GDoN Revisited by Hipchickindc – 3615 11th Street, NW


Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. 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: 3615 11th St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 2 Baths: 2.5 Basement: No Parking: Driveway/Off Street
Ownership: Condo
Square Feet per listing: 1336 plus parking & outdoor space
Original List Price for this listing: $824,900.
List Price at Contract: $799,900.
List Date: 08/2/15
Days on Market: 15
Settled Sales Price: $799,900
Seller Subsidy: $5,000.
Net Price per square foot (figuring parking & not including outdoor space): ~$572.
Settlement Date: 09/18/15
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

The original Good Deal or Not post (GdoN) for this property garnered a lot of comments regarding the pricing for this upper Columbia Heights rowhome converted to a large duplex condo with a roof deck and parking. It was noted that the price for this, albeit large, condo unit was not too far off from pricing for whole houses in the neighborhood.

As far as agents and appraisers are concerned, condo pricing is a bit of a different animal than house pricing. It is important to be aware of the fee simple prices in a neighborhood, because if the products are not differentiated (i.e. the condos are not a good value in relation to the available houses or do not offer a significant life style difference, such as a roof deck, elevator, turn key exterior maintenance, etc.) then condos will be a challenge to sell in that location.

Particularly for new construction condos, price per square foot can provide a useful perspective. In this case, at approximately $572. per square foot, which does not even include a separate calculation for the over 500 square feet of exterior living space, the price per square foot is in line with what other condos of similar finish are selling for just a tad south. Regarding the recent sales of 2-3 bedroom duplex condos .in the immediate area since March 2015, the price is on the higher side.

In relation to houses, here are recent prices for fee simple houses in the immediate area, which are all over the place, depending very much on size, condition, and location.

This is a great “Before” and “After” property since there were a lot of interior shots on the listing for the pre-condo purchase. You can see those pics here (open the link and click the camera or film strip icon.

The listing agent for this sale was Djana Morris with Keller Williams Capital Properties. Lindsay Lucas with TTR Sotheby’s International Realty represented the buyer.

3 Comment

  • Insane. I would never buy half a house with a complete stranger buying the other half anyway, but extra never would I pay $800,000.00!

  • These developers are making ridiculous money. Good for them, I suppose.
    The whole house cost $626K. Let’s assume the renovation costs $250K. The profit margin on this is almost 100 percent. That’s a heck of an investment.

    • yeah, but they’re taking a hell of a lot of risk (of being left sitting on $900K spent to buy and renovate if the market suddenly turns down, which it has done before and will do again).

Comments are closed.