Real Estate in Park View Continues to be Strong

824 Otis Place, NW, currently on the market for $749,900

824 Otis Place, NW, currently on the market for $749,900

I’m still a bit amazed that home sales in Park View have broken the $700,000 barrier. When 719 Princeton Place, NW, sold for $710,000 in November 2012, I thought it was a fluke. Then 624 Princeton Place, NW, came on the market at the beginning of this year for $749,900 and had a pending contract after a mere 8 days (actual sale price still unknown). Yesterday, I learned about yet one more property joining these ranks — 824 Otis Place.

824 Otis, NW,  has been placed on the market for $749,900. According to the listing it has 5 bedrooms and 4.5 baths. As with the other two properties listed in this range, it is a single family home located within a quarter-mile of the Georgia Ave.-Petworth Metro station. Interestingly, though, this trend seems to predominantly be south of the Metro station rather than equally distributed. I guess what is driving up these prices is the low availability of good housing on the real estate market, coupled with a Metro station nearby and the short distance to Columbia Heights.


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9 Comments on “Real Estate in Park View Continues to be Strong”

  1. Lyn Says:

    Kent, very interesting info. Given the market, we’ve been surprised that the house at the corner of Warder and Lamont (the one with the big for-sale sign, $599K) appears to be still on the market after a number of weeks. Any inside info on what the story is? Looks like a pretty good renovation from what we could see, and it’s a nice corner unit.

  2. JS Says:

    I’m kind of dismayed by this news. One man’s “strong” market is another’s “unaffordable.” Had hoped to buy in the neighborhood, but these recent sale prices mean I’ll have to look elsewhere.

  3. Jeremy Says:

    And awesome restaurants and bars nearby help! We meet people every week who have left Ligan Circle and moved to The Georgia Avenue corridor.

  4. EMA Says:

    This is all great news. Obviously the people buying these houses have high salaries and therefore, one would assume, high levels of disposable income. I am hoping the neighborhood’s shifting demographics will help drive some retail and growth to georgia ave. south of the Petworth metro station.

  5. […] also be interesting to see how much they are listed for when completed. Readers may recall that a rowhouse on the same block was recently listed for […]

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