It is no mystery that the price of buying a home in Brookland has escalated steadily over the last six years or so. In the last two years we have seen the asking price of large Brookland homes stretch into the $800,000 – $900,00 + range on a regular basis. And, every now and then, there has been a house that asked near or over the one million threshold. While there has been speculation (and some pre-mature false reports) about when the neighborhood would hit that mark, there hasn’t been a home to sell for a million dollars until now.
This renovated home at 1349 Otis Street NE just sold for $1,000,000 and features 5 bedrooms, 4 bathrooms, stone fireplaces, a huge backyard, and nice decks. All within walking distance of the Metro. Welcome new neighbors!
It will be interesting to see where the market takes us from here, we will keep an eye on things and report back anything significant.
As most people probably suspect, Brookland continues on an upward trend of increased property values. We learned from this article in the Washington Business Journal that the median home price in Brookland has gone up 21% since last year. In addition to renovations selling in the $800 – 900 thousand range, like this one, that recently sold for$910,000; there seems to be new construction everywhere you look. For example, these townhomes as part of the Monroe Street Market development were just granted building permits to begin construction and are already on the market for $812,890.
We caught up with Shemaya Klar, an agent from Brookland-based real state firm Abbott Klar and asked him for his take on the Brookland real estate market in 2015 and looking ahead. Here’s what he had to say:
With easy access to downtown via Metro or bike path, great variety in housing stock, large yards, the friendliest neighbors and ever increasing dining venues, Brookland continues to be one of the greatest places to live in DC. It also remains a bargain compared to many other neighborhoods in DC. Also, the large number of great DC charter schools in Ward 5 are significantly contributing to the desirability of Brookland.
Do you think home prices will plateau soon, or will the neighborhood finally see a $1 million dollar home sale?
We observe prices trending upward, with the best presented properties generating multiple offers and this will continue. While the 1 million dollar mark remains elusive, we are seeing more large houses sell in the 800’s and 900’s than ever before. But most importantly, Brookland remains a neighborhood where there are still many great options not just on the high end but also for the first time home buyers.
Thanks Shemaya! We will keep our eye on the market and pass along anything we find interesting.
The residential real estate market in our neighborhood continues on a hot streak. Recently Brookland was ranked third in the country for profitability of home flips. The average profit on Brookland “flipped” homes (resold within one year of being purchased) was $271,900 with sellers having an average of 8.3 offers on their houses.
Speaking of flips, we have been watching the house at 1223 Irving undergo a huge transformation in less than a year. The top picture is how it looked when it sold for $550,000 in October. The 5 bed, 4.5 bath house was then renovated and sold recently for $921,000. Below is how it looks now. Here are some more recent home sales in our area:
914 Irving Street NE sold for $737,000. This flip was a complete gut job, also completed in less than a year.We went to the open house and loved the open, airy feeling provide by the skylights and big windows leading to the back deck. The home has 4 beds, 3.5 baths, a garage, and high end finishes.
1314 Kearny Street NE sold for $840,000. We knew the longtime owners of this home, and have been in it several times. It featured amazing original wood details, beautiful landscaping, a great covered & screened outdoor room and a Koi pond. This house has 4 beds, 2 baths
1336 Newton Street NE sold for $800,000. Good friends of ours bought this house. It has a whopping 6 bedrooms and 2.5 baths and 4 finished levels. Like many homes in Brookland, it has great bones and is the type of home to raise a family in, with original hardwood floors, a claw foot tub and huge backyard.
1018 Kearny Street NE sold for $710,000. With a great location near the Metro, this house was not a flip, but was well maintained, updated, and beyond move-in ready. The 4 bedroom, 2 bathroom house has a big yard yard and on a super-nice block with great neighbors.
4317 12th Street NE sold for $682,5000. This flip offered all the updates and high end features expected from a total renovation. This 4 bed, 3.5 bath home has a lot of sought after features like a master bedroom suite and a garage.
Brookland’s own Abbott and Klar Real Estate Group has introduced a new way of advertising property listings. They shot a video of the property and it’s surrounding neighborhood. This is a great way for interested buyers to get an idea of the character of the neighborhood, as well as a unique perspective of their potential new home.
