The Last Week in DC Real Estate News

• January 3rd 2011

by UrbanTurf Staff

As we return from a week when we were not glued to our computers monitoring the city’s residential real estate scene, we recap what happened while we were gone.

• Home Prices in DC Continued to Fare Better Than the Rest of the Country — The latest report from Case Shiller showed that home values climbed 3.7 percent in the DC area between October 2009 and October 2010, the largest year-over-year price gains in the country. Nationally, prices fell 0.8 percent.

• Developers Take Another Stab At Converting Italian Embassy to Condos — DCmud reported that Valor Development is taking what will be the second stab at converting the former Italian Embassy at 2700 16th Street NW (map) into condominiums and a nine-story apartment building. Like the first attempt to convert the embassy to condos back in 2006, the success of this conversion hinges on the building’s status as a landmark.

• A House Sold for WAY Over Its List Price — In late October, we reported on a four-bedroom home on Corcoran Street between 13th and 14th that was on the market for just $550,000, an eye-popping price given that homes on that block usually sell for well over $1 million. Jen Angotti followed the sale of the property and recently reported that the house sold for $200,000 over list price.

• People Really Want to Live in The Grays on Pennsylvania Avenue — More evidence that DC’s apartment market is as tight as a drum: Housing Complex wrote last week that The Grays on Pennsylvania Avenue, a 118-unit apartment building for those making 60 percent of the area median income (AMI) was completely full by September after opening its doors in May, and now has 200 people on the waiting list for an apartment.

This article originally published at https://dc.urbanturf.com/articles/blog/the_last_week_in_dc_real_estate_news/2796.