What’s Next for Logan Circle
In the heart of DC’s residential renaissance over the past several years is Logan Circle. It is still changing; but it has arrived and is doing well. It is a thriving bar and restaurant village in the evenings, and it is a quiet and friendly community during the day. Residential real estate trends seem to be relatively stable but continue to increase. Parking is appropriately difficult, and mass transit is not superbly convenient, and it may be a combination of these elements that have transformed Logan Circle into the successful community that it is.
Let’s Dig In
Logan Circle is a centrally-located six-block-by-five-block community nestled between the business district and the U Street Corridor and between Dupont Circle and the Convention Center. It is named after a well-known Civil War General who later became a U.S. Senator and was living in nearby Columbia Heights at his death.
There is a mix of row houses and apartments, loft condos and upscale retail. Median Sold units have steadily risen over the past year-and- a-half from $555K to well over $700K, with the latest MRIS data for May showing $784K, a 32% increase of the same period last year. Median price per square foot, tracked from a combination of MRIS, Redfin and other sources, ranges from $653 in the fall of 2015 to $735 this past May. Those are solid values that may cause a prospective buyer to wonder how high they can go.
It’s a competitive market in a highly desirable location. Median Days on Market is narrowing, to seven days during the most recent data from only 10. And average sale to list is currently at 102%, according to Redfin.
Logan Circle does not have a Metro station within its recognized border. There are, however, a whopping SIX Metro stations within a five- to seven-block radius of the Circle: McPherson Square (Blue/Orange); Dupont and Farragut North (Red); and Mt. Vernon Square, U Street, and Shaw (Green/Yellow). It is also a community that walks: according to a recent study, nearly 40% of Logan Circle residents walk to work.
All of these (and more) bars and restaurants are currently on 14th Street: Pearl Dive, Estadio, Barcelona, Le Diplomate, The Pig, Sette Osteria, Birch Barley, Sotto, ChurchKey, B Too, Cork, and Ghibelina. Wow!
In my opinion, restaurants will get better and better, retail will continue to strengthen, the Circle will continue to be a quiet and charming place, and real estate trends will reveal increased value. Buyers will need to be ready to move quickly to secure one of these charming residences. As always, the Faulkner Team is available to help, www.faulknerteam.com. , steve(at)faulknerteam(dotted)com