At the same time it offers local residents the opportunity to view their community from a bird’s view angle. Here is an example of the new video strategy based on one of their recent listings:
It has been a long time since we have posted anything about real estate. As most people probably suspect, Brookland continues on an upward trend of increased property values. We learned from this article in the Washington Business Journal that expected tax revenue increases based on escalating home values across DC were third highest in Brookland, at a rate increase of 16.69%. We also recently learned from Urban Turf that the Chancellor’s Row development, just over the tracks, is over 90% sold, with only 20 units left. We caught up with Shemaya Klar, an agent from Brookland-based real state firm Abbott Klar and asked him for his take on the Brookland real estate market in 2013 and looking ahead. Here’s what he had to say:
The Brookland real estate market remains extremely strong and desirable. Our ‘little town’ in the city has been discovered! 2013 was a record year for Brookland with housing prices increasing by over 13% to an average sales price of $480,473 – a five year high!
In 2013, 93 houses sold in Brookland (up from 84 in 2012). A few exceptional homes, all listed by Abbott Klar Real Estate Group, including 3714 13th Street for $957,983, 1335 Lawrence Street for $790,000, and of course the Round House at 1001 Irving Street for $760,000 helped pull that number higher
2014 will be a great year for the Brookland real estate market and will be the year we see the first million dollar sale in Brookland. The spring market will bring much needed inventory and a slightly slower pace of growth in prices.
Even with such growth, Brookland still remains affordable relative to other desirable neighborhoods in DC.
Thanks Shemaya! Lastly, we thought readers would like to see some examples of these higher-end recent sales:
This 4 bedroom, 3.5 bath home at 1217 Upshur NE sold for $672,500
Another 4 bedroom, 3.5 bath home, this one a rowhouse at 3404 15th Street NE sold for $650, 750
1333 Lawrence Street NE, a 4 bedroom, 2 bath home sold for $575,000
3008 12th Street NE, a row house with 4 bedrooms and 3.5 baths sold for $573,000
Like it or not, no one can claim that our neighborhood isn’t changing rapidly. We learned this morning that Brookland won the City Paper’s Plexie Award for Most Transformed Neighborhood. The Monroe Street Market development, pictured above, is a big reason why. Here is the explanation behind the award:
It’s a hidden gem no longer. Brookland, with its quiet streets and gorgeous detached houses, was largely off of most Washingtonians’ radar, to the delight of residents who enjoyed its low housing prices and rents. Then came Monroe Street Market. The $200 million project, partly complete now, will include three buildings with more than 550 apartments, artist studios, a Barnes & Noble bookstore, a Busboys and Poets, and a restaurant from the owners of Meridian Pint—all on a formerly desolate patch of land right by the Brookland Metro station (technically on the Edgewood side of the tracks, but who’s nitpicking?). No wonder home prices in the neighborhood have already jumped, by various estimates, between 13 and 39 percent.
Joe “Jose” Barrios informed us about a public meeting covering the development that is planned on the west side of 9th Street NE between Kearney and Lawrence. The meeting is going to be hosted by Elliott Totah, the President of developer the Oxbridge Group.
What is interesting to me looking at their website and list of projects, is that this particular parcel of land along 9th Street is by far the smallest of the current developments the Oxbridge Group is involved in. And this parcel in Brookland is just a portion of the vacant peace of land along the metro tracks. Is this just the first phase of a larger development plan? This and other questions can be raised at the meeting tomorrow.
For those who are interested, join the discussion Thursday evening at the Brooks Mansion. Here is the official flyer with detailed information:
It has been a while since we did a round-up of the neighborhood’s real estate scene. Here are some recent home sales – pretty nice! Welcome to Brookland, new neighbors!
This home at 1229 Girard Street NE is a renovated farmhouse originally built in 1905. It has 4 bedrooms and 3 and a 1/2 baths, and recently sold for $655,000. Astrid and I toured this home when it first hit the market, and it is lovely. We loved home overall, and there were a lot unexpected bonuses like the huge garage, the veggie garden, finished basement apartment and huge loft-like finished attic.
We featured this home at 1335 Lawrence Street NE when it first hit the market. We recently found out that it sold for $790,000. The beauty of this home is the balance of the modern upgrades while maintaining a lot of its original charm. A two-story addition on the back of the home added the modern amenities – a large open kitchen and master suite that many people want, while blending it with the original part of the house, resulting in a seamless flow of gorgeous wood detail and craftsmanship.
Here is another renovated farmhouse, at 3503 10th Street NE that sold recently for $705,000. I am really digging the hardwood floors and all the windows. What is bonkers about this house is how close it is to the Brookland/CUA Metro station. We watched this house as it was being renovated, and it looks like they did a great job.
This home at 2018 Lawrence Street NE straddles the Brookland/Woodridge border and recently sold for $756,000. How about those awesome octagonal windows? This large home boasts 5 bedrooms and 4 and 1/2 baths. According to the listing this home was once owner by jazz and blues great Shirley Horne. Pretty darn cool!
All about Washington DC's Greater Brookland neighborhood