GDoN Revisited by Hipchickindc – 123 T Street, NW

Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a popville.com advertiser. 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: 123 T St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: Bloomingdale
Original List Price: $924,900.
List Price at Contract: $899,900.
List Date: 10/05/2012
Days on Market: 46
Settled Sales Price: $864,300.
Seller Subsidy: $15,000.
Original List to Net Sales Price Ratio: 91.83%
Final List to Net Sales Price Ratio: 94.38%
Settlement Date: 12/28/2012
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.

Whenever a Good Deal or Not (GDoN) post garners seventy seven comments, it’s definitely worth a re-visit. Like it or not, the Bloomingdale and LeDroit Park neighborhoods have definitely experienced a price spike within the past year. Although this property settled at a net price a fair amount below the original list, it remained within 10%. For so many of you who were incredulous at this listing, I hate to say it, but with such continued low inventory and high demand, I expect the 2013 Spring market to bring another wave of price bumps.

Here are some other recent sales of gut renovated homes in the neighborhood of similar size (two levels with an inlaw suite or separate English Basement apartment):

1934 2nd St NW settled November 2012 for $800,000.
2010 1st St NW settled May 2012 for Net $798,500. (This was my listing)
113 R St NW settled November 2012 for Net $770,000. (I represented the buyer)
78 S St NW settled in June 2012 for $780,000.

24 R St NW is currently pending with a list price of $809,000.

The listing agent for 123 T St NW was Paula Nesbitt with The Banner Team of Long and Foster Real Estate, Inc. Seth Turner, who represented the buyer, is my colleague at Keller Williams Capital Properties.

96 Comment

  • The realtor “hates to say” that higher real estate prices are coming.

  • mother of god.

  • It really seems to stress people out that Bloomingdale is almost as expensive as Logan. It’s only a matter of time.

    • It’s not even close, unless you overpay. It’ll never be as expensive as Logan Circle unless the neighborhood decides to get up and walk about a dozen blocks closer to downtown.

      • You mean right where the Walmart is being built in Sursum Corda?

      • I think you’ve revealed your ignorance of both DC geography and the specific location of bloomingdale and logan circle. Try looking at a map before you spout off.

        There are 2 fundamental strengths to bloomingdale, its location relative to jobs and its attractive housing stock. its the reason businesses have opened and its the reason people have moved in. If there was a metro less than .5-.75 miles away, the neighborhood wouldnt be affordable to most anyone who currently lives there. it would be 700-1.5 million just like most of capitol hill and logan circle, which have similar houses and are similarly located.

        • LOL, see what I mean about how it stresses people out. It’s like talking to a Tea Party member about political policies. They only hear/see what they want and ignore all indicators along the way.

        • there is a metro .5 miles away.

        • yet bloomingdale is like the neglected, ugly, promiscuous, younger stepsister to ledroit. if bloomingdale is logan, ledroit is georgetown.

          • The difference between ledroit and bloomingdale are not as stark as your comparison.

            They are pretty much the same neighborhood.

      • I agree. Logan will always pace ahead of bloomingdale price wise.
        And I live in bloomingdale. But it has nothing to do with its distance from downtown.

    • Ha, nice one. Unfortunately, you are severely misinformed and blinded because you live in Bloomingdale and want it to be

      • I don’t know how I’ve gotten so involved in this post, probably because it’s the Friday after the holidays and I rather not be working.

        To clarify, I own a rowhouse in Logan and am more than happy to see my friends down RI Ave. see their housing stock and neighborhood improve. Bloomingdale is an awesome neighborhood in my city.

  • Good deal. I’m not the buyer or the seller, btw, but I do live in the hood.

    This place was redone well and with nice finishes. It’s not a cheap home depot redo. Plus, it has a separate rental unit in the basement which means the cost of the mortgage for the buyer will be considerably lower. And, Bloomingdale is still on an upswing since the restaurants are not fully in yet and the streetscaping hasn’t been done. The crappy thing for everyone is living through the flood tunnel construction.

    • It looks cheap to me. Just from the pictures, the fridge doesn’t fit in the cabinetry and the molding along the brick has major gaps for dust and debris to collect. Plus concrete in the backyard? I guess the new owners will be able to get the rebate to tear it up and install a permeable surface, but still, who lays concrete like that anymore?

