Bubble Meter is a national housing bubble blog dedicated to tracking the continuing decline of the housing bubble throughout the USA. It is a long and slow decline. Housing prices were simply unsustainable. National housing bubble coverage. Please join in the discussion.
Thursday, February 23, 2006
Abandoned Building Near Washington Convention Center
Abandoned building located along the 600 block of L street NW in Washington, DC.
In May 2001 there was a fixer upper 400 sq ft efficiency in River Park Mutual Homes, SW DC, 20024 listed for $18,500 it sold for the asking price. Coop fees were about $300 a month including utilities, taxes, and some basic cable channels. It was listed in August 2005 and sold in September for $106,000 about a couple thousand more than the listing price. I had to sell it after being mugged and receiving threats from the local criminal elements moving in and out of nearby housing projects. I had read some reports predicting a bubble during the summer. There were reports as early as 2002 of a bubble. The local price continued to rise but no where near the percentage rise I saw during the real estate boom.
It's a cozy fixer upper in an up and coming neighborhood.
ReplyDeleteGawd damn, doesn't anybody in D.C. have any matches?!?
ReplyDeleteI like it. It looks historical. I'll give you everything I have now and for the next 30 years to get it.
ReplyDeleteI'll start the bidding. I will put down $750,000 for that property!
ReplyDeleteIt would seem that our friendly neighborhood developer, Douglas Jemal, owns this property - along with at least 5 of its neighboring buildings/lots.
ReplyDeleteIt'll probably be demolished and replaced with something large in the next few years.
yeh, a parking lot!
ReplyDeleteIn May 2001 there was a fixer upper 400 sq ft efficiency in River Park Mutual Homes, SW DC, 20024 listed for $18,500 it sold for the asking price. Coop fees were about $300 a month including utilities, taxes, and some basic cable channels. It was listed in August 2005 and sold in September for $106,000 about a couple thousand more than the listing price. I had to sell it after being mugged and receiving threats from the local criminal elements moving in and out of nearby housing projects. I had read some reports predicting a bubble during the summer. There were reports as early as 2002 of a bubble. The local price continued to rise but no where near the percentage rise I saw during the real estate boom.
ReplyDelete