Park View Realty Market Rebounding?
625 Princeton Place
The realty market in Park View appears to be showing signs that it is rebounding from the recent market correction of the past few years. One indicator is the number of open houses available. Last year, while it was easy to find an open house in Petworth or Columbia Heights, there were relatively few in Park View. This past weekend, there were two in the neighborhood that I was aware of … and these were not the only two properties on the market.
The recently rehabbed and listed property at 625 Princeton Place is going to be one to watch. Its listed at $649,000 — a price we haven’t seen in the area for a while. If the Realtor is to be believed, he also indicated that there is interest in the property after only a few weeks on the market.
The property does have a lot going for it. Among its assets are off street parking, central air, a legal rental in the basement, and its proximity to Metro. Coupled with a fresh open plan interior, all a new homeowner needs to do is move in and live (You can see interior images here>>).
There were a couple of other interesting comments I learned from my visit to Princeton Place. The first was that the agent claimed the same property would be about $100,000 less in Petworth. The second was that there are one or two other properties on the 700 block of Princeton Place that the developer is also working on and would be marketed in the mid- to upper $500,000 range (separate rent-able basement not being planned).
3306 Park Place
Another property that was open last weekend was 3306 Park Place, listed at $479,000. While it’s priced significant less that the property on Princeton Place, I think that can be explained easily enough since its seven blocks further from Metro, does not have off street parking, does not have a rent-able basement, and has three bedrooms rather than four. Still, it does have two amenities that the home on Park Place will never have. It looks out upon the grounds of the Soldiers’ Home and it has an oasis of a back yard that is private.
While these two homes indicate some of the properties currently on the market, it will only be in the fall that we truly know if the market has not only stabilized, but has started to grow.
Tags: Park View, Real Estate
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Park View, D.C. 
June 8, 2010 at 9:29 am
“There were a couple of other interesting comments I learned from my visit to Princeton Place. The first was that the agent claimed the same property would be about $100,000 less in Petworth.”
I think this indicates less something “interesting” and more that the realtor has no idea what he is talking about. For better or for worse, this is just not true.
June 8, 2010 at 9:43 am
Well, I guess the proof will be in what the property actually sells for. Realtors look at a lot of factors in coming up with a price, but until someone signs on the dotted line, its all just a guess.
June 8, 2010 at 10:52 am
It may be under contract already. It’s not showing up in the active listings this morning.
June 8, 2010 at 10:54 am
I’m referring to the Princeton Place property, sorry.
June 8, 2010 at 11:03 am
That would be extremely fast!
June 8, 2010 at 12:41 pm
Indeed very interesting. I’ve been watching the Princeton Pl get remodeled. I think that one advantage over Petworth (esp. N. Petworth) is the easy walk from Park View to Columbia Heights and the metro (train).
June 8, 2010 at 11:04 pm
Didn’t that park place joint change hands like twice in the last year or two? And isn’t the hard like 10×15?
i’d still snag it if i coild afford a mortgage.
June 9, 2010 at 9:18 am
I understand the property last changed hands about 2 years ago.
June 9, 2010 at 10:11 am
we just spoke to a realtor the other day who told us the 625 princeton place property has an offer on it close to the asking price. i think that’s very encouraging.
June 9, 2010 at 10:56 pm
Encouraging if one’s interest is real-estate profit. For those of us who’ve rented in this neighborhood since before houses sold for 40% of that, it’s painful news.