  • This was a high end renovation. I’m surprised by the closing price, but people need to realize its not a comp for the every day house on the market. There were a lot of really nice finishes in this house and someone decided to pay top dollar for them.

    • They used the same epileptic, cheap, roll-out-and-glue tiling on their backsplash and bath tub. A matching backsplash and bathroom – just what buyers are demanding!

      The definition of “high end” has changed in this over-heated market of quick flip jobs.

      • I dont care for the backsplash but its not some sort of linoleum roll. Its probably 12″x12″ sheets that need to be laid like any other tile and then grouted. The workmanship will either make it look nice (as nice as it can, if you dont like the pattern) or look terrible. I imagine the workmanship, after seeing the woodwork and other details, was top notch.

        More generally, even if the tile was low budget, the rest of the details are clearly not. So, I dont get your point? However, as you probably know, the cost in backsplashes and other tile isnt in the materials, but in the labor…

  • “It really seems to stress people out that Bloomingdale is almost as expensive as Logan. It’s only a matter of time.”

    I dunno about “almost as expensive” — this house sold for $280/sqft. In Logan Circle this house would sell for well over $1M as the median price per square foot is around $400.

    • The 2900 sqft is a bit misleading as it includes the basement area. If one were to only include the above grade area, it’s more like 1950 sqft which works out to $443/sqft, unless you also take into the seller subsidy which would make it $435.50/sqft.

      • Ok anon, let’s use your approach and cut out the basement apartment square footage in calculating the cost of my logan row home, which I bought two years ago and was last renovated 12 years ago. The result? 570 a square foot.

        Still much more expense in logan.

        • Yes, indeed, it is. No need to get defensive as I didn’t say anything to the contradict your assertion. I was just putting the numbers out there because I for one am confused still as to when one is or is not allowed to include basement area and thought it might be helpful to have both sets of numbers.

          Ok really in truth, I am the one who said the house should be priced in teh $425-35/sqft range and am pleasantly surprised by how close I came and am ridiculously anonymous internet blog gloating.

        • I did say almost.

          Logan did not start at $400+a sq. ft. in sales. back in the early 00’s prices were close to this price per sq. ft. sold. We likely will not see a fiscal downturn like we saw in the late 00’s which slowed the DC real estate boom and Bloomingdale will only get more expensive.

        • +1. I just did a quick seacrh and the five most recent sales in my logan neighborhood with english basement went from a low of 504 to a high of 610 per square foot with the basement sq footage taken out. the most recent one without a basement went for 472. obviously a big premium for a basement

      • Except that there would be no reason to include only the above-grade levels and omit the basement square footage. If anything the finished basement increases the value of the home.

        • Alas, them’s the rules.

          • You can call it whatever the heck you want to.

            But if it is finished and useable space theN it should be counted in the square foot amount — especially if it is permitted work and carries a Certificate of Occupancy.

            Otherwise, I will just sell the upper portion and keep the bottom if you insist it doesn’t count. Only saying.

          • I think the other Anonymous is saying “Them’s the rules” because the D.C. Office of Tax and Revenue counts only above-grade (i.e., non-basement) finished square footage.

            I believe real estate agents are also supposed to list only above-grade finished square footage in MRIS. (They could of course add in the comments section: “Plus an additional 900 square feet in the finished basement!”)

          • Be as grumpy about it as you want, but it’s not me it’s the city. Just saying.

  • The key to prices right now is lack of inventory and interest rates. If there’s one thing we know from U.S. economic history it’s that neither housing shortages nor interest rate free-for-alls last for all that long. That’s not a prediction for the 2013 market. But long run: count it. This ain’t Japan, baby.

    • Thank you. History always reverts back to mean and it’s a lesson everyone always forgets when they have dollar signs in their eyes.

      One of my favorite quotes: “A ‘new paradigm’ is just a bubble that hasn’t burst.” This time it’s different, right?

      • A bubble isnt a bubble until it bursts. Before it bursts, its just a bunch of people speculating that it will continue to grow or it will bust. Anyone who claims to know definitively what is a bubble and what isnt, has an opinion that isnt worth much.

