The books are closed on January 2014 real estate stats and, in general, it was a better month for market activity than January 2013. So let’s take a look at the numbers:
First, comparing median sold prices, Mid-City properties saw growth in median sold prices for January 2014 over January 2013 — $576,101 over $511,841. These figures are higher for both Mid-City and D.C. overall in either year; additionally, Mid-City median sold prices have a greater increase year over year than D.C.—by 12.6 percent compared to 11.6 percent for D.C. The big Mid-City winners in this category were zip code 20005 (Logan Circle) and 20004 (Penn Quarter), with 63.3 percent and 53.9 percent increases respectively. However, because these two zip codes had so few solds in January (a total of eight), it might be more accurate to designate zip code 20010 (Columbia Heights, Mt. Pleasant) as the winner with 28 solds and a 35.3 percent increase. The big loser was zip code 20003 (Capitol Hill, Navy Yards) with a -2.8 percent decrease in median sold prices over January 2013.
For active listings, Mid-City had a greater percentage increase in the number of properties on the market—from 387 in January 2013 to 463 in January 2014—for an increase of 19.6 percent in available properties in comparison to only a 5.4 percent increase for DC overall. Again, the big Mid-City zip code winner was 20010 (Columbia Heights, Mt. Pleasant) with a 78.3 percent increase in active listings, while the big loser was again zip code 20003 (Capitol Hill, Navy Yards) with a decrease of -34.8 percent in the number of active listings.
Average days on the market is one indicator of the “speed of the market” and a general index of the seller’s market: the fewer the number of days on the market, the more the market is considered to be a seller’s market. Here, D.C. showed an -18.5 percent decrease in average days on the market, while Mid-City experienced a 35.3 percent increase. This means there were more properties on the market for a longer time in January 2014 over January 2013 in Mid-City, but fewer in D.C. overall. However, to put this all in perspective, there must be a six-month supply of homes on the market for it to be considered a “balanced” market between sellers and buyers. Dividing the average days on the market by 30 to obtain the number of months of supply of available homes, we can see that both D.C. overall and Mid-City have approximately a two-month supply of homes on the market—making it clear that we are still in a seller’s market. (However, this figure is up from the fall season, when homes moved so quickly off the shelf that there was less than a one-month supply.)
Identifying winners and losers in this category depends on your point of view: if you are a seller, a lower number of days on the market is better because it means that there is less competition for your property; if you are a buyer, a greater number of days is better because it means you have more options from which to choose and sellers may be more willing to negotiate. So, for this category, winner/loser zip codes for sellers are 20002 (H Street, Atlas District, Trinidad) with a decrease of average days on the market of -66.1 percent over January 2013 and 20005 (Logan Circle) with an increase of average days on the market of 205.4 percent over January 2013. For buyers , the winner/loser zip codes are just the opposite: your buying options increased in zip code 20005, while they decreased in zip code 20002. Looks like the H Street district is heating up.
The final comparison is sold price/original list price. Here, what’s being compared is how big a percentage of the original list price sellers are getting. The higher the percentage, the more we are in a seller’s market. The D.C. market has been in the 90+ percentage range for the last five years—even through the modest real estate decline we experienced in the District. Bargains are few and far between in D.C., and this is something that newcomers trying to buy a home here frequently learn the hard way by losing a number of their first offers. In this category, there wasn’t much different between D.C. overall and Mid-City from January 2013 to January 2014: Both experienced a .7 percent increase in the ratio of sold price to original list price, with the Mid-City ratio of 98.5 percent being 1.4 percent higher than D.C.’s 97.1 percent. (This means that Mid-City homes sell for closer to asking price—surprise!) In this category, the big winners—at least from a seller’s perspective—were zip codes 20004 (Penn Quarter) and 20005 (Logan Circle), with 4.5 percent and 3.4 percent increases over January 2013. It’s worth pointing out that zip code 20005 had a sold price/original list price ratio of 101.3 percent. This means that Logan Circle properties are selling for more than their asking price—even in the dead of winter. How is that possible? It means that 20005 properties are receiving multiple contract offers.
And the big loser in this category? Zip code 20007 (Georgetown/Burleith, Glover Park), with a -1.6 percent decrease in the sold price/list price ratio to 95.1 percent. However, at a median sold price of $885,674, that’s hardly “loser” status.
Ted Smith is a licensed Realtor with Real Living | at Home specializing in Mid-City DC. Reach him at [email protected] and follow him on Facebook.com/MidCityDCLife, Youtube.com/TedSmithSellsDC or @TedSmithSellsDC. You can also join him at free monthly seminars for first-time homebuyers or monthly tours of open houses in a different neighborhood each week. Sign up at meetup.com/DCMidCity1stTimeHomeBuyers/.
