Just the FACTS ...

The Impact of Historic Preservation on

HOME PURCHASE PRICES

Many neighbors are concerned that the approval of Historic District status
for Bloomingdale will cause the costs of its houses to soar – making them
increasingly unaffordable. Others claim that HP serves to both stabilize
home purchase prices and reduce the impact of major real estate market
swings. So we decided to do a study and get some data about this concern.

Using MRIS (the real estate sales data system), we compared home purchase
closing prices of ALL sales of houses in Bloomingdale and the abutting
neighborhood of LeDroit Park during the recent 6-month period of 8/1/17
through February 6, 2018. LeDroit is an ideal price comparison
neighborhood as it has been a Historic District since 1973 (i.e., for 45 years)
and due to its proximity, has history, heritage, and housing similar to those
of Bloomingdale.

WE FOUND NO STATISTICALLY SIGNIFICANT DIFFERENCES IN THE

PER SQUARE FOOT PURCHASE PRICES OF THOSE BLOOMINGDALE AND
LEDROIT PARK HOMES that went to settlement during the study period.
Indeed, the average closing price was more than $100,000 less in LeDroit,
while the average cost per square foot of finished space was somewhat
slightly higher (+ $66) in LeDroit. See Table 1 for other study findings..

See Tables 2 and 3 for more detailed information on each of the 38

Bloomingdale and 14 LeDroit houses settled during the study period.

We appreciate your consideration of these FACTS!

J.C. Blount (realtor) and Bertha Holliday, PhD

 Table 1
COMPARISONS: RECENT HOUSE SALE PRICES
IN THE BLOOMINGDALE & LEDROIT PART NEIGHBORHODDS
August 1, 2017 - February 6, 2018

COMPARATIVE FACTORS BLOOMINGDALE LeDROIT PARK

House Sales Contracts (8/17-
2/18)
Number 38 14
Price Range $600,000 - $1,500,000 $ 460,000 - $1,850,000
Average Purchase Price $ 982,422 $ 871,171
Range of Price per Sq. Foot $ 281 - $742 $ 320 - $787
Average Price per Sq. Foot $ 432 $ 498

STATISTICAL ANALYSIS OF DIFFERENCES ON ‘Average Price Per Square Foot’.

t (2-tail, 50 df) = -0.43 (NO SIGNIFICANT DIFFERENCE)

A NOTE ON DISPLACEMENT
Some neighbors also have argued, with concern, that historic districts promote increased displacment of
poor and ethnic minority residents. Displacement of such persons has and continues to occur in
Bloomingdale – despite its absence of historic district designation. According to the Mid-City East Small
Area Plan , these outcomes of gentrification are due to “...increased demand [and cost] for housing near
downtown DC”.

However, data in the Mid-City East Small Area Plan (DC Office of Planning, 2014, p. 61) suggests that
the neighborhood stability promoted by historic district designation MAY REDUCE RATES OF
DISPLACEMENT. See table below.

KEY DEMOGRAPHICS (2014)

Bloomingdale LeDroit Park
Median Income $ 86,568 $ 29,086
Population
% White 33 14
% Black 58 79
Average Home Sales Price $619,000 $ 750,000
 Table 2
CHARACTERISTICS OF RECENT BLOOMINGDALE HOUSE SALES
AUGUST 1, 2017 - FEBRUARY 6, 2018

PROPERTY LOCATION FINAL SALE VS. # OF TOTAL SALES

* Has basement apartnent CLOSING LISTING BDRM FINISHED PRICE
**Has basement in-law unit CONTRACT PRICE & SQUARE PER
*** Has basement family room SALES PRICE (LT = LESS BATH FOOTAGE SQ. FT.
EQ = SAME
&/or other finished space
GT = MORE)