        In general, buy a house that is within your means and in a location you like if you want all of the benefits from owning a house and are planning to own it for several years. Unless you are especially unlucky, the house will outpace inflation in appreciation over the long-term.

        Personally, I live in bdale and like it a lot, but if I had 900k to spend on a house, I’d spend my money differently, but thats just my preference and my outlook on housing expenses. The thing that makes markets work is that everyone is different and people are willing to pay more or less for different things. Its when no one is willing to pay your price that you know you’re overpriced.

        • True, it’s very difficult to predict with 100% accuracy whether or not there’s a bubble brewing. But I inhabit the world of probabilities. And there are plenty of leading indicators which allow most people to determine (1.) whether housing is overheated based on technical indicators and (2.) how the policy winds are blowing. Neither, in my opinion, is looking favorable for the DC housing market.

          From the evidence I’ve seen and the direction in public policy is moving, I don’t believe the current valuations are durable in the long term.

      • poor zero_sum didn’t buy in Bloomingdale when you could afford it.

        • why the need to be so rude?

        • lulz. Ok weenie who can’t bother to post with a screenname.

          So people are building $50-100K per year in equity simply by owning a house in Bloomingdale? Yeah, that’s really sustainable.

          This reminds me of my mother’s house in a nice suburb of Southern California a few miles from the beach. It appraised for nearly $1 million in 2007. She supposedly “bagged” $200K in equity in a 15 month span. However, she didn’t want to sell because her mortgage payment was only $1300 and she could afford it as a divorced woman on a single income. So many friends told my mom to take out a home equity line of credit, but she was too scared.

          Now? She wants to downsize and the houses on our block are selling for $450K. A bunch of neighbors went underwater because they took out massive home equity lines to purchase RVs, swimming pools, a Hummer, etc. These folks are chained to a house that they will never pay off due to age.

          My thoughts on the housing market don’t come from pessimism or jealousy, but simply from my own experience, my knowledge of public policy trends (which will crimp the housing market over the next decade) and a little bit of common sense. Maybe you don’t agree with me, but I feel that I have enough evidence & history on my side.

          • Curious about the public policy trends that will crimp the housing market. What are they? Also, I thought there was a clear trend toward people moving back into cities (v. suburbs), thus higher demand.

          • policy trends may include rising rates, doing away with the mortgage deduction, and rising real estate taxes.

          • RE: Public policy trends….careful, housing finance wonkiness ahead…

            There are a lot of new regulations in the process of being implemented that will dramatically change how you get loans and what happens after your lender sells them on to be securitized. A lot of this is related to implementation of the Dodd-Frank Act in response to the excesses of the housing crisis. All of these regulations, when combined, will serve to make for stronger underwriting standards but will also curtail mortgage volume and increase costs for getting bigger mortgages relative to smaller mortgages.

            First, Fannie & Freddie are being stricter about the mortgages they buy from lenders for securitizing. They are now more likely to “put back” more loans to underwriters due to sloppy documentation and other issues that they would have overlooked previously. Put backs lock up capital for lenders to make more loans and increase their costs. Hence the cost of getting a mortgage goes up.

            Second, the Dodd-Frank Act requires that securitizers hold 5% of an offering that they sell in order to better align their interests with those buying the MBS (such as pension funds). The problem in the crisis is that crappy mortgages with bad underwriting standards were passed around and securitized – the last person holding that mortgage via a security got screwed. If securitizers have to hold a degree of risk retention, this is going to increase the costs of mortgages. Furthermore, mortgages with a lower LTV that are securitized will receive preferential treatment. These mortgages will require no risk retention, thus buyers will be drawn to cheaper houses because they can get a better mortgage rate if they put down a larger downpayment. So, even though I can afford a $500K house, I might go with the $350K house because my down payment is relatively larger and thus I qualify for a significantly better interest rate on the money I need to borrow.

            Third, the amount of capital banks will need to hold against mortgages on their balance sheet will be rising. Right now, they need to hold $4 in capital for every $100 in mortgages on their balance sheet. A new proposal will significantly raise the capital requirement. Capital locked up against riskiness of their assets means less capital for lending which, in turn, leads to higher mortgage rates.

