The Two Year Trinidad Increase

by Shilpi Paul

image
1432 Montello Avenue NE

It is no secret that home prices have been on a little bit of a heater in DC over the last year. But few neighborhoods can compare to the increases that Trinidad has witnessed in recent months. UrbanTurf was recently alerted to a three-bedroom row house located at 1432 Montello Avenue NE (map) that encapsulates what is going on.

Listed on January 18th for $349,900, the home attracted so much interest that the sellers raised the price by $75,000, to $425,000, the following Tuesday. By Wednesday the 23rd, the home was under contract.

This anecdote in and of itself is not that intriguing, but if one takes into account the sales scenario the last time this home was on the market, it paints a good picture of how the neighborhood real estate market has changed in the last 24 months.

In December 2010, the same home entered the market at $315,000. At the time, the sellers also had to adjust the price…downwards. Over the next 100 days, the price of the home kept dropping until landing at $260,000. It finally sold in May 2011 at that price.

image
The previous listing photo.

Now, we know what you’re thinking. This home was snatched up by a developer and renovated, as has been the case with many properties in the area. But it doesn’t appear that any changes have been made since a 2009 renovation. When comparing the two listing photos, the flooring, kitchen countertops, appliances and even the paint colors have not changed. So, in essence, the same home that sat on the market for 110 days two years ago and saw its price drop significantly, sold in a matter of days a few weeks ago after its price was adjusted upwards.

So what accounts for the change in the market value of the home, and the dramatically reduced time it took to find a buyer? If the home itself didn’t change, is it all due to the neighborhood’s increasing appeal?

UrbanTurf will be exploring these questions and more in an upcoming profile of Trinidad.

See other articles related to: trinidad

This article originally published at http://dc.urbanturf.com/articles/blog/165000_increase_in_two_years_in_trinidad/6580

10 Comments

  1. Rentistoodamnhigh said at 3:41 pm on Tuesday January 29, 2013:

    Trinidad is one of the last affordable neighborhoods in dc. The McGreedys are starting to move in all because its close to H street. H street is played out by the way.

  1. Triniresident said at 4:26 pm on Tuesday January 29, 2013:

    I’m one of those who bought a home in the area in 2010. My husband and I are in our 30s and moved to Trinidad from the suburbs.  We bought a home that needed rehabbing and hired contractors to do that.  I know a number of new homeowners like us in the area, but because we are not investors, often the facades of the homes have not been redone yet so many more homes may be updated than what appears when driving down the neighborhood streets.  We’ve enjoyed living in the neighborhood so far.  Of course we are cognizant that the area is still in transition and therefore are safety conscience, but so far have had no problems and have gotten to know many of our neighbors.  I will add that there are a number of vacant homes in the area that are being snatched up left and right by investors and homeowners alike.  What appealed to us in deciding to move was the fact that H street was being developed; we could easily walk to the metro; and we saw an area with upward potential.

  1. throwsatfeet said at 5:07 pm on Tuesday January 29, 2013:

    Affordable is a relative term, but I think the across the region rent increases and overpriced neighborhoods like Dupont and Logan Circle are pushing first time buyers into fringe neighborhoods that are still close to core downtown DC.

    The price increases in many cases are staggering and I can’t help thinking back to 2005-2006.  The difference this time around is that it appears that gains are being driven more by fundamentals ( rapidly rising rental rates) than by speculation.  There is obviously significant speculation but at least buyers are using reasonable logic (rent going up 5-10% per year makes buying an easier choice, and, why are houses ten blocks east selling for half of what this house costs?)

    I personally don’t like the character of the houses in trinidad, but can I honestly say that Victorians in Logan Circle are worth 3X more per square foot?  Probably not.

  1. zcf said at 7:30 pm on Tuesday January 29, 2013:

    I looked at a property in Trinidad just last spring… I drove around the neighborhood, and that place scared the beejesus out of me - run down, sketchy looking houses, and equally sketchy looking people.  Yeah, I know, I’m a scaredy cat. I’ll admit it.

  1. Dictionary said at 9:21 pm on Tuesday January 29, 2013:

    Sketchy: black.

  1. SPR said at 9:53 am on Wednesday January 30, 2013:

    @Dictionary: I live in Carver/Langston, in a house I bought last summer, about 4 blocks east of Trinidad proper (for real estate listing purposes, the subdivision is still listed as Trinidad).  I can tell you that sketchy does not equal black, sketchy equals sketchy.  I know black residents who have lived in the neighborhood for many years who are sometimes afraid of the sketchy people who hang around on some of the corners.  The neighborhood is changing rapidly, but I can tell you, it does not break down neatly along racial lines as people like you seem to want to think.

  1. Real talk said at 11:01 am on Wednesday January 30, 2013:

    All the sketchy people may be black, but not all of the black people are sketchy.

  1. 200HIT said at 11:14 am on Wednesday January 30, 2013:

    I was the owner of 1432 in 2010 and I lived there for 10 years.  The neighborhood has made tremendous improvement. I brought the house for 92,000 back then and I was finally able to make the necessary improvements in 2009, Which I was ready to move.  The neighborhood still needs to improve the quality of life. It’s still very drug and rodent infested also the is a high rate of unemployment in the area. So if you are the one making money in the area you become the target. In short I love my old house it was just in wrong neighborhood.  And I did not want to raise my family there. Now that I’m older.  House is perfect for a single person ..  By the way I love my new home smile  So I have no regret in selling. It was time and meant to be.  The new owners will see what I’m talking about after 3 months living there.

  1. Kes said at 5:36 pm on Thursday January 31, 2013:

    I’ve been in Trinidad since mid-2011, and I feel very safe here. Yes, we’ve got rats (and Cats!) and lots of corner boys involved in legally questionable merchant activities and people hanging out on their stoops until late. But I *love* that. I never feel out of place on my block, all the neighbors know me by name. If I’m bored at night, I can just step outside and hang out for a bit. I’ve felt far more sketched out walking down an abandoned strip of Mass Ave late at night than I ever have in Trinidad. If that kind of street life bothers you, it is the wrong neighborhood for you.

  1. Kboogy said at 10:46 pm on Thursday January 31, 2013:

    Granted the recent house listing below is quite wide and is located on the edge of the neighborhood, it certainly supports the fact that home prices in Trinidad are increasing in dramatic fashion.

    http://www.redfin.com/DC/Washington/1228-Florida-Ave-NE-20002/home/10096969#quickMap

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