Investing in real estate: What you need to know
From REITs to flips, tips for getting started
In many cases, buying or selling a home is a very personal experience. Many people buy a home with the intention of living there – making memories, building a family, becoming part of a community. The same is true of sellers. Selling a home, in many cases, is simultaneously difficult and exciting – it means the ending of one chapter and the beginning of another. While the majority of buying and selling experiences may be personal – increasingly, others in the market are interested in real estate not just to find a home, but also to make a great investment.
In our current market, it’s easy to see why real estate can often end up being quite a profitable investment. In 2021, sellers often saw huge profits on the sale of real estate – but even in years where profits aren’t quite as significant as this year, real estate has often proven to be a sound and reliable long-term investment strategy. Real estate investments can add diversification to your portfolio, and a very successful venture, particularly if you buy and sell when the circumstances are right.
Over the last several years, many gay neighborhoods around the country have shown steady appreciation, leading investors, and particularly LGBTQ investors, to consider whether the time is right to consider adding real estate to their investment portfolio. For those considering real estate as an investment strategy, here are a few helpful tips:
• Consider REITs: For those just getting started with real estate investment, Real Estate Investment Trusts, or “REITs” for short, might be a good option. These provide the opportunity to invest in real estate without owning the physical real estate yourself. They are often compared to mutual funds, and you invest in a company, a REIT, which owns commercial real estate like office buildings, apartments, hotels, and retail spaces. Generally, REITs pay high dividends, which make them a popular investment in retirement, as well as for investors not wanting to own one particular piece of property.
• Consider investing in rental properties: Rental income can often be a steady, reliable source of income if you do your due diligence researching the property itself, the surrounding neighborhood, and the potential community of renters. While maintaining a rental property will certainly require some investment of time and energy on your part, it can be a profitable long-term investment and one that is appealing to many people.
• Put your skills to work: If you have a skill set that includes being able to renovate and upgrade homes – or if you know a trusted person or team of people who does, flipping a home that could use some renovation can be quite a profitable investment indeed. Getting a home that could use some extra TLC at a good price and updating it can result in a sales price that is significantly higher than the purchase price. This can certainly be a very good investment – and a fulfilling project too.
• Be willing to listen and learn: When trying something new, it is almost always helpful to talk to those with experience in that area. Investing in real estate is no different. Having a mentor who can give you some tips and advice from their own experience is invaluable.
• Get to know the neighborhood: When making any real estate decision, whether you’re going to live in a home yourself or purchase property for investment purposes, knowing the neighborhood and community you’re interested in is important. A key part of that will be finding a real estate agent who knows and loves the community that you’re interested in, and who understands the market in that area. This can make all the difference between a smooth and successful process, and a stressful one.
(At GayRealEstate.com, we are dedicated to our mission of connecting LGBTQ home buyers and sellers with talented, knowledgeable, and experienced real estate agents across the country who can help them to achieve their real estate goals. Whether you’re interested in buying or selling a home that you live in personally, or buying and selling for investment purposes, we can connect you with an agent who knows and loves the community, and who can help you achieve your goals. Contact us at any time. We look forward to helping you soon.)
Jeff Hammerberg is founding CEO of Hammerberg & Associates, Inc. Reach him at
303-378-5526 or [email protected].
Dining without a dining room
Today’s hosts are likely more casual than in the past
With Thanksgiving quickly approaching, you may be thinking about gathering your loved ones and kindred spirits to celebrate the positive things in your life, praise your higher power, pay homage to indigenous people, or just stuff your face and fall asleep in front of the television at the traditional Thanksgiving after-party: the football game.
Thinking back to my childhood, I remember the wonderful smells coming from the kitchen. The elegant table in the formal dining room was adorned with a crisp, white tablecloth, “the good china,” sterling silver place settings, a variety of serving dishes for the forthcoming bounty, and a cornucopia centerpiece containing dried fruits and vegetables.
My dad, Ozzie, would carve the turkey and my mom, Harriet, would bring out the pecan and mincemeat pies for dessert…wait a minute…did I really grow up in a 1950s sitcom? Yup, I did, although Ozzie was Don and Harriet was Grayce.
Sometimes we would visit my maternal grandparents in Maine, whose formal dining room was less so – an extended part of the living room in the 1940s version of an open floor plan in their three-bedroom apartment over the general store and gas station that my grandfather owned.
On occasion, we would go to Massachusetts to spend a day or two with my paternal grandmother and her extended clan. There was nothing “formal” about the dining room there. Dinner took place on a litany of card tables set up on the jalousied porch off the kitchen.
When dinner was over, my grandmother would rise from the head of the table and declare, “I made the dinner. Now you do the dishes.” My father and his sisters would scurry like baby chicks to adhere to her demand.