            Now, combine all of these things with a higher interest rate from the Federal Reserve. And elimination/curtailment of the mortgage interest deduction. And higher taxes. And federal budget cuts. And then think about all the young people graduating college with high levels of debt.

            Do you think the housing market in DC has a rosy future in medium term (5-10 years)? I sure don’t.

          • zero, many of these trends should be mostly baked into the system already or will slowly bake in starting at the higher end of the market. Interest rates aside (if you can predict and time their direction with certainty you can buy where you please), I do not think the trends you listed are strong enough to countervail the trend in consumer preferences towards the city. It’s a bit anecdotal, sure, but I’ve lived here long enough to observe a strong difference in preferences over time – people now sometimes save money in the burbs in hopes of buying in the city. That said, there’s no way inventory can remain as low as it is, and thus the current frenzy should subside somewhat.

          • Well, I bought in Bloomingdale in 2003 for just over $200k. House is now worth close to $600k based on recent sales. Not much chance I’ll end up upside down on my mortgage.

    • I share your concern with low interest rates rising. However, that was a similar concern when they dipped after the 70’s & 80’s highs of 12/13 percent. They never returned to such levels. They will go up, but likely not as high as many might think in the next few decades….just my projection.

      As far as inventory. DC is a unique market, it hasn’t been developed in a major way since the 50’s when investors moved in around 2000. The market dip slowed growth, but like major cities before it, LA, SanFran, NYC, Boston, Washington is seeing the urban boom those cities saw in the 80s and 90s. There is more demand than most can even imagine. That City Center project funded by foreign investors who could have planted their money anyplace in the world is no accident.

      • Doubt we’re heading for a crash, but the falling-crime-dividend probably doesn’t have that much room to grow, and so continued *climb* in prices once interest rates start rising and inventory comes on line will start to be pretty muted. Inflation-adjusted home prices can stay flat for decades and that’d be my guess for what much of the DC market will settle into in the not-too-distant future.

        • One thing to consider is that prices in DC are soon, if not already, hitting the maximum limit for “conforming” mortgages (the limit for DC is $625K loan). Once you go into jumbo territory, the lender can’t offload the mortgage to Fannie or Freddie for securitization. This is going to put a ceiling on price appreciation since normal middle and upper-middle class folks won’t be able to borrow more without paying through the nose.

    • The factor that people seem to be leaving out of the equation is that people no longer want to live in the suburbs and exurbs and have hour+ commutes twice a day. People want to live in the city, bike to work, walk to entertainment, etc. This shift won’t change as interest rates rise or whatever doom and gloom the erratic flight of birds might portend. The privileged are the ones returning to the city and driving up prices in the process. There is only so much room for development within a walkability lifestyle radius. The paradigm is being turned inside out rather than bubbling.

      • Even in that paradigm shift, there are spikes and lows.
        No one can really say with any certainty when a correction in the market will happen.

      • See, I thought a lot about this too and yes, there is some trending toward this. Especially with older people who want to downsize.

        However, for every person like myself – a young professional PoP’ville reader with a pretty good income who likes to live in the city – I have 3 coworkers with similar demographics who love to live out in the ‘burbs and can’t wait to get their “real” house when they “settle down”. They actually make fun of me because I don’t own a car! LOL.

        The DC blogsphere, including PoP’ville, is self-selecting hive mentality. I have so many co-workers – both young and older – who are freaked out that I live on U Street. No joke. I think that DC has attracted a lot of people who, 10 years ago, would have lived in Arlington, but we are nowhere near critical mass. Attitudes are still stuck with even a lot of upwardly mobile young people that metro DC is a temporary stopover for something better.

          • This was one of the very few places in the country where the economy was growing well from 2010-2012. DC attracted a lot of young people because it was one of the few places where many of them could find work.

            If you think the economy here will continue growing at the same pace, then I can see your point. If you think hiring is going to fall and the government will hire less or even contract, then your argument doesn’t hold water. What do you think?

