May 2010

The Wall Street Journal reports that the Watergate Hotel is being renovated by Euro Capital Properties, Inc., who recently paid $45M for the property.  The hotel has been empty since 2007 and had been through a foreclosure proceeding after Monument Realty defaulted and failed to follow through on plans for a condo conversion.  The hotel is expected to be open for business after a two-year renovation.

The existing residential condo portion of the Watergate complex consists of 600 units located in four buildings: 2500, 2510 + 2700 Virginia Ave, NW  and 700 New Hampshire Ave, NW.  Over the last 12 months, 17 condos have sold at the Watergate complex ranging in price from $285,000 to $2.8M. Without a doubt, the Watergate sets the record in the District for

In a city obsessed with new residential construction, many of our pre-war historic condo buildings are overlooked during the buying process.  This is easy to do as there is significantly more media and real estate industry hype about the latest project from DC residential developers.

The District is truly fortunate to also have a large number of wonderful residential buildings constructed in the pre-war years of the 20th century.  While there are venerable pre-war condo projects throughout the city, many of our favorites are located in the Kalorama and Adams Morgan neighborhoods.  

It is wrong to assume that an older condo building automatically means outdated floor plans, ugly appliances and tired common areas.   Many of DC's pre-war buildings and units

One of the most sought after DC properties are penthouse condos in the Logan Circle neighborhood.  Most Logan penthouse listings attract significant attention soon after they hit the market.

Currently available Logan Circle penthouses include a 2BR / 2BA penthouse at the Dalton, 1341 Q Street NW.  This 3 level penthouse features a private rooftop deck and is just a block from Whole Foods. The asking price for this unit is $1.395M.

Two penthouse condos are available at Logan Station, 1210 R Street NW.  A two-level 2BR / 2.5BA unit with 1,660 SF and two balconies is on the market for $824,500.  Also at Logan Station is a two-level 2BR / 2BA +den with 1,404 SF.  This unit features a private rooftop terrace and is listed for $779,000.

Here is a resource to

Anchoring H Street Corridor Redevelopment

Sitting at the foot of the the Hopscotch Bridge on H Street NE is the Landmark Lofts at Senate Square development.  This 44-unit loft-style project is a great opening act in the redevelopment of the H Street Corridor.   Unfortunately, the housing downtown and the tightening of the capitol markets has stalled several other residential projects that were planned for the H Street Corridor.

Abdo Development has masterfully reworked the 130 year-old DC Children's Museum into an architecturally exciting and unique development.  There is nothing cookie-cutter about Landmark Lofts as each unit has its own unique floor plan.  Finishes include Wolf and Sub-Zero Appliances, hardwood floors, vaulted ceilings, custom baths

While the Logan Circle area around Church and 14th is often viewed as the epicenter of DC's loft movement, Adams Morgan comes in a close second.  The Adams  Morgan loft inventory includes instances of both industrial re-use lofts as well as new construction infill developments.

The PN Hoffman developed Lofts at Adams Morgan is a new construction infill development completed in 2002 featuring 59 upscale units and a 300-car parking garage.  PN Hoffman has left its mark on this block of Champlain Street, as it also developed Adams Row which is located directly across the street.

The design of the Lofts at Adams Morgan, utilizing dark red bricks, exposed metal roof trusses and over-sized industrial windows mimics the feel of a rust-belt industrial era

EYA has a twenty-year track record of building townhomes in the Metropolitan Washington, DC area.  The firm has been recognized over the years with numerous awards for their unique and innovative projects.

In the District, EYA was tackled substantial urban infill projects that have proven to be neighborhood defining projects.  Currently, EYA is building out Capitol Quarter in the Capitol Riverfront District.  This community of 208 townhomes along seven city blocks is the nation's largest LEED for Homes community. Phase I of this project sold out quickly and Phase II will go on sale during the summer of 2010.

EYA redeveloped the old Children's Hospital property in the U Street Corridor into Harrison Square Townhomes.  This popular 98 unit project has

The West End and Capitol Hill Have Top Luxury Sales

The most expensive condo to sell in the District during April 2010 was in The West End at the 2501 Penn, located at 2501 Pennsylvania Avenue #2A, Washington, DC.  This new construction condo was completed in 2009 and is 2,732 SF and features 2 BR / 2.5 BA.  The selling price was $2.185M / $800 SF.

Congratulations to selling Realtor Anne Blakeman of Urban Pace for closing the most expensive condo sale in the District in April 2010.

Honorable mention for the 2nd most expensive DC condo sold in April 2010 was on Capitol Hill at Congressional Overlook, located at 23 D St, #23B SE Washington, DC. This new construction condo features 2 BR / 2.5 BA. The selling price was $1.9M.

Congratulations to selling

Classic Washington-style row houses now line Fourth,Fifth, K and L Streets SE in the location where the troubled Arthur Capper/Carrollsburg housing project was previously located.  Capitol Quarter is being developed by Bethesda-based EYA, known for urban DC infill projects including the popular Bryan Square Townhomes and Harrison Square Townhomes projects.

Capitol Quarter arrived on the scene with great fanfare, which included several individuals camping outside the sales office for several weeks to get the first shot at the available phase I market rate units.  Phase I of the project has sold out and Phase II units will be available for sale this summer.  Factors drawing customers to this development include proximity to the Metro, Capitol Hill,

The Dupont Circle neighborhood was considered a rural backwater until just after the Civil War.  At this time as the core of DC expanded north, Dupont Circle attracted wealthy socialites who built grand estates on Massachusetts Avenue and Connecticut Avenue.  

The side streets of Dupont Circle were lined with brick row houses built in the Queen Anne and Richardson Romanesque Revival styles.  The grid layout of these tree-lined side streets, coupled with beautiful row house restorations back to their 19th century grandeur, have created a special and unique neighborhood.

Currently, restored Dupont Circle row houses are on the market in the $1.5M - $1.7M range.  2BR / 2BA condos in Dupont area are available starting in the 500,000s and 1BR / 1BA condos

With the Nationals playing well and proudly holding a winning record as we wrap up the first week of May, maybe it is time to head on over to the Capitol Riverfront for a game.  If you are a big time Nats fan, maybe its time to take a look at a Capitol Riverfront condo.

Urban value is the theme of the Capitol Riverfront neighborhood.  With prices well below more established DC urban neighborhoods like Logan Circle and U Street, new condos in the Capitol Riverfront start in the low $400s/SF.  Recent news that major employers including Booz | Allen | Hamilton and the Bureau of Land Management are taking blocks of space has created a buzz in the Capitol Riverfront condo scene.

New residential developments in the Capitol Riverfront include:

• Capitol