Posh Washington: Homes For Sale In Wesley Heights
Once years ago, I was showing houses in Wesley Heights, one of my favorite Washington neighborhoods. After going through about three of them, the husband said, "Um, Pat, if we buy one of these places we'll have to hire a butler!"
The home on the right belonged to Richard Nixon when he was Eisenhower's Vice President. If he didn't have a butler, it had plenty of room for Secret Service agents!
Wesley Heights is a neighborhood nestled between New Mexico Avenue and Foxhall Road with many stately homes, some abutting Glover Archibald Park. (And in this report, I am not including the townhouse developments east of New Mexico)
There are currently eight homes listed for sale (click here for the details and virtual tours). They range in price from $1,095,000 for a home that is being sold in under court order in a bankruptcy proceeding to a high of $7,998,000 for a large stone home where you might indeed need a butler. But my very favorite is a wonderful restored home on a huge lot that belonged to the late Art Buchwald.
There are three homes that are under contract, pending settlement, with a low of $1,850,000 to a high of $8,000,000.
There have been fewer settled transaction so far this year, making it hard to take away any clear trends. Here are the numbers for the year to date for 2008 to 2009.
Number Sold 7 4
Average List Price $2,307,142 $1,925,000
Average Sold Price $2,055,714 $1,850,000
Median List Price $1,495,000 $1,395,000
Median Sold Price $1,450,000 $1,300,000
But do these show that prices are falling in this neighborhood? Not necessarily.
During any period, Wesley Heights is a neighborhood with relatively few sales in a wide price range, with huge variations in size and condition. Unlike 2008, this year, most of the sales were of either smaller homes or properties that needed major renovations. And these are certainly factors that impact the average and median prices. And, when we revisit these numbers in a month, there will be another settlement of an $8 million dollar property that will skew the numbers.
All over the city, we are seeing a slowing of sales for properties over about $2 million, making this an interesting time for people who are considering a purchase of a home in this area. And maybe they will throw in the history for free if you decide to purchase Art Buchwald's home!
If you would like more information about homes in Wesley Heights or other fine Washington neighborhoods, please call or email me.