GDoN Revisited by Hipchickindc

In real life, hipchickindc is actually the not-so-hip Suzanne Des Marais, an associate broker with Urban Pace. Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, Suzanne is currently Chair of the DC Public Policy Committee for the Greater Capital Area Association of REALTORS® and is President Elect of the Washington, DC Association of REALTORS®. She lives (and sells a lot of houses) in Bloomingdale, but works all over DC, with everyone from first time buyers to highly regarded developers.

Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 703 6th St NW #8

Original List Price: $649,900.
List Price at Contract: $619,900.
List Date: 04/16/2010
Days on Market: 69
Settled Sales Price: $550,000.
Settlement Date: 07/01/2010
Seller Subsidy: $0.
Bank Owned?: No
Type Of Financing: Cash

Original GDoN is: here.

Listing is: here. To see pics, open the listing link, click on the main pic and scroll through the arrows.

Looks like the purchaser of this duplex penthouse unit settled just in time to enjoy the fireworks from
their outrageous rooftop deck. Commenters on the original Good Deal or Not (GDoN) post responded
favorably to the unit and the deck, with some debate over whether living across from the Verizon Center
was a plus or a minus. The recent colorful history of the building was also discussed, and here is some interesting information about the origin of the property.

Continues after the jump.

Originally called “The Myrene”, it was marketed as “The Galileo” following the conversion to condos.
When the eight newly renovated units were marketed for sale at the height of DC’s real estate Boom years, this
penthouse was initially priced at $799,900. The listing that spanned from December 2003 to January 2005 had
no takers, even when dropped to $599,900. It was ultimately withdrawn. The original listing suggests that the
unit is 1450 square feet and at that time was identified as having one bedroom, one and a half bath. The recent
listing reports two bedrooms.

Going by the 1450 square feet on the prior listing, without even taking into consideration the noted 600
square feet of roof deck, the unit sold for $379. per square foot. Given that the last unit in this building
sold in March 2010 with no outdoor space at $579. per square foot, I’d say this was a pretty good deal.

5 Comment

  • I find two things pretty hilarious.

    1. Looking back at the comments left back in April when PoP first write about this place, it is obvious the vast majority of those posters have zero idea what they are talking about as it related to RE. Every single comment left, said the original price (649K) was a “steal”, “underpriced” etc, when in reality it was massively overpriced and finally sold for %16 less, or 550K.

    2. The realtor who listed the place should lose their liscense. Considering the ridiculous commission they get for practically zero work, they should be required to be “more correct” in their initial valuation and price. They were off by 100K dollars and the place languished for nearly 3 months on the market. That just screams “worthless realtor” to me.

    • The commenters who say these outrageous prices are good deals are probably local homeowners who are doing a bit of wishful thinking, hoping that increasing real estate prices will reflect well on their investments.

    • I had nothing to do with listing or selling this property, so I don’t have a dog in this fight, but if you figure the price per square foot based upon the prior prevailing sale in this building, the unit may have even appraised over $800k. Of course, plenty of other factors come into play when pricing. It’d be great if every real estate agent carried around a handy crystal ball that would tell him or her what a particular buyer will pay, but sadly that technology has not yet been invented.

      I will speculate that this may have been a unit that the developer held onto, since there is no recorded sale prior to this one. Someone showed up and masde a cash offer and I’m guessing the developer was in a position to be able to take that low amount and be done with it. It’s not unusual to see a cash offer balance a lower than expected selling price.

  • sometimes it’s not the realtor’s fault…it could be unmotivated sellers who have unrealistic expectations

  • We actually had a contract on that unit several years ago, which we pulled out of during the condo doc review period. I still lust after that roof, but the second bedroom was extremely small. I don’t even know if a twin bed would fit in it. That is not why we pulled out though. We pulled out solely because of the very sketchy realtor. She told us that they would raise the price significantly if we used our realtor (with whom we had been working for some time). That bothered us quite a bit, so we bailed.

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