Back in March 2015 I wrote an article titled “Pimmit Hills 2015 – “Should I Stay or Should I Go!.” The article spoke of the changes taking place in the neighborhood with old small homes being demolished to make space for larger new ones. While progress in inevitable, the modern homes bring with them different demographics with different priorities.
I wrote : “With each home gone, one cannot help but thinking about the past and what made Pimmit Hills unique. I suspect the future holds fewer whimsical over-the top Christmas light displays, fewer bears carved out of tree stumps and almost no front yard gnomes and Statue of Liberties.”
So, almost two years later, are new homes continuing their march through the neighborhood? The answer is a resounding yes. Builders, investors and I-want-to-build-my-own-home-buyers have all been enthusiastically purchasing properties homes to put up new and larger homes. It is not uncommon to now see two, three or more new homes in a row on the same block. With each new home being built the old 884 sq/ft homes look more and more out of place (and not vice versa as in the past.)
The graph shows the increase in the number of new homes sold in Pimmit Hills from 2010 to 2016.
Just 5 years ago homes selling above $800,000 was a rarity. As you can see from the above graph, with each passing year new construction homes are becoming more commonplace. In 2016 21 out of the 66 homes sold had a final sales price above $800,000. Thirteen of those 66 homes were above a million. The highest sales price was $1,380,000.
Graph shows Pimmit Hills home prices from 1998 to 2016.
Prices for the original footprint 884 sq/ft homes have been going up and surpassing the “top-of-the-market” prices from 2005. You can see homes for sale in Pimmit Hills here.
2017 should be another great year for Pimmit Hills. If you are looking to buy or sell I would love to help – just give me a call at 703 861-0845.
