Tuesday, June 26, 2012

FOR SALE | 12 GALVESTON ST SW #303 - $23,900

This property originally sold on December 12, 2007 for $140,000.

Knowing that most of these condos (see below) sold for $180k+ six years ago makes me want to scream.  Yes, the housing market is down but in many parts of Ward 8 the condo market has been decimated. Some condo units are now worth only 1/3 1/4 of what they were a few years ago.

Why there hasn't been emergency city council hearings on this issue I will never know. 

Oh wait, I suppose I should say "gentrification" and this post will skyrocket to the top of everyone's Google alerts. :(

Go HERE to see the full REMAX listing.

Property Type: Condo/Townhouse
MLS Number: DC7864747
Bedrooms: 2
Bathrooms: 1
Home Size: 753 sq ft

Description
Investors Alert!! Sold "as is" but in good shape, newer appliances, large windows, well maintained bldg in gated community, parking and extra storage in basement. GREAT 2 yr Home Warranty for Owner occupants.



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2 comments:

Anonymous said...

This is really depressing.

Anonymous said...

The reason for the disparity is that (1) The units were overpriced due to speculation and "promises" that the neighborhood would change. (2) Unfortunately, speculators will come into Ward 8 and "invest" then rent out. I caution people to look at southern PG county. With the Harbor and Tangier's outlet and MGM coming, that part of the county is bracing for massive expansion and a financial boom. The leaders in PG will not let that area succumb to specultors nor will the residents of Ft. Washington. That area will be the new jewel and those who cannot afford to live there will be pushed to Ward 8 specifically Wahington Highlands, Bellveue and Congress Heights. Hence the low costs for the condos that will be converted into apartments that will just be high priced Section 8 rentals with granite and stainless steel. Unless you have committed African Americans who want to have a stake in their community and will not tolerate foolishness from government officials and neighbors, the Ward 8 area will just be a revolving door of apartments to owners to apartments. Also, if folks are not careful and fail to protect Anacostia from gentirifiers and investors, that area will succumb also.