The Capital Park Team Blog

Cathedral Commons is coming to Cleveland Park in Fall 2014!  What the heck is that?  It’s a mixed-use development including 137 apartments, 8 townhouses, retail, and parking.  The project will occupy 2 blocks of Wisconsin Avenue (between Macomb and Idaho) in view of the National Cathedral.

The cornerstone of Cathedral Commons will be a new 56,000 sq. ft. Giant grocery store, replacing the outdated 18,500 sq. ft store built in the 1950s.  The new supermarket will include full-service floral, bakery, meat, seafood, and deli departments.  In addition, the store will expand it’s offerings of fresh produce, as well as natural, organic, gluten-free, and international products.

This has been a contentious project from the start.  Some local residents are…

5400 31ST ST NW, WASHINGTON, DC 20015

List Price: $650,000

This is a 4 bedroom single family home in Chevy Chase right off of Military Rd NW.  The home needs renovations and is sold as-is.  A home like this in good shape will sell over $800K easily.  Buy this home and fix it up and re-sell.  Great opportunity in Chevy Chase DC. 

5501 29TH ST NW, WASHINGTON, DC 20015

List Price: $550,000

This Chevy Chase home is owned by the same owner as the home above.  This is a detached rancher on .14 of an acre.  This is a short distance from Rock Creek Park and Friendship Heights.  The home is listed as being in living condition but it needs work.  Great investment with big profit potential.

915 E ST NW #1214, WASHINGTON, DC 20004

List Price:…

Wells Fargo CityLIFT Program for Washington DC and PG County

On September 26, 2012 Wells Fargo announced that the companies CityLIFT program would launch in Washington DC and PG County MD on October 5th and 6th.  The Wells Fargo CityLIFT program provides homebuyers that meet certain criteria with $20,000 towards a down payment on a home in Washington DC or Prince Georges County Maryland.  To qualify for the Wells Fargo CityLIFT program in Washington DC and PG County the homeowner must occupy the home as their principal residence.

Here are the qualifications for the CityLIFT program in Washington DC and PG County:

1-Annaul income cannot exceed 120 percent of the median income for the area(Varies depending on family size). 

Income Limits for…

1429 MORSE ST NE, WASHINGTON, DC 20002

List Price: $299,900

Good property in Trinidad to buy and hold.  This area of Trinidad is prime for increased appreciation in the years to come.  Buy now and hold on it for 3-5 years. 

1932 2ND ST NE, WASHINGTON, DC 20002

List Price: $240,000

Needs work but this is a low price in Eckington.  Lots of other development going on in this year.  Short walk to New York Ave or Rhode Island metro stations.

5329 ILLINOIS AVE NW, WASHINGTON, DC 20011

List Price: $349,000

Very rare to find a single family home for under $400K in this prime of a location.  This is a 3300 square foot semi-detached home just north of the Petworth metro station.  Parking for 3+ cars in rear. 

1838 KENYON ST NW,…

Washington DC Real Estate Market Stats for September 2012

The Washington DC real estate market stats are out from the MLS.  The median sold price in Washington DC for September 2012 was $417,500 which is down from $439,000 in August 2012.  While the median sold price is down 4.9% from August it is up 9.9% from September 2011.  The highest median sold price in the last two years in the Washington DC market was in June 2012 when it topped out at $460,000.  The fall in the median sale price can most likely be attributed to seasonal averages(Market is usually hotter in June/July) and the lack of inventory in the district.  The number of active listings in September in Washington DC was 1,485.  The five year average for active listings in the district is…

2012 OTIS ST NE, WASHINGTON, DC 20018

List Price: $319,000

This is a short sale in the Michigan Park neighborhood of NE DC.  $319K is a reasonable price to pay for a single family over there.  Homes in this area have sold for as much as $500K.  Area has a ton of up side. 

4922 7TH ST NW, WASHINGTON, DC 20011

List Price: $280,000

This is another short sale opportunity in Petworth.  This home has been on and off the market a few times.  Homes just like it are selling for $499K fixed up.  If you keep the costs down this is a good investment.  Will have to wait for the short sale approval. 

324 DOUGLAS ST NE, WASHINGTON, DC 20002

List Price: $280,000

Affordable option close to the Rhode Island Metro station.  Good buy and hold property while…

508 IRVING ST NW, WASHINGTON, DC 20010

List Price: $485,000

This is a 3 Bedroom, 1.5 Bath row home in the eastern edge of Columbia Heights in NW DC.  The price was reduced from $585,000 to the current list price on September 25th.  The price was way too high at $585,000 and is still too high at $485,000.  The location is great due to its proximity to the Petworth and Columbia Heights metro stations.  The development along Georgia Avenue over the next few years will definitely increase and bring values up even more as this area gentrifies.  The home also has off street parking and is 1856 total square feet. 

733 FARRAGUT ST NW, WASHINGTON, DC 20011

List Price: $399,900

This is a good size end unit row home up in northern Petworth.  The location…

Refinancing Your Home in Washington DC

When refinancing your home in Washington DC you should follow these steps:

1.   Get an idea of what your Washington DC home is worth.  Email or call us and ask for the recent sales comparables that are similar to your home.  This should give you an idea of what your home is worth so you can decide if refinancing is worth exploring. 

2.  Contact a lender.  Contact a lender to see what they can offer you.  Give them all of your info and ask them what rate they can provide for refinancing your home in Washington DC.  Rates recently have been as low as 3.5% for a 30 year fixed and even lower for 15 year loans.  Ask them to provide you with a Good Faith Estimate (GFE) so you know what your closing costs look like. …

1321 Massachusetts Ave SE, Washington, DC 20003

This is a great opportunity to buy a large property in one of DC's most consistant real estate markets-Capitol Hill.  The 2,800 sq ft building with 1 car garage is in the historic district so you would need to keep it a single family home.  A renovated single family home could get up to $1.1 million.  Great investment.  Most likely will get multiple offers. 

1524 Independence Ave SE #202, Washington, DC 20003

Here is a 2 bedroom, 2 bathroom unit on Capitol Hill listed for $374,900.  Tough to find 2 bedroom units listed for under $400K.  This property offers a short walk to Eastern market and the metro line. 

4508 New Hampshire Ave NW, Washington, DC 20011

This is a short sale in the Petworth area…

How much will the Kennedy Street Federal Streetscape Funds Help Change the Area?

The 1 mile stretch of Kennedy Street NW from Georgia Avenue to North Capitol Street has always been an eye sore and a forgotten about commercial corridor.  The Federal government announced on August 7, 2012 that they will designate a million dollars towards upgrading the streetscape on Kennedy St NW.  The District will be matching those funds so a total of $2 million will be invested in improving the streetlights, trees/landscaping, and sidewalks.  This will be the largest investment in a long time for this area which consists of low-scale housing and a handful of markets and food places. 

Is $2 million enough?  I don't think so.  This area really lacks adequate public…