The culprit? Several things but primarily the limitations of how sales comps are calculated are killing the condo markets in Ward 7 and Ward 8. Those same comp restrictions keep west of the river condo values rising while east of the river continues condo (and townhouse) values continue to free fall. It's like the real estate bubble of 2008/2009 is still happening for those living east of the river.
The Ward 7 and Ward 8 condo market is failing and no one in a position to do something about it is paying attention. Why I do not know. Lord knows I've been sounding the alarm since 2012.
ZIP CODE 20032
"GREAT OPURTUNITY TO OWN A BEAUTIFUL 2BED CONDO IN THE SOUGHT AFTER WARD 8 COMMUNITY.BRING YOUR PICKEST BUYERS . WILL NOT LAST LONG. BANK APPROVED A SELL PRICE AT 76,000. NOT FHA APPROVED."
"3-level condo lives like a townhome. Enter to tile foyer and hardwood floors. Lots of natural light with bay window in living room. Upstairs offers 3 bedrooms and 1 bathroom. Property is an end-unit with walkout basement. Potential for 4th bedroom, bathroom, and rec room downstairs. Drywall in basement has been stripped due to previous water damage."
"Completely renovated in 2007, and updated in 2010. Within a gated community with great closet space, bathroom with jacuzzi tub. Addl. features include stainless steel appliances, new windows, hardwood floors, ceiling fans, recessed lighting, central air, washer/dryer, And parking space included in price. Back on the MKT, bank approved price of 79,785 previous buyer fell threw."
"Some water damage caused from the roof, this property needs a little TLC. Great Investment Property. AS-IS"
ZIP CODE 20020
"Property is SOLD Strictly AS-IS. Seller makes no repairs. Approved short sale by BOA, one lender. BOA Short Sale and AS=IS addendum is required. Disclosures under documents."
"Great price for this cozy Fannie Mae HomePath condo. Great courtyard views and layout with 2 bedrooms and 1 bathroom. Sun filled second floor unit with washer/dryer and an updated bathroom. Condo is sold as-is and is move in ready."
"south facing semi detached row home awaits your creativity. Has 2 nice size bedrooms and a screened in porch off the first level. Fenced in rear yard.Metro bus stop close by. Accessible to Congress Heights Metro and Anacostia Metro. Estate Sale. Please honor request and schedule appointment. Buyers must be willing to dispose of contents left in the property."
"Spacious, light filled and comfortable living awaits you in this renovated one-bedroom/one-bath with central heat/air, and washer/dryer in the unit, all for $90,000. Also featuring open living area, hardwood floors, stainless steel appliances and granite countertops. Located in Fairfax Village. PHOTOS TO COME!"
"property is in poor condition Cash only"
"Very quiet community. Very close to Metro buses and station. Financing is available through Waterstone Mortgage."