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Georgetown : Real Estate Advice

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  • Home Buying5
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Activity 8
Thu Sep 28, 2017
Jerry De Michaelis asked:
Thu May 1, 2014
George Eckerle answered:
Let's try a comparison specific to the Cloisters.

I see 14 sales in the Cloisters since 2013.

9 of the sales appear to be renovated homes, and the remaining 5 looked to be in more original condition.

Average sale price of the unrenovated homes, $1,255,000 - selling for an average of 2.34% under asking price.

Average Sale price of the renovated homes, $1,425,061 - selling for an average of 3.33% under asking.

Market norm for the community, renovated.
Difference between renovated and unrenovated homes, almost $170K.

BUT

The averages listed above for the renovated unit includes one unit that sold for over $2M, and was the ONLY home that sold in that price range, being a unique model, 25% larger than the competition.

When you remove that listing from the equation, the eight renovated units that remain yield an average sale price of $1,331,319.

5 unrenovated home sales - average $1,255,000 2.34% under asking
8 renovated home sales - average $1,331,319 2.81% under asking

The cost of renovations could easily approach the $80,000 price differential.

In any case, the decisions need to be based on the specifics for your community.

Hope this helps.
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0 votes 14 answers Share Flag
Wed Mar 12, 2014
emkm26 answered:
Are you still looking for investment in the NW DC area? I know this posting is old.
I have a COOP one bedroom on Cathedral with Parking
0 votes 9 answers Share Flag
Sat Feb 15, 2014
Tony Taylor answered:
Hi Julia, Tom was spot on with his assessment. One thing to consider is that this lot is not buildable. It does not meet the minimum size requirements in Washington DC. The lot may be feasible for a community garden or parking with a variance. Feel free to let me know if you have questions about zoning or building in DC. I have a lot of experience dealing with DCRA and Zoning. ... more
0 votes 3 answers Share Flag
Mon May 27, 2013
Akil Walker answered:
0 votes 2 answers Share Flag
Fri Oct 19, 2012
Melissa Barkalow answered:
Hi

Georgetown is pretty close to the Kennedy Center. It depends where in Georgetown the property you are interested in is. The Kennedy Center runs shuttles from the Foggy Bottom metro to the Center for performances as an FYI.

Thanks

Melissa
mbarkalow@comcast.net
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0 votes 4 answers Share Flag
Sat Oct 8, 2011
Homebuyer101 answered:
Hi Roni,

I completely understand the need for you to at least help your son narrow down some rental options. I'm not a realtor but I do work in real estate and I graduated Georgetown a few years ago, so I understand the housing options that students typically take very well. Most students live on campus -- has your son considered the many on campus apartment options, such as Village A (the upper floor units with rooftop access are very hot comodities) or LXR (I knew four guys with a 2 level LXR apartment with an exposed brick wall and a hot tub -- it was gorgeous)? How good of an apt he can get on campus will depend on his (or his roomates!) housing lottery pick (so encourage him to form a "roomate alliance" with some friends before the draw so they can all benefit from the best lottery pick of on campus housing).

When students do live off campus, it's almost always in one of the townhouses immediately surrounding campus (on Prospect St, N, O, or P Streets, etc.). Georgetown owns some of these townhomes, but private landlords own most of them. I've seen up to 9 students rent one townhouse, though, due to the high price. If he were to venture further out of Gtown, then Rosslyn and Dupont Circle are not bad options because the Georgetown University shuttle goes straight to campus from those two very metro accessible neighborhoods. And Georgetown does have a great housing office, so definitely talk to them if you're feeling like you need a clearer overview of all your options! Hope this helps :)
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0 votes 6 answers Share Flag
Fri Dec 18, 2009
Payam Bakhaje answered:
The most building inthat area are Older . However, there are some buildings that have been updated recently. Olease vist http://DCRealtyOnline.com for more info
0 votes 16 answers Share Flag
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