March 2011

It has been a while since a new condo development was delivered in Adams Morgan.   Adams Morgan was one of the first NW District neighborhoods to see industrial conversions to residential lofts, but much of this activity has been completed for over a decade.  Also, there are fewer large infill parcels in this neighborhood as the riots following the assassination of Dr. Martin Luther King did not impact Adams Morgan nearly as much as neighboring communities.

Located at the corner of Wyoming Avenue and 18th Street, WY18 is the complete renovation and conversion of the Warrington and Wilmington apartment buildings.  These twin buildings were built in 1909 as the Adams Morgan neighborhood expanded with the street car service from two trolley lines.

While it doesn't always get the recognition of some of its neighbors on the 1400 block of Church Street, The Matrix definitely deserves a seat at the table of awesome Logan developments.  The Matrix shares its heritage with Lofts 14 and Lofts 14 Two, previously serving as a car dealership for the first half of the 20th century along DC's famed Auto Row.  The Matrix building housed a Nash dealership and the Matrix developers originally called the project the Phaeton as a tribute to this popular Nash touring sedan.

The marrying of an early 20th century industrial building with modern finishes at the Matrix creates a truly unique and cosmopolitan living experience.  Original concrete high ceilings, exposed ductwork and concrete block showroom walls

While the Potomac River flows several miles through DC, condos in the District with views of the river are hard to find and command huge price tags.

A significant portion of the Potomac's shoreline borders the Potomac Park and the Tidal Basin where there are no residential neighborhoods.  The river does front residential neighborhoods in Foggy Bottom and Georgetown.  In Georgetown, the elevated Whitehurst Freeway further obstructs views of the the Potomac from many condos.  All this ads up to very few vantage points in the city with residential river views.

Yes, Potomac view are rare, but there are a few buildings with amazing Potomac views.  Included in this list are buildings where the majority of the condos have a view, omitted are buildings where

Located at the corner of Massachusetts Avenue and 3rd Street, the Sonata serves as the unofficial gateway to the revitalized Mt. Vernon Triangle neighborhood.  The Sonata, the first new upscale condo development to be built in the neighborhood, masterfully combines lofty urban living with classical, contemporary  elegance.  Quadrangle Development and the Wilkes Company, who also developed Madrigal Lofts, have delivered the goods at The Sonata.

Condo units at the Sonata have all the positive elements associated with loft living including high-ceilings, exposed ductwork and concrete ceilings, but also contemporary kitchens and baths with high-end cabinetry.  An abundance of windows, over-sized closets and hardwood floors round-out the luxury

Georgetown and The West End Have Top Luxury Sales

 The most expensive condo to sell in the District during February 2011 was in Georgetown at 3303 Water, located at 3303 Water Street, NW #E-3 Washington, DC.  This 2 BR / 2 BA, 1,702 SF condo also includes two parking spaces and extra storage.  The selling price was $1.496M / $879 SF which was 100% of asking price.

Congratulations to Theresa Maggie Rhodes of WC & AN Miller Realtors for closing the most expensive condo sale in the District in February 2011.

Honorable mention for the 2nd most expensive DC condo sold in February 2011 was in the West End at 22 West, located at 1177 22nd Street NW #5B, Washington, DC. This 2 BR / 2 BA, 1,480 SF condo includes private storage and two parking spaces. 

As church going habits and neighborhood demographics change, many church buildings are no longer in use as places of worship.  As we have seen with surplus District schools, a conversion to residential condos can bring a second life to a surplus building.  Several of our converted schools like Bryan School Lofts and Wormley Row are considered among the finest developments in the city.

Although there have not been as many church conversions in the District as converted schools, there are a coupe of notable conversions including:

Bishop's Gate

The WBJ reports on a flaw in the DC Property Assessment Database where properties in the District constructed prior to 1877 are classified by default as being constructed in 1900.  1877 was the first year that building permits were required in the District, so records for properties built earlier than this are not readily available.

Being an analytical type, I wanted to look at some MLS data to validate the extent of this database flaw.  Here are the number of active properties listed for sale or rent that were constructed in the years 1898 - 1902:

While 1900 was a great year for America and Washington,

The Market Square complex located at 701 Penn and 801 Penn in the Penn Quarter neighborhood is selling for a record breaking rate of $904/SF.  This two building complex features 679,719 SF of office and retail space as well 210 privately-owned condos.

Located on Pennsylvania Avenue midway between the White House and the Capital, Market Square is truly one of DC's power addresses.  Over the last year, five residential condos have sold at Market Square ranging from a 2,200 SF penthouse for $1.3M to a 545 SF one bedroom for $345,000.  The average cost per SF for these five transactions was $685/SF, well below the record breaking price for the commercial segment of the buildings.

Currently, four condos are listed for sale at Market Square East and Market