Will 3639 New Hampshire Ave. Be Park View’s First $1 Million Residential Property

3639 New Hampshire Avenue, NW.

3639 New Hampshire Avenue, NW.

Last Friday, 3639 New Hampshire Avenue was placed on the real estate market for $1,200,000. The biggest surprise to me is the list price. While a few houses in the neighborhood have sold in recent months for over $700,000, I didn’t think we’d see any $1 million properties for a couple of years yet.

The price aside, the developer of this property seems to have read the Park View neighborhood right. Rather than cutting the property into separate levels of condos, its been renovated into a single family, four-bedroom house with a rentable basement (See the listing and interior photos here). Renovations in this direction generally appear to be more successful.

A good example of what can happen when the market is misread is 622 Rock Creek Church Road, where both units have been on the market since December 2012. The former three floor rowhouse with basement was renovated into two, two-level condos, each put on the market for a little more than $600,000 (the price of each unit has since been reduced). I’ve long felt that the house would have sold long ago if it had remained a three-story single family house with a legal rentable basement.

3639 New Hampshire Avenue is definitely a property to watch. Depending upon how long it is on the market and what its actual sales price ends up being will be a good indicator on the direction Park View real estate takes in the coming years.

Explore posts in the same categories: Housing, Real Estate

8 Comments on “Will 3639 New Hampshire Ave. Be Park View’s First $1 Million Residential Property”

  1. Cliff Says:

    Price can be deceptive, the question is whats the price per square foot?

  2. JS Says:

    If I were spending $1.2 million, I’d want to be on a side street, not a busy corner/bus route.

    Cliff – the primary residence is approximately 2100 sq. feet.

  3. jcm Says:

    I respectfully disagree with this whole post. I don’t think any developer looking for $1.2M can be said to have read the Park View neighborhood right. And I don’t think the problem with 622 Rock Creek is that they split it up into two units. The problem is that the price is too high. For $600K you can get a whole house, and not have a condo fee or deal with the possible problems of living in a two-unit condo association.

    • JS Says:

      JCM is right. 622 RCCR’s problem isn’t that it’s a condo building, it’s the fact that it’s wildly overpriced. For reasons I can’t comprehend, one of the units at 622 went under contract at 609K plus a condo fee of ~250 a month. That $250 a month folded into the mortgage would service a 675K loan. I’m not sure why anyone would buy a 2BR condo for 675K when you can have a whole house – in the same neighborhood – for that price.

  4. […] another note, the property at 3639 New Hampshire Avenue has been on the market for 54 days now. This is somewhat unusual these days and I can only suspect […]

  5. pru Says:

    Do you have any idea what happened to this property? I see it was sold in December for $417k??? Since your 2013 post, property value in the area has gone up significantly, and it would have actually made sense for this to sell over $1M now, so I’m pretty confused.

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