          • Anon 3:41 here, different from Anon 6ish. Do you think it is government employees buying $800K+ houses rather than, say, lawyers, lobbyists, financiers, etc.? Whether the government contracts (which will affect the suburbs more than DC proper would be my guess because that is where the contract rather than agency work tends to be seated) or not, or rather, if it does, the legions of lawyers and lobbyists will only grow to fight for the more coveted federal dollars. As well will this group not really be all that impacted by tighter lending standards or jumbo loan limits. And your sample size of four is far less statistically representative than the dc blogosphere as well as your office, any office, will suffer its own hive mentality. All that said, no I don’t believe that there will be unrestrained growth in the housing market in Bloomingdale or anywhere. But I think you discount factors that don’t support your hypotheses. Nonetheless, they are there. As the stock of unrenovated homes are running out in B’dale, it does seem that the equilibrium point for ‘done’ houses will settle at a pace or two behind Logan Circle for the long haul. So I guess, on the whole, I simply disagree with your forecast.

      • I think that’s true to some degree, but (especially in this area) you have to realize that many employers aren’t located in D.C. I’d love to live in D.C., but my job is in the ‘burbs, and I’m not going to do a 45 minute reverse commute just so I can live in an urban, walkable neighborhood. For me and a lot of people I know who work in the suburbs, it makes more sense for us to live out here. It’s not my ideal situation, especially because I’m single and don’t have kids, but I save a lot of time and stress for myself by living 10 minutes from work.

  • I am a huge lover of Bloomigndale and currently trying to buy in the area myself, but I just don’t think this was a good purchase. Granted, I don’t know anything about the buyers or what they’re hoping to do with the place, but, while it may be worth $850k to them now, it can’t possibly resale much higher than that. There’s not really any room to upgrade the house itself, and even if the neighborhood appreciates (which I think it will), there’s going to be a limit to how expensive the neighborhood can get before development moves on to the next hottest thing. I think Bloomingdale is going to cap out at around $850-$900k for nice houses either way, so I just don’t see how this house gains any value on resale. It’s a nice house and I think they’ll really enjoy it, I just would have never made this purchase myself.

    • I don’t understand your reasoning that prices will cap out at $850-900k and people will move along to the next neighborhood. There are a finite number of neighborhoods in DC, and the trend is that prices are rising in all of them. Can you explain your basis a bit more?

      • also there are very few neighborhoods in DC with the type of housing stock Bloomingdale has – I daresay, none that have not already appreciated like crazy. This is where my boosterism for Bloomingdale comes from. It won’t rise faster than the market forever, but it will catch up to Logan.

        • i’m having trouble understanding how demand for bloomingdale could equal demand in logan. it certainly hasn’t yet, so what do you think will change to make it “catch up”? is there an anticipation that North Capitol could somehow become like 14th street in terms of amenities?

          • Yes, there will be development along North Capital. Maybe not tomorrow, but in the next couple of years.

          • i agree there will be development, but there is very little North Capitol commercial space in Bloomingdale. the truxton portion of the corridor is very limited. nothing will happen on the nw side below ny ave.
            the ne side has upside, but not on the scale that 14th has. not for 20 years anyway. there is only one large lot in bloomingdale that is undeveloped. the old gas station site at florida and north capitol. unfortunately the owner is unlikely to develop and if he does, it would not have retail. mcmillan is huge, but time will tell on that.

            so with that, RE prices equalling out with logan looks near impossible to me. how do you see it happening?

          • I think the stretch between NY and RI both NW & NE will develop in interesting ways. Additionally, as NOMA fills in, more will go in along FL. It will be different than 14th but will have its own appeal. Not to mention the development from RI to FL along 1st creates a kind of village atmosphere that will attract its own demographic. It won’t be the people puking on the sidewalks over the weekends; it will be the people who can sustain a neighborhood long term.

          • Have you been here long enough to remember 14th street in the year 2000 or before? There was virtually nothing there at that time.

            I would say Bloomingdale is right about where Logan was in 2002 or 2003. A place like Boundary Stone would have been greeted in Logan in 2002 with the same accolades it receives in Bloomingdale 10 years later.

          • Someone is comparing Bloomingdale to 14th Street 20 years ago?! LOL!! That was 1993. 14th Street in 1993 was a menacing haven for prostitution with absolutely zero gentrification.

