C.’s inventory remains tight as summer ends — though according to area Realtors, the cooler months promise a modest uptick in transactions even as home prices and demand from buyers continue to rise. The District saw 761 new listings last month, a marginal 1.7
percent increase over August 2015, according to the Local Market Insight report released last week by RealEstate Business Intelligence. The number of active listings in the city decreased slightly year-over-year, from 1,197 in 2015 to 1,128 last month. It’s a dramatic drop, however, compared to August 2011, when 2,055 listings were active. Meanwhile, the average number
of days on the market saw a small year-over-year increase, from 33 days to 38; five years ago, the average duration was nearly double that. Realtors say the current market’s vital signs should remain fairly consistent as the year wears on. “For sellers, quite often, there’s the expectation that the market really takes off after Labor Day. It doesn’t, because the
buyers are sort of feeling their way through a new season,” said Fred Kendrick of TTR Sotheby’s International Realty. “It takes awhile.” Meanwhile, home prices in the District are continuing their steady climb. The median sold price last month was up a little more than 10 percent, from $520,000 in 2015 to $575,250 in 2016. Both of those numbers represent a substantial increase from
Tranquil Kalorama set to hone presidential pedigree
INSIDE Hidden gem in Woodley offers myriad amenities
By MARK LIEBERMAN
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Current Staff Writer
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ext January, Sheridan-Kalorama will welcome a new neighbor with the highest possible public profile. Numerous media outlets reported earlier that this year that President Barack Obama and his family are planning to stay in D.C. and move to the neighborhood while his younger daughter Sasha finishes out high school at Sidwell Friends. The house at 2446 Belmont Road NW that the family will rent looks appealing from the outside, and a quick scan of interior photos suggests even grander things beyond the front door: spacious rooms, lavish furnishings, nine beds, fiveand-a-half baths. The $7 million property assessment reflects the luxuries that await. But observers unfamiliar with Sheridan-Kalorama — sometimes called Kalorama Heights or just Kalorama — would be remiss in thinking that the Obamas’ presence will bring unprecedented prestige to Mark Lieberman/The Current the neighborhood. The small The call-box painting depicts community, nestled between past presidential residents. Connecticut and Massachusetts avenues NW just north of Dupont Circle, boasts a storied tradition of notable residents — and even a presidential pedigree. The neighborhood was first identified as a historic district in 1964, with formal designation in 1989 for an area with about 610 contributing buildings constructed from 1890 to 1945. A recent walking tour revealed just a fraction of Kalorama’s history, and
five years ago, when the median sold price was just below $400,000. The average sold price rose slightly more substantially than the median price this year, from $625,826 to $696,722. With such figures, “we expect it to be a very strong fall market, meaning a seller’s market,” said Joseph Himali, an associate broker with TTR Sotheby’s International Realty. “Inventory is See Market/Page RE12
Spring Valley development sparks concerns about large building’s compatibility
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Mayor brings new attention to Shepherd Park area
Brian Kapur/The Current
Woodrow Wilson lived at 2340 S St. NW until his death in 1924. It is now a museum dedicated to the former president.
residents say they’re not surprised in the slightest the Obamas would be drawn to their little enclave. The name Kalorama comes from a Greek word meaning “beautiful view,” and indeed, the walking tour took place on a radiant if humid Saturday morning, with the neighborhood’s refined tranquility on full display. The occasional car or pedestrian did little to disrupt an overriding sense of peace. The tour itself, led by Washington Walks founder Carolyn Crouch, showcased both architectural diversity and a unified sense of political import. It didn’t take long for houses once occupied by notable figures to pop up. Franklin Delano Roosevelt spent his tenure as assistant secretary of the Navy living at 2131 R St. NW, more than a decade before he took the nation’s highest office. Now the ambassador of Mali calls the 12-bedroom dwelling home. The neighborhood’s roster of notable dignitaries is intimidating. Herbert Hoover spent time at 2300 S St. NW while he was serving as secretary of commerce for Warren Harding, who had lived there a few blocks away while he was a senator representing Ohio in the late 1910s; William Howard Taft lived in what is now the Syrian See Kalorama/Page RE9
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A careful renovation of a decrepit 16th Street Heights home enters the market
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Auction hosts vestiges of Kennedys in Georgetown
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Fall’s varied event lineup includes history lessons, Design House, house tours
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