Sunday, March 11, 2007

2006 Condo Sales: Georgetown Heights

As I watched Georgetown Heights being built, I wondered who would want to spend $1MM (give or take $100K) to live on and view a very busy intersection (Calvert and Wisconsin Ave NW). For $1MM, you have a wonderful view of a Chevron gas station, a union's office bulding [no offense intended], and an old apartment building. Granted, Whole Foods, Basura, and Rockland's BBQ are just steps away and Dick Cheney is one of your neighbors, but still...

Georgetown Heights has 44 units, with all the usual amenities $1MM should purchase [concierge, granite counter tops, hardwood floors, parking for 2 cars, etc.]. The District recorded the first sales in the building in April 2006. Of the 44 available, 42 were sold in 2006; one was sold in January 2007, the remaining unit is still available.

Three of the 42 have been flipped, four others are currently listed on MLS, and three are being advertised for rent on craigslist, with rents averaging $4000/month. For example, unit 201 is available for $3950/month. That unit was purchased in May 2006 for $900,000 so I have to believe the poor (if not now, soon) owner is experiencing serious negative cash flow.

Georgetown Heights 2501 Wisconsin Ave NW

Sales as recorded by the District:

Information about sales of individual condos can be found at DCCondoPrices.com.

Flips closed in 2006:

You can easily find the units whose owners are trying to flip them on Realtor.com. I've listed below the first sales prices, the asking price currently listed on the DC MLS, and the potential profit should the unit sell. Understand that all of these units were purchased in April and May 2006 so any profit will most likely be negated by carrying and transaction costs.

No comments: