Homes in Trinidad.
Home prices have been on a heater in DC over the last 18 months, and almost every neighborhood has benefited. But perhaps none more than Trinidad.
UrbanTurf first caught wind of the notable price appreciation in the Northeast DC neighborhood in January when a three-bedroom house was listed on Montello Avenue for $349,900 and there was so much interest that the sellers raised the price by $75,000 a few days later. 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.
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 in fact no changes have been made since a 2009 renovation. 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 this year after its price was adjusted upwards.
Earlier this year, the neighborhood made real estate headlines again when a Florida Avenue home was listed for almost $1 million. A high six-figure home is not really newsworthy in DC, unless it represents the most expensive home to ever be listed in a given neighborhood, which was the case for this Trinidad house.
“The area has been undervalued for so long, it’s finally catching up to where it should be,” Jennifer Myers of Dwell Residential told UrbanTurf for a Trinidad profile we wrote in February. “It’s the natural progression that H Street had after Capitol Hill, and it’s only logical to think that Trinidad is next.”
Below is a chart that provides a statistical picture of just how much real estate prices have risen over the past couple years in the zip code that includes Trinidad.
Other entries in UrbanTurf’s Best of 2013:
- The Best Listing of 2013: Bauhaus in Brookland
- Best 15-Year Vision: Georgetown 2028
- Best Rumor Heard in 2013: Eataly to Uline
- Best Big Screen Trend: The Movie Theater Rush
- Best Signs of DC’s Hot Housing Market: Above Asking and Multiple Bids
- Best Alternative to a Studio: DC’s One-Room House
- Best Way to Live and Learn: Buy the Pierce School Lofts
- Best Design of The Year: Montgomery County’s Tallest Residences
This article originally published at http://dc.urbanturf.com/articles/blog/best_neighborhood_home_price_appreciation_trinidad/7948
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