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Home Price Watch: Potential for More in Southwest Waterfront

by Shilpi Paul

Home Price Watch: Potential for More in Southwest Waterfront: Figure 1
A Row House in the Southwest Waterfront

For the past few months, UrbanTurf has been sifting through DC housing price data from the last decade to find out exactly what has been happening in zip codes around the city, using numbers provided by RealEstate Business Intelligence (RBI). The full run of zip codes that we have covered are listed below.

This week, we are examining the zip code of 20024. 20024 is roughly bordered by the Potomac and Anacostia Rivers, South Capitol Street, and Independence Avenue. It’s home to portions of the Southwest Waterfront neighborhood.

Home Price Watch: Potential for More in Southwest Waterfront: Figure 2

With the future development of The Wharf, Southwest Waterfront will have a slew of new housing options within a few years. However, the market right now is fairly tight for anything other than condos/co-ops, the dominant property type for the zip code. Less than 10 townhomes and detached houses have sold so far this year. The two detached homes that came on the market found buyers almost instantly; for townhomes, the median number of days on the market came in at just 11.

Frankly, this isn’t territory for the single-family home buyer, and as mentioned, condos and co-ops make up the vast majority of housing options. While unit prices are not quite as low as they were a decade ago (but lower than at the 2007 peak), the current median price of $250,000 is likely still affordable to many. Just be wary that the co-ops in the area can have some pretty high monthly maintenance fees.

Home Price Watch: Potential for More in Southwest Waterfront: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_potential_for_more_in_southwest_waterfront/6096

6 Comments

  1. Mike O'Dell said at 9:09 pm on Monday October 1, 2012:
    I have lived in Southwest in the same co-op apartment for nearly 30 years. The Southwest waterfront is clearly on the up-and-up with many buyers recognizing the housing values the area offers and are getting in now before prices skyrocket with all of the new construction. I take exception, however, at the comment that monthly fees for co-ops are high. Relative to what? Our fees INCLUDE property taxes and many co-ops offer more amenities than other forms of ownership. For example, my co-op has a year-round indoor pool, 24/7 security, and Gatehouse. Many of our apartments have roof gardens and fireplaces. Monthly fees reflect these things plus our immediate access of walking one block to the Metro, 2 blocks to Arena Stage, and 4 blocks to the Nationals Stadium. The comment about "co-ops in the area can have some pretty high monthly maintenance fees" reflects a lack of understanding and sophistication. For more about co-ops, go to www.CoopsDC.org.
  1. Raf said at 10:15 pm on Monday October 1, 2012:
    I pay $310 a month in condo fees but that includes all utilities except cable. I think it's a fair price. I bought last year, a studio for about $190k, just to get my foot in the door. A condo with the exact same square footage in the same building recently sold for $235K, and that's without a parking spot and no development being done on the Wharf. I can't imagine what prices will be like in 5 years.
  1. Ryan said at 11:04 pm on Monday October 1, 2012:
    I agree with Mike's statement. The co-op fees might look high, but they typically cover expenses that you'd have to pay for regardless of living in condo vs. co-op and even to some extent vs. single family home. However, buyers do seem more apt to want to pay for expenses individually than know that they have to pay a larger co-op fee in one check every month, even if the costs would be relatively the same. I guess the number just scares people, but if you really break down the co-op fee, you're not usually spending any more (or less) at the end of the day.
  1. Dana Hollish Hill said at 7:29 pm on Tuesday October 2, 2012:
    There are actually several condo buildings in SW that have very high condo fees. So high that many people think they are co-op buildings. If you'd like to see what amenities the different condo buildings in SWDC offer and the range of condo fees within the buildings, visit our Southwest Waterfront Neighborhood site at http://buydccondos.com/neighborhoods/south-west-waterfront
  1. Doug said at 9:39 pm on Wednesday October 3, 2012:
    I agree with Dana. The condo fees I pay ($635!) are profane. With my refinance, it is 3/4 the cost of my mortgage payment. Unlike co-ops, they do not include taxes, which is extra. It is a reflcection of the inept condo board we have. Another thing they need to do in SW to make it livable is to tear down the unsightly and dangerous section 8 housing.
  1. Mary said at 9:48 pm on Monday October 8, 2012:
    I concur with Mike - and wouldn't be surprised if we live in the same building. When I combine the cost of all the utilities bundled in my fee, which includes include cable and internet, and property taxes, I come out ahead, relative to paying for it all separately. Also, what were the detached houses that came on the market this year?

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