What a difference two years (and progress) makes!
Before I moved to Congress Heights I did ALOT of research on the area. One of the many articles I read were these by
The Washingtonian posted in the spring of 2007. Not only were they great articles (which in part persuaded me to move to Congress Heights) but they proved to be pretty accurate. Despite the latest economic events and the sluggish housing market my home has retained its value. I am probably one of the few (if not the only) new homeowner out of my River West friends who is not upside down in their mortgage. In this market that is no small feat.
I would like to share a little story for any naysayers who may think that quality has been sacrificed for affordability . One of my best friends lives in a condominium in NW that was designed in part by the exact same designer who designed my condominium. In fact our layouts are almost identical. My friends NW condo is about 15% smaller than mine and without the many amenities but he paid over double what I paid for mine.
Somethings are worth crossing the bridge for. :)
This is River East.
This is Congress Heights.
Excerpt:
Here's a look at the five DC neighborhoods where prices are climbing the fastest.
In Southeast near Saint Elizabeth's Hospital, Congress Heights prices rose more than 125 percent from 2003 to 2006. If you are looking to buy in a booming part of town, you could do worse than these neighborhoods. Northwest is the only quadrant of the city not represented in the top five.
When we looked last week at the
five hottest DC neighborhoods
, I was surprised to see Congress Heights top the list. In 2006, 287 homes sold in this once-neglected East of the Anacostia River neighborhood at a median price of $245,000, a jump of 127 percent from $108,000 in 2003. In addition, Congress Heights prices climbed almost 30 percentage points higher than any other DC neighborhood.
With all the new construction and development in the city, why are Congress Heights prices going up so fast? It doesn’t hurt that prices there were low to begin with, but that doesn’t answer the whole question. Other neighborhoods with similarly low median prices did not see as much growth.
According to a Washington DC Economic Partnership
report
Congress Heights is “poised for new development” and already has several projects in the pipeline.
The Shops at Park Village
, a $21-million mixed-use development that will include 75 single-family homes and a new Giant grocery store, will open this summer on the former site of Camp Simms, a military base.
Residential and commercial plans are also in the works at the Congress Heights Metro stop and at Saint Elizabeths Hospital. Contributing to the Congress Heights boom are two huge projects that bookend the neighborhood—the recently completed, $27-million Town Hall Education, Arts & Recreation Campus, known as
the ARC
, to the south and the new
Nationals baseball stadium
across the Anacostia River to the north. Combined, these factors create the perfect environment for development—and huge leaps in prices.
READER COMMENTS:
I have lived in the neighborhood for less then a year now, and things are changing on a monthly basis. Roads are being paved, police enforcement has stepped up, and houses are being repaired. I look forward the continuing success of the area.
Posted by: Congress Heights Resident,
Posted by: Congress Heights Resident,
When I decided to leave my life-long neighborhood of Petworth and purchase a home over here in 2004, I had no idea of the projects in the pipeline. Now, my home has doubled in value (although I have no intention of ever leaving--I love it over here!); the new Giant will be a block away; I walk to the Metro to get to work; 8th St. SE is only a short distance away by bus. My youngest will be taking lessons taught by The Washington Ballet only a couple of blocks away at THEARC this summer. My mortgage is less than my one bedroom apt. was. My youngest daughter has a big back yard to play in, and my oldest daughter has an entire live-in basement to herself. Congress Heights has to be the best bargain in the city!
Posted by: Alice,