Morning Real Estate Review

April shows homes sales and prices up (MarketWatch)  With more homes sales in April than last April, and a 10% jump in the median sales price over last year, the April numbers show a surprising upswing to the housing market.  March 2012 numbers had been mixed, so the numbers don't yet constitute a trend.

Mayor Gray seeks eateries for southeast DC (Washington Times)  The District hopes for a restaurant pavilion in St. Elizabeths' east campus.

Tough financing leads developers into the arms of the government and tax-exempt bonds (Housing Finance) Developers waiting - and waiting - for FHA to approve loans, turn to low-income housing tax credits (LIHTCs), and low-income housing, to get the job done.

Why classical architecture makes little sense for DC (Washington Post) Classicists decry modernism throughout DC too quickly, but they might have a point with the proposed Eisenhower memorial.

ICSC Spotlight: DSW takes over D.C., L St. Borders site gains a future

DCMud’s man at the International Council of Shopping Centers Convention survived that shopping center jungle with a couple new updates, both conspicuously involving clothing …

•  DSW, the footwear retailer, plans to open three new stores in Washington, D.C. One will be in Columbia Heights, one in Friendship Heights and one on Connecticut Avenue. So anyone who has been stocking up on heels for the coming shoe drought can breathe easy.

•  Following the trend of transforming ex-Borders into things that have absolutely no hope of raising the national literacy rate (see: the Hamilton), a large but as-of-yet unnamed clothing retailer will be taking over the old Borders site on L Street.

ICSC Spotlight: Union Market signs 11 restaurants, Capital City Diner

Today at the International Council of Shopping Centers Convention, developer Edens told DCMud that the Union Market has 11 restaurants signed to the new development, including the Old Capital City Dining rail car.

The historic site, formerly known as the Capital City Market, is being redeveloped by J Street and Edens.

One of the eateries is the Old Capital City Diner which Edens bought on eBay for $40,000 according to the Washington Post. Have to assume that was an exciting bidding war. Probably worth it simply for the “buy now.”

The development of Union Market should be interesting, and no one has ever complained about more food. Another Edens spokesperson said the company is not ready to release the names of the 11 restaurants, but those will soon be released and an opening expected this summer.


Washington D.C. real estate development

Equity Residential's Mt. Vernon Triangle Project Set to Break Ground

Equity Residential's mixed-use redevelopment encompassing several historic properties at 443-459 Eye Street NW is set to begin construction this summer.

"We're looking at an August groundbreaking," said Greg White, Vice President of Development at Chicago-based megadeveloper Equity Residential. "We're working with Clark Construction, and finalizing construction documents now.  We hope to deliver first units in a little less than two years; the summer of 2014."

Once touted by former owner Walnut Street Development as Eye Street Lofts, Equity Residential purchased the property for $5.1 million in April of last year and, with HPRB approval for the plans secured since 2006, advanced the project swiftly.

The design, by Hickock Cole Architects, preserves the two 1880s-era historic rowhouses on the lots (as mandated by law), and incorporates the also-historically-designated industrial buildings, while erecting two additional residential towers directly adjacent.  When complete, it will offer 165,000 square feet of residential space and just over 2000 square feet of ground floor retail.

"It was originally conceived as 162 units, but the plans have been increased to 174 units," White said.  "Architecturally, it's a little old, a little new; you have the historic rowhouses, and then a different type of high-rise on top, and a new one to the side. We're blending it all together to make it work."

The site was formerly the home of Gold Leaf Studios, an artists' space, and an auto body shop housed in a former blacksmith's shop. Another building on the parcels, which was leased by BicycleSPACE, is marked for demolition.


Washington D.C. real estate development news

Morning Real Estate Review

DC Mayor and Council Chair earmark millions for their districts (Washington Post)  Gray and Brown add millions to the budget for developers and affordable housing into their Ward 7 base.  Skyland and Penn Branch shopping center draw millions thanks to the city's top officials.

Housing stats improving in DC area (WTOP) Foreclosures are down 14% from last year as banks get better at processing foreclosures.

Touring development sites in Fairfax and Loudoun (Washington Post) Large scale projects abound throughout the region, including speculative and once dead developments that are being revived.  Town centers are in.


GW Museum gets zoning approval (GWU) The University's proposed museum was approved 4-0 by the Zoning Commission.  The 35,000 s.f. museum will be located at 21st and G.

Dupont underground to go temporary? (CityPaper)  The arts group that controls the space - for the moment - has had no success funding a major project, and thinks temporary art space may do the (cheap) trick.

Morning Real Estate Review

Options that add value to homes (Washington Times) Overbuilding your home doesn't pay in the resale market, but upgrades that bring your house closer to the median value are worth doing before the sale.

Columbia gets a new downtown in $100 million development (Baltimore Sun)  Howard Hughes Corp and Kettler plan to start next year on a 380-unit complex.

Home prices could bottom out next year (HousingWire)  Fitch estimates that prices could drop another 7.8% nationwide before hitting bottom in 2013.

Realtors descend on Washington to lobby for interests (US News) 10,000 reportedly rallied on the Mall yesterday to lobby for pro-housing legislation.

Your Next Place

Shiny new townhouses in an emerging neighbor- hood - what's not to like?  Come in, get a bargain, sell off in a few years for twice as much as you paid, use your windfall to buy a house in Bethesda, and for the next ten years of cocktail parties tell your story about "that one night in your old house you heard a gunshot, you're pretty sure it was a gunshot, though it might have been a firecracker or car backfire or maybe the tv downstairs, it's hard to say since you were sort of asleep at the time."

Seriously though, everyone knows it wasn't a gunshot.  But enough about that.  These two townhouses, collectively named Randolph Row, are total gems.  Three levels, beautiful brick facade, all the modern finishes you could possibly ask for.  Large rooms, large windows, tons of light, recessed lighting, hardwood floors.  There's an open-style kitchen with Carrara marble countertops and stainless steel appliances, and a beautiful wooden deck.  And the yard is massive; you could legitimately play a full 11-on-11 football game back there.

Brookland, of course, is home to Catholic University, and is going to see quite a bit of development in the near future.  Before you know it, it'll be a second Columbia Heights, though hopefully much much less annoying.  The metro is only a block away, and each townhouse also has a garage, so you can drive instead of taking the metro.  I hate taking the metro.  If I want to be in close physical proximity to unhappy people staring straight ahead, I'll just visit my family, thank you very much.

1222 Randolph Street NE
3 Bedrooms, 2.5 Baths
$599,990

Washington D.C. real estate news