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UPDATES ON THE WASHINGTON DC REAL ESTATE MARKET

DC real estate market data

Washington DC Market Update

The Washington DC real estate market ended the year with an increase of +4.2% in Median Sold Price at an average of $545,000 over  2015’s $523,050. finish across all home types, though it took a little longer to sell in 2016. Median Days On Market were up +8.3% over the previous year, at an average of 13 days across all home types and neighborhoods. There were 8,521 listings sold in 2016, up +3.7% from 2015. At the end of the year there were 1,080 going into 2017, an increase of +5% from the year before.

There were some neighborhoods that lost ground in Median Sold Price month-over-month during December. Cathedral Hts/Au Pk in the 20016 zip code finished at $731,250. against its 2015 number of $881,000., a loss of -17%, but rallied +9.7% against its year-over-year numbers, finishing at $850,ooo. in 2016 and $775,000. in 2015. Capitol Hill South 20003 also saw a dip of -13.9% in December at $595,000. against its 2015 Median Sold Price of $691,245. The neighborhood finished the year up +4.2% at $682,500. against its 2015 $655,000. Logan Circle also dropped its M-t-M December 2016 MSP to $504,900. from $600,000. in 2015, a reduction of -15.9%, but ended Y-o-Y at $514,900. against 2015’s $480,500., an increase of +7.2%.

How did your neighborhood and home type fare?

Franklin School Redevelopment

Franklin School Redevelopment

The Franklin School at 925 13th Street NW in DC’s Downtown/Penn Quarter-Chinhatown neighborhood will be redeveloped as a $50M Planet Word museum for language and linguistics by 2019.

From the press release – “Today the Office of the Deputy Mayor for Planning and Economic Development (DMPED) announced the selection of Ann B. Friedman and Dantes Partners to lead the redevelopment of the historic Franklin School, located at the intersection of 13th Street NW and K Street NW in Ward 2. Delivering on the Bowser Administration’s commitment to the creative economy, the proposed development will transform the historic space into Planet Word, an interactive language arts museum and education space.”

The project will expand the historic Franklin School building, creating four levels from the existing three with use of below-grade areas of the existing structure. The museum will house approximately 15k SF of exhibit space, a 2,000 sf state-of-the-art auditorium, 3,500 SF of restaurant space and 1,900 SF to be used for classrooms. The project will cost over $30M and is expected to open by winter 2019.

Franklin School was designed in 1869 by architect Adolf Cluss in 1869 and declared a National Historic Landmark in 1996. Its most recent use  was as a homeless shelter, shuttered in 2008.

Elysium Logan - new condos in DC

Elysium Logan - Luxury Condominiums

Elysium Logan is an 8 story, 32-unit luxury condominium project on Rhode Island Avenue, across from Mason & Rook, near the corner of 14 Street NW. Offered will be a mix of 1 bedroom, 2 bedroom and 2 bedroom + den floorplans ranging in size from 550 square feet to 2,400 square feet, with the average size being 1,00 square feet. Three units will range from 650 square feet to 2100 square feet, with four units per floor. Three duplex penthouse units will offer about 2k square feet, not including their private outdoor decks, accessed by spiral stairs. Seven of the project’s units will feature private elevator access. Elysium Logan is well appointed with hardwoods by Kahrs, kitchen & cabinetry and fixtures by Porcelanosa and Waterworks, kitchens featuring Poggehpohl, Thermador, Bosch and Kraus. Additional appliances by Gaggenau. Custom closets are available. Designed by ADG (Akseizer Design Group). Get details and view floorplans on our Elysium Logan development page!

Adams Morgan Washington DC

Adams Morgan DC

Explore Adams Morgan DC! This colorful neighborhood carved a name for itself out of portions of Washington Heights, Lanier Heights, Meridian Hill, and the Kalorama Triangle Historic District. Get to know Adams Morgan’s hot spots, lifestyle, transportation, history and real estate market values.

DC Development

Washington DC Development

Washington DC is bursting with new construction, a boon for frustrated condo buyers who are encountering tight inventory in the resale market. The WestLight released their first luxury condo offering in November, Elysium Logan is beginning pre-sales on their luxury condo project off 14th on Rhode Island Avenue, 2501 M construction is progressing in West End, and The Adele will begin pre-sales in early 2017. There are many new DC real estate development projects, from boutique to large-scale, in various stages of development throughout the District. See what’s going up in your neighborhood!

Interest Rates

Mortgage Interest Deduction

The Mortgage Interest Deduction enables borrowers to deduct interest paid on home loans from their income taxes. It has long been one of the perks for homebuyers who can not afford to pay cash to purchase a home, especially during periods when mortgage interest was especially high. Now, Steven Muchin, Trump’s Treasury Department head, says he will cap MI, while allowing “some deductibility.”  There is already a mortgage interest cap on loans up to $1M if married and filing jointly, $500k for those who file individually. In Washington DC, where the 2016 Median Sales Price of a home was $545,000 against the national average of $200k, this is an especially pertinent issue. The deduction only applies to those taxpayers who itemize. Try Bankrate.com’s MID calculator to see how this change would affect you.

Shaw DC neighborhood

FHA 2017 MIP Reduction

Trump Blocks FHA MIP Reduction For 2017

On his first day as president, Donald Trump put the brakes on a Mortgage Insurance Premium (MIP) rate reduction for FHA mortgages.  In late December 2016, HUD (Housing and Urban Development) announced premium rates for FHA loans would lower by a quarter of a percentage point beginning January 27th. This would have lowered the monthly payment for homebuyers until the MIP requirement for downpayments lower than 20% was satisfied. Ben Carson, Trump’s head of HUD advised a Senate committee that he was examining the reduction, which could be reinstated at some point in the future if the administration desires. FHA loans make up approximately 16% of mortgages nationwide and have historically been a favorite of first time homebuyers and others who do not have a downpayment of 20% or more.

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