Homes on the market include a 1940s-era three-bedroom, two-bathroom single-family home for $299,500 and a newer three-bedroom, three-bathroom townhouse for $199,900.
Rocsheen Holston, a real estate agent with Realty Direct in Largo, said that in Capitol Heights, buyers are able to purchase move-in-ready single-family homes in the $200,000s that have been renovated and have good-sized bedrooms.
She added that the area was an investor’s paradise last year, with many buyers focused on renovating and reselling. There have been more than 500 sales in the area within the past year. Of those transactions, 406 were for less than $150,000, according to Holston.
A majority of the sales took place in the London Woods, Bradbury Heights, Greater Capitol Heights, Chapel Oaks and Carmody Hills areas. London Woods is a townhouse community near Capitol Heights and was built between the early 1980s and early 1990s.
“This area is family-friendly, quiet and, some might say, secluded,” Holston says. “Even though these homes were built in the 1980s, this townhome community still has a fresher and newer feel.”
During the past few years, Holston said, investors snatched up properties in neighborhoods such as London Woods, getting “great deals” on 1,000- to 1,240-square-foot townhouses for less than $90,000. She said some of the houses came back on the market totally renovated for less than $165,000.
Yorkshire Knolls is another townhouse community in the area that was built in the early 1990s. She said within the past year the bulk of the home purchases in that area were foreclosures. Holston said that some of them came back on the market shortly after purchase and were renovated from top to bottom.
Most of the sales that were made last year were in Greater Capitol Heights, the oldest neighborhood of Capitol Heights, Holston said, adding that the community is filled with single-family homes built in the early 1900s, with a small mixture of newer homes.
“Single-family homes under $95,000 stayed on the market between one to three months and were mostly cash purchases. These homes were then flipped and put on the market within three months,” she said.
Capitol Heights, incorporated in 1910, is only a few miles from the U.S. Capitol. The town’s leaders say their goals and initiatives include promoting mixed-use commercial development, especially around the Capitol Heights Metro Station. Plans are in the works for a Wal-Mart to be built on East Capitol Street in the District, directly across the street from the Capitol Heights Metro station. Town leaders say they hope that the 10-acre site, expected to include retail, office and and residential space, will spur more development.
While residents wait for more commercial development to pick up steam, they enjoy gathering at annual events, including the annual Capitol Heights Day, with a parade and picnic in June.