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For my story this week, I briefly chatted with William Rich, Vice President of real estate research firm Delta Associates, based in Alexandria. We discussed the price-per-square-foot of condos in some of the District’s hottest neighborhoods. Since most of the information didn’t make it in the piece, I thought I’d share here*:
City Average:$510 Adams Morgan/U Street area:$500 Penn Quarter/Thomas Circle area:$635 Mount Vernon Triangle/Mount Vernon Square:$530 Georgetown/West End/Dupont area:$750 to $850
If you’re wondering why Adams Morgan/U Street is so low…You are not alone. I think many people would consider U Street one of the most desirable parts of the city right now. Just ask everyone that wrote fluff pieces about the neighborhood in the wake of Barack Obama’s absolutely historic visit to Ben’s Chili Bowl! However, if you consider how many old units are in Adams Morgan versus how many are in Mount Vernon Triangle—-just drive Massachusetts Avenue to check it out—-you can imagine why their average is higher.
*Statistics cover units that sold the last quarter of 2008.
Image by Incurable_hippie, Flickr Creative Commons