Real estate prices are on the rise in desirable neighborhoods. Happy days are here again, right? If the house at the right is an indicator of what's to come, we might be looking at a rapid rise in prices here in Trinidad.
I went to an open house for this listing a couple months ago. While it's a nice house, there are more than a few things I thought kept it from being a "great" house. The ceiling height in the finished basement was quite low (I'm 5'9", and I had to duck to get around in many places), two of the three bedrooms are carpeted, the floor plan is a little unorthodox, and what should be a spacious backyard is instead a giant concrete parking pad. In an area that has plenty of on-street parking, it's a shame that this space isn't a nice backyard/garden.
Based on recent neighborhood comps, I didn't think the house was worth the listed price of $379,900, but I was shocked to see yesterday that it sold for higher than list price: $381,000. Most neighborhood home sales in the last couple years have been under $300,000. If houses in Trinidad are approaching $400,000 again, it won't be long until the stories of neighborhood "gentrification" will start being written in the papers and other blogs. Others have mentioned that the southern part of the neighborhood will start to see real estate prices rise as H Street continues to redevelop and the streetcar comes online. Is this the beginning of that wave, or just an anomaly?