Welcome to this week’s installment of theFitzCRE Weekly. As always a lot has changed in the marketplace. I had a chance to do a hard hat tour of last week’s featured condo project on 1930 Biltmore St NW, a few deals are near closing, and even more are coming online. We just listed a nice cash flowing Apartment building East of the River that I’ll feature next week and the call for offers on the four deals featured last week has come and gone.
Towards the end of the month you’ll see an update on the Streetcar project and full breakdown of what we’ve listed and sold in the month of June. As always, spread the word and please don’t be shy about questions & comments. Not sure how TOPA affects your building’s value? Want to know what your building is worth in today’s market? Curious about whether you can develop further and what returns you would get? That’s a good reason to meet and something I can help you with; give me a call at (202) 536-3732 or email me.
Regards,
Fitz
2914 Sherman Ave NW
Last we saw 2914 Sherman Ave NW it was being Sold by Marty Zupancic of Marcus & Millichap in a bit of a complicated transaction, but the latest update on the project is that Madison Investments, working with Stoiber & Associates architectural firm, plans to develop 20 units starting in August. UrbanTurf reports the project should take 10 months and that UrbanPace will be handling the condo sales. Luckily what was once an eyesore for Sherman Ave will soon be a highlight for an already vastly improved neighborhood.
Condo Project of the Week
1845 Kalorama Road NW
This project has turned out exceptionally well and the units look great. I’ve included some pictures on the life of the project to give you an idea of how it’s progressed over the last six months. Despite dealing with the ANC in Kalorama and jumping through several hurdles due to the historical designations in place, the owner was able to take the existing vacant building (which was in rather poor condition) and begin expanding the building further back on the lot. The lot is zoned R-5-D, giving it a maximum FAR of 3.5, and the prior construction was only using a small portion of the allowed 75% lot occupancy.
Living just behind this building meant a few early morning wake-up calls on Saturdays to the tune of hammers, saws, and falling wood, but seeing the how project has turned out makes it worth the inconvenience. For more info on the condo out sales, visit http://www.cbmove.com/ID/990120
As more of these types of buildings continue to defer maintenance we’re likely to see more opportunity for new condo, single family, and apartment developments around Adams Morgan & Kalorama. Stay Tuned. If you don’t believe me, just walk a few doors down from 1845 Kal: ANC 1C Planning, Zoning and Transportation committee approved plans for a 5-unit condo conversion project at 1837 Kalorama Road NW
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Tweet(s) of the Week
Robert T. Kiyosaki @theRealKiyosaki30 May To #fail harder means to try harder.
Harvey Mackay @HarveyMackay 7 Jun Entrepreneurs must be willing to take risks. Sometimes you have to triple your failure rate to triple your success. #business
Assorted Articles of Interest:
Marcus & Millichap Says Housing Will Lead
Appreciation Shifts from Cap Rate Compression to Real Growth
Fundrise faces off with skeptical financial services industry over crowd-funded real estate
Van Metre Cos. on a buying spree
CRE Jobs Outpace National Average
The federal government must roll back cuts in housing aid for the needy
The Clean Rivers Project should keep sewage out of our rivers after storms, but at what cost?
Where I’m Eating
Mintwood Place (brunch)
Anyone who knows anything about Adams Morgan has at least heard of Mintwood Place, so I won’t waste your time beating a dead horse. BUT if you haven’t been yet for whatever reason you’ve got to ASAP. I went recently for brunch and had the Belgian Waffles with a Wandering Aengus Bloom Cider to wash it down. Even though I usually shy away from the more dessert-like brunch items, this was too good to pass up. Give it a whirl next time you step onto Biltmore St & Columbia Rd.
(Looking Forward To): German Beer Garden Now Coming to 919 U Street, NW. Should Open in Fall 2013
The Top 10 DC Zip Codes Where Homes Are Selling Quickest
Have questions about market rents, condo conversions, TOPA, 1031 Exchanges, Interest Rates, or what new developments mean for your property? Go ahead andEMAIL ME , call (202) 536-3732, or:
theFitzCRE 