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Sale of Columbia Heights Home Sets New Bar For Neighborhood

by Mark Wellborn

Sale of Columbia Heights Home Sets New Bar For Neighborhood: Figure 1
1300 Fairmont Street NW

Columbia Heights was one of the first DC neighborhoods over the last decade to be dubbed transitional, explode with a flurry of development along its main avenue, and see a marked population shift.

Home prices in the area did what they usually do when this perfect storm occurs: they rose. However, for the most part, the home value increase was largely restricted to the low to mid six-figure price range where one and two-bedroom condos saw notable appreciation. A recent sale may be indicative that the price increases are extending into the upper brackets.

1300 Fairmont Street NW (map), a 5,000 square-foot home that UrbanTurf featured at the end of 2010, recently sold for $1.4 million, making it the most expensive single-family home to ever sell in Columbia Heights. While the $1 million barrier has already been broken in the area a few times, the Fairmont home sold for about $300,000 more than any other single-family residence. Prior to its sale, the highest-priced home to sell was a house on Kenyon Street for $1.125 million.

Sale of Columbia Heights Home Sets New Bar For Neighborhood: Figure 2
Entryway

It should be noted that the five-bedroom home is massive and was extensively renovated over the last several years. It now features three decks, a gated parking area for three cars, a lower level that now has a home office but could be a separate apartment, a completely renovated kitchen and a master suite on the top floor that has a gas fireplace and a custom-built multi-media system

Granted the house sold at about a $200,000 reduction from its original list price of $1.599 million, but nevertheless, its purchase price is noteworthy.

“The $1 million dollar sales price was a barrier in Columbia Heights for years,” Brandon Green, listing agent for 1300 Fairmont, told UrbanTurf. “I predict we will start to see many more sales of well renovated homes exceed $1 million.”

See other articles related to: dclofts, columbia heights

This article originally published at http://dc.urbanturf.com/articles/blog/sale_of_columbia_heights_home_highest_ever_for_neighborhood/3858

7 Comments

  1. HouseInvestor said at 7:18 pm on Wednesday July 27, 2011:
    Agree with Rob. Bubble or not, purchasing the most expensive house in the neighborhood is never a good investment idea.
  1. Scoot said at 3:42 pm on Tuesday July 26, 2011:
    $1.4m for 5000 sqft is not a bubble. That's $280/sqft, actually low for the area.
  1. UnoTres said at 7:23 pm on Tuesday July 26, 2011:
    Actually a great price - however, the rest of Columbia Heights is the real bubble
  1. linda said at 11:38 pm on Monday July 25, 2011:
    Pretty amazing for Col Heights!
  1. Bon nuit said at 9:32 pm on Monday July 25, 2011:
    I love the interior. If you do a price per sf calculation, it comes out as a pretty good deal.
  1. Rob said at 10:06 pm on Monday July 25, 2011:
    Welcome to Housing Bubble II, the sequel...
  1. Jennifer said at 1:17 am on Monday August 1, 2011:
    HouseInvestor...what if they just want to live in it and enjoy it? Per square foot it's a great price. If they live in it ten years, I have little doubt they will may a conservative profit on the investment whilst having enjoyed the property as a lovely home. The D.C. market is poised to surge ahead as soon as the economy gets back on track.

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