South of M Street – Market Update & Inside Scoop!

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1080 Wisconsin Avenue NW – Georgetown Park Residences 
Tilton Bernstein Management
Key features:
• 100 units
• Four active one-bedroom units priced $375,000 - $509,000 – Two are short sales
• History of assessments
• Front desk, pool, parking (deeded & rental), secure building, above mall, higher fees
• Perfect M St. & Wisconsin Ave. location
Scoop:  Great staff & board, keep an eye on increasing fees and/or moving forward assessments.

3225 Grace Street NW – Canal House  
Tilton Bernstein Management
Key features:
• 30 units, many duplex and/or loft properties
• Sister building to Georgetown Park Residences
• Boutique private garage
• Two units are currently under contract, one of which is my listing. Unit 107 is for sale - $489,000.
Scoop: Recent large point re-tuck brick façade assessment; project now completed, building looks great.

Papermill Court NW  
Zalco Management
Key features:
• 101 units
• Low fees
• Strong association
• Four sales this year - I just listed and sold three of the four properties in the past 4 months…selling in 6, 22, 12 days respectively. Most units convey with deeded parking. There is a community pool, no plans for special assessments.
Scoop: FHA approved town-home style condominiums. When priced & presented well, the properties tend to sell quickly and for a higher price per foot than other similar buildings/associations -- solid all the way around.

3299 K Street NW – Papermill on the Potomac 
Bernstein Companies Management
Key features:
• 30 units
• Low fees
• 3 Sales in the building this year
• Directly in front of the new waterfront park
• I just settled unit 302 last week. 1 bed/bath, 800sqft., w/parking $455,000
Scoop: Although the residential section dates back to the 80’s it does not feel like it. The building appears much more like new construction. Low fees & on-site deeded parking. Select upper level units have panoramic views that are second to none.

1015 33rd Street NW – Flourmill 
Tilton Bernstein Management
Key features:
• 52 units
• Canal front building
• No units convey with deeded parking -Discounted rental parking is available on-site.
• Five Flourmill properties sold in 2011 - I was the listing or buyer's agent for each transaction.
Scoop: The building has an extensive brick point re-tuck project coming near-term. This will definitely dig into their cash reserves.  In addition, increased fees and assessments will likely be in play. On the plus side, the building will be a stunner when completed – nestled directly in between the C&O Canal and Potomac River, the location is tough to beat.  The Flourmill sits 50 yards away from 3303 Water Street at $1,000+ a foot. Unit views vary significantly throughout the building.

1077 30th Street NW – James Place 
Zalco Management
• 78 units
• Front desk
• Garage parking
Scoop: Great building in need of some basic updating. Good news, they have plans in place to do just that. Recently I met with the board president to provide feedback on their architect renderings/plans. I definitely like what I see; furthermore the association should be in a position to do the extensive renovation with limited financial impact to the current owners. In my opinion, this will dramatically change the building. There is nothing being offered for sale at the moment. With that said, I’ve got three clients in the building with near-term plans to sell – a one-bedroom, a two-bedroom, and another very large two-bedroom property.

Quick & general notes on South of M St. Real Estate:

Newer game-changing additions to the area include: House of Sweden, 3303 Water Street, Ritz-Carlton, AMC movie theatre and the Georgetown Waterfront Park. Simply put, the area has been transformed over the past ten years. Area inventory remains VERY low. Some national banks have been hesitant to lend due to the area’s commercial component. Almost all lenders are now requiring a supplemental flood insurance policy. I guess when you live in a fun, vibrant & waterfront area…it comes with the territory!

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