Why Are Vacant Lots Hitting the Market in DC for $70,000?
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Are small plots of land listed for $70,000 the latest fad in DC real estate?
A couple weeks after UrbanTurf first reported that a triangular plot in Adams Morgan had been listed for $70,000, a collection of other pieces of land around the city hit the market with that price tag.
Realtor Farone Williams is representing a handful of vacant plots around DC, which don't share much in common besides having been owned by the same individual and carrying a $70,000 price tag. "Knowing the complexities of getting those properties dealt with, it had to be an attractive price to move them," Williams explained to UrbanTurf.
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After the owner's recent passing, the estate entrusted Williams to list the sites (including the Adams Morgan lot). The remaining sites include:
- A 2,000 square-foot lot in the Penn Branch neighborhood of Southeast. Located on Nash Place SE (map), the site sits among a suburban-style stretch of single-family detached homes. The site is zoned R-1-B, which theoretically allows for by-right detached home construction (after the trees and underbrush are cleared, at least).
- A 521 square-foot lot on Independence Avenue SE close to the intersection with Massachusetts Avenue (map). The site is currently paved over and partially used as a de facto driveway; it is zoned MU-4, which theoretically allows for by-right moderate-density mixed-use development.
- A 2,178 square-foot, landlocked lot adjacent to Aquatic Gardens off Anacostia Avenue and Pine Street NE (map). None of the adjacent streets have direct access to the site. This site is also zoned R-1-B.
All of the above sites would potentially require a creative approach if they were to be improved with new residences, so it will be interesting to see what plans emerge after they are purchased.
See other articles related to: vacant spaces
This article originally published at https://dc.urbanturf.com/articles/blog/why-are-vacant-lots-hitting-the-market-in-dc-for-70,000/14022.
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