GDoN Revisited by Hipchickindc – 3312 Highland Place, 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 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: 3312 Highland Pl NW
Legal Subdivision: Cleveland Park
Advertised Subdivision per Listing: Cleveland Park
Bedrooms: 7 Baths: 4.5 Parking: Paved driveway Ownership: Fee Simple
Original List Price: $2,250,000.
List Price at Contract: $1,695,000.
List Date: 07/25/2015
Days on Market: 222
Settled Sales Price: $1,650,000.
Seller Subsidy: $0.
Settlement Date: 3/31/2015
Bank Owned?: No Short Sale? No Estate: No

Original GDoN post is: here.

The original listing can be seen here: here.

Located in Upper Northwest DC, west of Rock Creek Park, Cleveland Park is known for large single family residences with gracious yards on the side streets, and substantial apartment, co-op, and condominium buildings on Wisconsin and Connecticut Avenues.

Pricing trends for detached single family homes in this neighborhood fluctuate depending on the number of homes sold in a given month (these tend to be houses that people stay in for a number of years, so less activity than many other neighborhoods). Expect, however, the median price in any given month to be at least above $1 million.

Since it was originally posted as a Good Deal or Not (GDoN) post, the price was aggressively reduced by $555,000., or basically as much as a whole house in some other DC neighborhoods.

The listing agent for this sale was Marjorie Dick Stuart with W.C. & A.N. Miller, Realtors, A Long & Foster Co. Vince Hurteau with Continental Properties, Ltd. represented the buyer in this transaction.

11 Comment

  • nightborn

    Gorgeous house.

  • This strikes me as a great deal for $1.7M.

    • yeah. i wonder if it had some underlying structural issues or something because that is CRAZY for a 7 bed/4.5 bath.

  • I don’t understand how a seller and the listing agent miss the list price by over a half million dollars on a house like this? 100K maybe but 555K?

    • I Dont Get It

      Greedy, unrealistic owners?

      • Perhaps not greedy, they could have bought during the bubble and just be trying to recoup an underwater mortgage.

    • It’s a very small lot for $2.25 million (even by Cleveland Park standards). Backyard is non-existent and the basement unit has no kitchen (thus no possibility to generate income). $2.25 was wildly unrealistic.

    • HaileUnlikely

      As noted above, comps are more difficult in this area due to waaay lower turnover than in some of the rapidly-gentrifying neighborhoods across the park from here. In the past three years, a grand total of zero houses on this block and two on the next block of the same street sold – those two sold for $2.1M (in 2012) and $2.8M (Jan 2014). One nearby on Newark St sold for $3M in Dec 2012. Sure, those were very different houses, but my point is just that there is a lot less market guidance to assist pricing over there. Also, mostly unrelated, but property records indicate that the seller bought this house for $1.605M in 2006, at basically the height of the market. After closing costs they probably made virtually zip. They might have been “greedy” and “unrealistic” – I’ll withhold judgment on that, but they appear to be decent candidates for having about the worst luck imaginable timing-wise. Excluding foreclosures and short sales, who has sold a house in DC in 2014 and managed to make less on it than they did? Anyone?

      • You’d actually be very surprised. A LOT of the properties in sold in 2006-2007 in prime NW DC are just finally breaking even. I’m looking for a 1BR condo and I’ve noticed that quite a few that were bought at the top of the bubble are barely listing for $5K more than the sales price. I’ve even see a few listed for $1K more (I’m sure that’s just psychological soothing for the current home owner). So once you factor in transaction costs, they are still taking a loss (of course, they end up net ahead since they didn’t pay rent over those 7 years).

        • There’s also a surprising number of short sales on the market right now

        • When you factor in property taxes, repairs and upgrades, transaction costs at buying and selling, and other fees, it isn’t at all clear that you many buyers didn’t spend more for the privilege of owning (though it can be seen as renting from the bank) rather than renting over the years.

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