Randolph Pl. - Unit Block * $ 600,000 LT 4/3 1920 $ 312

Randolph Pl. - Unit Block $ 675,000 LT 4/2 1462 $ 462
Randolph Pl. - Unit Block $ 675,000 EQ 3/1 1444 $ 467
First St., - 1700 Block * $ 685,000 EQ 3/1 1902 $ 360
T St . - Unit Block $ 732,500 LT 3/2.5 1824 $ 401
Florida Ave. - Unit Block * $ 749,000 EQ 3/3 1200 $ 624
Flagler Pl. - 2000 Block * $ 750,000 LT 5/3.5 2172 $ 345
V St. - Unit Block * $ 815,000 LT 4/2.5 2052 $ 397
U St. - Unit Block $ 822,000 GT 4/2.5 1878 $ 438
Randolph Pl. - Unit Block $ 825,000 LT 3/2.5 1808 $ 456
Bryant St. - Unit Block * $ 830,000 EQ 3/3.5 1986 $ 440
Adams St. - Unit Block $ 831,750 GT 3/1.5 1808 $ 460
First St. - 1800 Block *` $ 852,000 LT 3/3.5 1857 $ 459
Randolph Pl. - Unit Block $ 860,000 LT 2/2 1430 $ 601
Quincy Pl. - Unit Block* $ 899,900 EQ 5/3.5 2300 $ 391
T St. - Unit Block * $ 905,000 GT 5/3.5 2601 $ 348
T St. - Unit Block $ 906,000 GT 3/3.5 2052 $ 442
Adams St. - Unit Block * $ 910,000 LT 4/3.5 1874 $ 486
W St. - Unit Block * $ 910,000 EQ 4/3.5 2264 $ 402
Seaton Pl. - Unit Block * $ 920,000 LT 6/4.5 3270 $ 281
Flagler Pl. - 2100 block * $ 924,000 GT 4/3 2016 $ 458
Adams St., - 100 block * $ 925,000 LT 3/3.5 2229 $ 415
Randolph Pl. - Unit Block * $ 935,000 LT 4/3.5 2163 $ 432
Channing St. - Unit Block $ 950,000 EQ 1/1 1280 $ 742
U St. - Unit Block * $ 950,000 EQ 5/2.5 1884 $ 504
Second St. – 1900 Block * $ 965,000 GT 4/3.5 2090 $ 462
Randolph Pl. - 100 Block * $ 1,005,000 GT 4/4.5 2800 $ 359
U St. - 100 Block *** $ 1, 100,000 EQ 3/3 2740 $ 401
Seaton Pl. - Unit block * $ 1,240,000 LT 4/3.5 2485 $ 499
S St. - Unit Block * $1,250,000 EQ 5/3.5 2397 $ 522

Table Continues
 PROPERTY LOCATION FINAL SALE VS. # OF TOTAL SALES
* Has basement apartnent CLOSING LISTING BDRM FINISHED PRICE
**Has basement in-law unit CONTRACT PRICE & SQUARE PER
*** Has basement family room SALES PRICE (LT = LESS BATH FOOTAGE SQ. FT.
EQ = SAME
&/or other finished space
GT = MORE)

BLOOMINGDALE - CON’T.

Flagler Pl. - 2200 Block * $1, 275,000 LT 4/4.5 2100 $ 607

First St. - 2200 Block * $1,380,000 GT 5/4.5 3700 $ 373
First St. - 2300 Block * $1,305.000 LT 5/4.5 4307 $ 302
Second St. - 1900 Block * $ 1,330,000 GT 4/4.5 2915 $ 456
U St. - Unit Block * $ 1,349,999 EQ 5/3.5 2379 $ 567
W St. - Unit Block $ 1,369,900 EQ 5/3.5 3134 $ 437
First St. - 2200 Block * $ 1,380,000 GT 5/4.5 3427 $ 403
T St. - Unit Block * $ 1,425,000 LT 5/4.5 3120 $ 457
Bryant St. - Unit Block * $ 1,500,000 GT 7/3.5 3817 $ 393
16 LT
TOTAL $ 37,332,049 12 EQ 86,388 $ 17,361
10 GT
RANGE $600,000 – 1289 - 3817 $ 281 -
$1,500,000 $ 742

MEAN (AVERAGE) $ 982,422 2273 $ 457

 Table 3
CHARACTERISTICS OF RECENT LEDROIT PARK HOUSE SALES
AUGUST 1, 2017 - FEBRUARY 4, 2018

PROPERTY LOCATION FINAL SALE VS. # OF TOTAL SALES

* Has basement apartnent CLOSING LISTING BDRM FINISHED PRICE
**Has basement in-law unit CONTRACT PRICE & SQUARE PER
*** Has basement family room SALES PRICE (LT = LESS BATH FOOTAGE SQ. FT.
EQ = SAME
&/or other finished space
GT = MORE)

Florida Ave. - 400 block $ 460,000 EQ 0/2 1086 $ 424

Elm St. - 400 Block $ 512,000 EQ 2/2 784 $ 653
Elm St., - 400 Block $ 602,000 GT 2/2 780 $ 771
Elm St. - 200 Block $ 650,000 EQ 3/2 826 $ 787
Second St., - 200 Block $ 720,000 GT 3/2.5 1540 $ 468
Fourth St. - `1800 Block * $ 799,000 EQ 4/3 2007 $ 398
Second St. - 1800 Block * $ 828,000 GT 4/2.5 2585 $ 320
Fourth St. - 1800 Block *** $ 836,500 GT 4/2.5 1652 $ 506
Fifth St. - 2000 Block * $ 838,900 GT 3/2.5 2130. $ 394
T St. - 500 Block * $ 905,000 GT 4/3.5 1761 $ 514
Third St. - 1900 Block ** $ 915,000 LT 3/3.5 2244 $ 408
U St. - 400 Block $ 1,075,000 LT 3/2.5 2074 $ 518
Florida Ave. - 200 Block * $ 1,200,000 LT` 4/4.5 3217 $ 373
Third St. - 1800 Block * $ 1,855,000 LT 6/4.5 4300 $ 431
4 LT
TOTAL $ 12,196,400 4 EQ 25,900 $ 6965
6 GT
RANGE $ 460,000 - 780 -4300 $ 320 -
$1,855,000 $787
MEAN (AVERAGE) $ 871,171 1850 $ 498