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.
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
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