          • Ha! Let’s hope so! I would definitely like to see an improved Florida Avenue.
            i just don’t see the existing building stock as conducive to raising prices to logan levels. for instance, the whole foods and something akin to studio theater could not exist in the immediate bloomingdale area. two entities that have been huge for logan. and bloomingdale will never have the density of logan either… again, unless existing building stock is demolished.

            but lots of people would never have bet on 14th street rebounding the way it has. and it was way worse than north capitol or florida.

          • You think people move to Logan for the theater?

            No way.

            There’s plenty of interesting stuff going on around Bloomingdale. The Union Market for one thing.

            There was a supermarket where the UPO is today – that could change.

            I never would have believed you if you told me that funeral home at RI and FL was going to be high-end rental units – but here they come.

            I bet on Bloomingdale back in 2003 due to the housing stock, location, and solid core of nice long-time residents, even though at the time much of the neighborhood was boarded up. Great to see my expectations being borne out.

      • I don’t think you should dismiss his/her assertion about the theatre so quickly. Considering how Atlas is anchoring H Street, an argument can be made about the arts going hand in glove with gentrification. It would be esoteric for sure, but I don’t think without merit. And certainly, the Union Market will be a boon when completed.

  • novadancer

    As someone who lives around the corner and toured during one of the open houses I am happy to see $850k+ comps. Sure, the 2 bedroom rental “should” generate income as long as DC water doesn’t have any more repeats from the summer. But I would rather have more space for that price – the two levels of the main house aren’t that spacious.

    However, I do disagree that prices will cap out at $900k in Bloomingdale. Some of the homes in the area have alot of sq footage, so based on this statement that would mean sq footage is in the same ballpark as my South Arlington townhouse is right NOW. I don’t think so…

  • The title of these posts is : “GDoN” – good deal or not. I think the fact that the neighborhood is experiencing a “price spike” and there is “continued low inventory and high demand” makes it very difficult for a buyer to get a “good deal”.
    Did the seller get a “good deal”? Yes! Did the buying and selling agents get a “good deal” on their comissions? Yes! But, looking at this house in this (lovely!) neighborhood it doesn’t seem like a “good deal” from a buyer’s perspective.

    • After the subsidy this house went for 849k. In Logan, it would have been 1.1 million or more. Sounds about right. I’d rather pay the 1.1 and be in Logan.

  • This house and Logan Circle are both 0.6 miles walking to the Metro, per Google Maps.

    This is a great comp. All the people who got priced out of Bloomingdale in the other thread were sure hilariously wrong.

  • I think these comments are funn, becue cause it seems people think that posts on PoP will affect the market. The fact is, for better or worse, Bloomingdale has become ultra desirable as evidenced by the low inventory and high demand. If you’re not willing or able to buy there, step aside cause many others are. And the same can be said for many other parts of the city outside of Logan and the Red Line hoods.

  • Just because a house sells for $900,000, that doesn’t mean the buyer pays a $900,000 mortgage. Many people in this city bought homes prior to 2000 and made several hundred thousand off of those investments when real estate went nuts. If a buyer puts $300,000 down on this house and has a $600,000 mortgage with a rental unit paying $1700, the part of the mortgage paid by the buyer (excluding the rental income) is only about $2000/month on a 30 year fixed.

    • What’s all this about the metro being as close to here as it is to Logan, as if that makes such a difference? Georgetown isn’t near the metro and it’s expensive as hell, while Anacostia has a metro stop and you couldn’t pay most of the people on PoP to live there. What separates Bloomington from Logan/U Street isn’t the metro, it’s everything else that there is in Logan/U Street that isn’t in Bloomingdale. Besides, anybody with any experience living in any of these neighborhoods knows it’s all about busing or walking — not the friggin’ metro.

      • Ummm…I live in Bloomingdale, I don’t have a car, and I use the Shaw/Howard Metro station almost everyday. It’s a 10 minute walk from my house to the station. So I must disagree; many people in the neighborhood DO rely on the close proximity to the Metro station.

        • 10 minutes if you run, maybe. Way to exaggerate.

