Market Update: U Street Corridor

U Street - Washington DC 017U Street- 14th-street

In the last 6 months, sales in U Street have taken off. A Victorian-era neighborhood, the majority of U Street has been designated a historic district. Yet more than 2,000 condominiums and apartments were constructed over the last decade making for an eclectic mix of new and old.  Some of the buildings on the north side of U Street enjoy the advantage of the “hill” allowing some of the best views in the City available anywhere.

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Notable Buildings – Union Row at 2125 14th Street NW is HOT. With ten sales since January 1, the DOM (Days on Market) stats for these properties was almost always under 10 days and except for one studio, everything sold at or above list. And some were way above asking price. Here are two examples: Unit 915 at Union Row is a 2-bedroom, 1-bath condo with 1,000 Sq. Ft. Listed at $735,000, it was snapped up in 7 days for $749,000. Meanwhile, Unit 613 was listed at $729,000 for a 2-bedroom, 2-bath unit in 1,180 Sq. Ft.  Just 4 days later, it commanded $772,127!

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Two blocks away an even more dramatic transaction took place at 2020 Lofts (2020 12th Street NW). #PH16, a 3-bedroom, 2.5-bath penthouse was offered for $1.45M, which was high for that building. But, it was nicely done, had THE BEST ROOF DECK offering totally unobstructed views south toward the city and monuments. This one went in a bidding war well over list. The listing agent had a cash offer at $1.5M and another that went even higher than that. DOM was just 12 days! Previously that building had trouble achieving $1.1M.

The market has spoken for not only the special properties but entire U Street neighborhood as well. Penthouses range from the top floors of converted row houses to high-rise buildings with front desks and elevators. Best known addresses include The Beauregard, 2020 Lofts, Langston Lofts, City Overlook, the Flats at Union Row and Warehouses at Union Row, Moderno, The Floridian and Woodson Row.

For more information about U Street or to discuss buying or selling a luxury property in the Capital Region, just contact me, Jeff Wilson, at your earliest convenience.

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