As I grew older, I rarely lived near family. Every so often, I would be invited to dinner as the obligatory guest – the girlfriend of whatever young man I was seeing at the time. Later, I would become part of the restaurant holiday dining crowd.
For several years, I had a standing date with a good friend for dinner and a movie on Thanksgiving Day. We would choose restaurants that advertised dishes like Lobster Thermador, Champagne Ravioli, or Boeuf Bourguignon, but would invariably select the traditional turkey dinner with dressing and all the trimmings from the prix fixe menu.
Fast-forward to 2020 and we may not have gathered at all, content to have Whole Foods or Door Dash deliver Thanksgiving dinner to be eaten in front of the television while watching Hallmark movies.
Now here we are. The formal dining room has gone the way of the good china and the sterling silver. For most of us, they are simply not necessities in our lives any longer. So how do you host a dinner party when there is no room specifically designated for dining?
First, you don’t need to purchase things you have no room to store later. Although “rent” can be a four-letter word to a real estate agent, a party rental company’s website allows you to select items online and have them delivered and removed at a fraction of the cost.
Are you trying to seat a large group for dinner? Let’s start with the premise that all your guests do not need to be at a banquet table. Consider having several tables for two or four placed around the room. It will give you the ambiance of your favorite bistro and still allow for conversation among your guests.
You can also rent folding chairs, linens, place settings, and stemware. Once your order arrives, just set the tables and add candles or your favorite centerpieces to complete a festive look.
If you have no room for a seated event, you can order standing cocktail tables. Your breakfast bar or kitchen counter will make a perfect buffet line.
Better yet, have an open house, inviting guests at slightly different times so you see everyone without feeling like you’re in the middle of a crowded concert.
Is your style even more casual? Rather than worrying about recycling plastic cups and sporks, pick up a bunch of Oftast dinner or dessert plates for 79 cents each at Ikea. Add a 6-pack of Svalka wine glasses and cutlery service for four from the Mopsig collection for $5 each. Pull out some pillows and eat while sitting cross-legged on the floor surrounded by family and friends.
Some of us may have trouble getting back up, but we’ll be in perfect position to fall asleep during the football game.
Valerie M. Blake is a licensed Associate Broker in D.C., Maryland, and Virginia with RLAH Real Estate. Call or text her at 202-246-8602, email her via DCHomeQuest.com, or follow her on Facebook at TheRealst8ofAffairs.
How has the meaning of ‘home’ changed during COVID?
People want peace — a place to get away from it all
During the pandemic, “Home” must have taken on different meanings for many people. As was reported often in the news, many people found themselves dissatisfied with the home they bought before the pandemic, and now, several months or a year and a half later, the home that was meant to be for dinner, sleeping, and the occasional breakfast was now frequently central operations for a squad of 4-6 people, 24 hours a day, all working, zooming, streaming, in class, learning how to cut their own hair online, looking up recipes online because they were tired of the same five meals they have had for four months at a time, and the balcony that was nice to have for a Friday evening glass of Sauvignon Blanc at sunset was now not enough for Mom, Dad, the 3-year-old and the baby on the way.
So off they went to find a new “home” and then put the old home on the market. But now that older home is sitting, getting showings but no offers. Did they make a mistake? Are they now going to have two mortgage payments? Well, probably not indefinitely. What I am seeing is that home purchasers were quick to pull a trigger and go aggressively after the new home that was going to be the solution to all their woes, but the buyers for the first home are much slower. Less rushed. They are entering the market maybe. Taking advantage of lower interest rates. They are not feeling rushed and are not competing as much for properties. One agent reported multiple offers, but after the place was on the market for almost a month. Again, people are taking their time.
Basically, what I am seeing is that people want space in their new homes. They want room to relax, spread out. They might even want a relaxing environment. A quiet night’s sleep. Many people in the past year have reported higher anxiety levels than at any point of their lives. A good night’s sleep can mean the difference between sailing through that meeting or appointment the next day or feeling like you have to cancel everything and call your therapist. People want peace. Our lives are spent arguing online and hearing news headlines that are more “breaking news” than they were an hour ago. It’s natural to want a refuge. A place to feel you can get away from it all. They don’t want sirens and people wandering the alleys at night. They don’t want fixer uppers as much. They want to move and move now into something they can feel comfortable in. That’s what I am seeing.
People want a place they can work in, but still feel at home. They don’t want to feel that their work lives and their home lives are literally on top of each other – they want some separation. Whether it’s a separate room, or an entire floor that is dedicated to work, they want to feel they can step away from it when they need to.
I also have a homebuyer seminar on Zoom next Thursday evening at 6 p.m. Feel free to contact me to get the access link.
Joseph Hudson is a Realtor with The Rutstein Group of Compass. Reach him at [email protected] or 703-587-0597.
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