          • Depends where in bloomingdale you live. Takes me 12 minutes door to turnstile to get to ny ave station.

            It’s just under 15 to shaw from where I am. And that’s not even walking to most direct path.

  • Hipchickindc says “Although this property settled at a net price a fair amount below the original list, it remained within 10%.”

    I’d like to know how many properties in Logan sell for 10 percent less than listing. Not many, I’m betting.

    The posters on the original GDoN were right in saying that this place was overpriced. It was.

    • That’s a good point. I could be wrong, but I think 10% under list is pretty uncommon anywhere in DC these days.

      • especially in areas that are not changing as much, have a huge comp list, and are not at the edge of where demand is occurring.

        logan is a far more established RE market than bloomingdale so it’s easier to price correctly.

        • This $1.2M house in Logan sold for $288,000 in the year 2000.

          http://www.zillow.com/homedetails/937-N-St-NW-Washington-DC-20001/408159_zpid/

          People who think Bloomingdale will never be like Logan are either new arrivals or have short memories.

          • This house has been on the market for 9 months and hasn’t sold yet! Come up with another example.

          • Are you saying that bloomingdale will someday command prices that Logan currently gets? Or are you saying that there will be a day when they are equal at the same time? My belief is that Logan will always stay ahead of bloomingdale $/sq ft-wise. But yes, I agree it was someday get what Logan currently gets.

            What year do you predict this? 2015? Or 2050?

        • the point isn’t the list price, its the fact that it sold for $280K in 2000.

          • Wrong. If it’s been listed at 1.2 for nine months and hasn’t sold, it’s not a 1.2 house. Besides, who knows what it looked like in 2000.

          • 9:00, the point I think that’s trying to be made is that bloomingdale is now more expensive that Logan was. Sort of a no shit point, but that’s what he’s saying.

          • Except the single example he’s using proves nothing. I paid double for my Logan row home in 2000 and it wasnt even renovated yet. Quality row homes in Logan weren’t going for 285 in 2000.

          • 9:39,
            Agreed.
            I don’t know why neighborhood proselytizers can’t see clearly.

          • The point is, in 2000 Logan wasn’t anywhere near swanky as it is now considered. Most likely that house selling for $280K or whatever would have garnered the same type of reaction that a house selling for $800+ in Bloomingdale gets today.

          • Again, you dont know anything about that house in the year 2000 other than the reported sales price. That alone tells you nothing. Nothing about logan in 2000, and nothing about Bloomingdale in 2013. All it tells you is that somebody is having a lot of trouble getting their asking price for a house east of Logan that they paid 285 for 13 years ago.

            This argument is silly.

          • Ok, ignore that house entirely. The point is that Logan was a slummy mess in 2000 and people never would have imagined that it could possibly approach the expense of Dupont. When the market started popping, people had the same reaction they now have to Bloomingdale.

            From today’s vantage point it seems self-evident that Logan is a super desirable neighborhood that commands super-premium prices. But that was definitely not the case in the very recent past.

          • 2:18,

            That is simply not true. You are not remembering the past very well, nor do you have a sense of how Logan or 14th street came to be what it is today. Developers and the city were banking on 14th street since the early 80’s.

          • As I recall, in the early 2000s Logan Circle used to market itself as “Dupont East.”

  • “Good deal” issue aside, I just don’t understand the continuing love affair with exposed brick.

    • I don’t understand the continuing love affair with drywall.

      • A house this age would’ve had plaster over the now-exposed brick, not drywall.

        Personally, I prefer plaster or drywall because:
        – you can paint it
        – it’s easier to hang things on the wall
        – brick tends to be dark, and darker colors make rooms look smaller
        – you won’t get scraped if you happen to brush against it

        • renovated houses, despite their age, will usually have drywall, not plaster. this is to add insulation, and to add electrical lines. also, over time, especially with moisture issues, the plaster effervesces or can become mushy. most of the time is has been painted with lead paints as well.

          dark colors don’t make a room look smaller, hot colors do. ( warm approaches, cool recedes) so with that, i agree, brick can make a room feel smaller.

          you get scraped by brick? how about some rubber walls. ; )

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