RSS FeedReal Estate Corner: Ready To Rent That PQ Condo?
MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle and is experienced with transacting downtown DC real estate.
Many condo owners struggle with whether to rent or sell their unit when it is time to leave the area or simply move to a larger or different type of place. For many owners who bought in the 2005 to 2007 time period, the condo has simply not appreciated enough to merit selling. When pricing a condo for rent, I’ve always advised my clients that allowing pets can increase the monthly rent around $50 to $100 per month and parking can be worth $100 to $150 more in monthly rent than a comparable condo without a spot. But does the data support that?
Looking only at the 2012 multiple listing service data, Penn Quarter one-bedrooms have been renting at an average of $2396 per month with an average of 46 days on the market. Two bedroom units rented this year for an average of $3234 per month with an average of 45 days on the market and studios rented for an average of $1725 per month with the shortest number of average days on the market – only 24.
A little under half of those units allowed pets but the average price for those condos jumped up to an average of $2456 per month for a one-bedroom unit. The two-bedroom units rented for close to the same amount with or without a pet as did the studios.
The bottom line? Renting your condo can be a terrific strategy for holding onto your asset—your home—while waiting on the market to catch up to your investment, or waiting for a better price altogether. The flexibility to allow pets can not only increase your income but also, from what I’ve observed, shorten the time on the market. Pet owners tend to be stable tenants due to the difficulty in finding housing that accepts Fido. Finally, a parking space can also an yield a return long past your time as a resident, and well into your time as landlord.
One Year Anniversary At Luminous Warrior (520 10th St NW)
Luminous Warrior at 520 10th Street NW between E and F Streets wrote in to let us know that they’re having an Open House to celebrate their 1-year milestone. A $15 Open House ticket gives you access to unlimited classes through July 14.
Luminous Warrior is a training center for self defense, self healing, and self empowerment. It’s a locally-owned and instructor-led company, operating out of a renovated, fully dedicated 2,000 square foot facility in the heart of downtown Washington DC.
Luminous Warrior
520 10th St NW, 2nd Floor
Washington, DC 20004
Phone: 202-670-7086
Twitter: twitter.com/luminouswarrior
Facebook: www.facebook.com/luminouswarriors
Web: www.luminouswarrior.com
The Red Planet
Many of my closest friends don’t know this about me, but I’m someone who totally drank the Kool-Aid on space exploration as a kid. In high school, I interned at NASA on research teams and one summer I was assigned to help a team studying meteor craters on the surface of Mars (which helps to date the surface geology of the planet). Mars has long-held a fascination for many in the planetary research world. We have continually tried to explore the planet as a possible resource and even future habitat (although books and movies have been the only ones to see any success so far).
This Friday, I am going to re-live all my former Red Planet glory as the Air and Space Museum (6th St. and Independence Ave., SW) celebrates Mars Day. Scientists from the museum and NASA will be on-hand to talk about Mars and the Curiosty rover that will soon land on the planet (scheduled for August 6).
Click here for a full schedule of the day’s events.
Friday, July 13
10am-3pm
FREE
Meatballs E Street Neon Sign Departs
With the closure of the Meatballs restaurant, so too comes the end of another Penn Quarter saga – the tale of the pink neon sign that stood above the bay window of the short lived restaurant. The sign’s glow both advertised the restaurant and angered residents due to its bright, pink glow shining in neighbors’ windows. The restaurant closed June 30 and over this last weekend the sign came down. Douglas Development also papered over the bay window with for lease signage (h/t: PQ Living Tweep Lisbeth2121).
