138 Days on the Market – Sold in 16th Street Heights

GDoN-R

Hipchickindc (aka Suzanne Des Marais) is an associate broker with Bediz Group, LLC at Keller Williams Capital Properties . 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 and/or Real Estate Business Intelligence (RBI). Information is deemed reliable but not guaranteed.

Featured Property: 1314 Farragut St NW
Legal Subdivision: 16th Street Heights
Advertised Subdivision per Listing: 16th Street Heights
Bedrooms: 6 Baths: 4.5 Parking: Driveway/Off Street Ownership: Fee Simple
Lot Square Footage: 7085
Original List Price: $1,500,000.
List Price at Contract: $1,275,000.
List Date: 12/18/2015
Days on Market: 138
Settled Sales Price: $1,225,000.
Seller Subsidy: $0.
Settlement Date: 05/25/2016
Transaction type: Standard

Original GDoN post is: here.

The listing can be seen here: here.

Located east of Rock Creek Park between Piney Branch Road and Georgia Ave NW, this renovated detached home started with an ambitious list price of $1,500,000. Commenters to the original GDoN post were skeptical. The home ultimately sold at 82% of original list price.

16th Street Heights, which is known for large detached single family homes, saw the first seven figure sale in 2003. Since that time, the regional multiple listing service reports a total of 33 transactions over a million dollars. As of April 2016, the median sales price for detached homes in the neighborhood was $1,185,000. That number can fluctuate quite a bit (for example, median sales price for detached homes was $862,500. in March, and $1,115,000. in January).

The listing agent for this sale was Kelvin Reaves with Re/Max Allegiance. Tom Buerger, also with Re/Max Allegiance represented the Buyer.

25 Comment

  • Holy moly that’s a lot of money, but a nice house / lot!
    It’s crazy that our neighborhood is now seeing $1M+ regularly. I thought that would be at least 5 years away.

    • Actually, I figured it out. It must be because Swampoodle is about to open.

      • Please tell me you have legit intel this is happening. Saw the patio tables and umbrellas out over the weekend, but am too jaded to get my hopes up at this point.

  • HaileUnlikely

    The description of the location as “between Piney Branch Road and Georgia Ave NW” is kind of odd. That little stretch of Piney Branch is a very quiet residential street that stretches from Buchanan St NW to Colorado Ave NW, and at the northern end could easily be mistaken for an alley. “Between 14th St NW & Arkansas Ave NW” would be a considerably more helpful specification of its location.
    .
    I’m still kind of astonished that it went for this much, but glad to see that the greedy developer got $275K less than they originally sought, as they were likely trying to use this to run up comps in the neighborhood to make more money on *other* investments that they have in the area.

    • You are semi-right…this developer is flipping another house on Emerson st. Way off on price estimate though….

    • HaileUnlikely

      I realize I was waaay off on the price estimate. After trying for months, they finally found somebody who saw that it had been reduced by $275K and probably thought they were getting some sort of fantastic deal. (“275K under asking! Wow! What a deal!”)

      • I’m surprised this went for as much as it did. The buyer’s agent should have negotiated them down more.

  • Sold… or mortgaged? Not the same thing.

    • It clearly says sold? Or are you trying to make some dubious point regarding loan/cash purchases?

    • It was in fact sold. whether the bank holds the deed or the buyer holds the deed is irrelevant. The house is no longer owned by the developer, therefore, it has been sold.

      • 80% to a bank holding a loan and 20% to an “owner”? What I seek, Theophilus, is honesty about who really owns a “sold” house. Usually the bank holds a big chunk and mortgages the loan over a long stretch. And we see where that’s gotten us!

        • Well, it’s gotten me a house to live in. And after 12 year, I own 70% of the house and the bank owns 30% of it. I will own it the house free and clear in 8 years. Bad mortgages given to people who couldn’t afford them or with ridiculous clauses are terrible. Standard mortgages are what allow non-millionaires to buy houses. I’m not sure I get your point.

        • No matter how much debt you carry on a house you are still the legal owner until you can’t pay the debt, then the bank will become the legal owner. Ownership gives you the risk/reward of the property value changing.

        • I think, generally, you do not understand the idea of mortgages. Whether mortgages are good or bad is not the issue here dude. In some states, a person who takes a mortgage holds the deed. In other states, the bank issuing the mortgage holds the deed until the mortgage is paid off.

          Simply put, once a former owner no long holds title to the deed, the property is sold, regardless of who it is sold to. Stop being pedantic.

  • Not surprising at all. The comps are there for this neighborhood and I see prices only going up for these large detached houses on large lots. $1.5m wasn’t going to happen but those who thought it was gonna go under $1m obviously don’t know the market in this area.

    • I guess it wasn’t HaileUnlikely that it would go for over $1M

    • HaileUnlikely

      The comps for $1M+ weren’t yet sold when this listed back before Christmas. The highest comp that was actually comparable in any meaningful way prior to this was in the low $900K range. The other $1M+ comps in the area, all two of them, listed after and sold before this one.

  • Nice big home, nice lot, off street parking on a quiet street. Good purchase for someone.

  • This is a huge house, but they totally went cheap on the details: (1) no backsplash in the kitchen, (2) no place to put anything in the shower – no shelves or cubbies in the showers, (3) basemen bathroom has cheap fixtures, (4) no walk-out in the basement and (5) directly across from a school. These were some of the many reasons why I don’t think this is a good house. Of the renovated 4 squares in DC, this one wasn’t done well.

    • yeah, but that’s a million dollar backyard. i’d live in a tent on that lot.

    • Being directly across from school can be great if you have kids that age.

      • _While_ they’re that age.

        • The school thing has benefits (a playground across the street), but you have parking issues at pick-up and drop-off and lots of walking traffic and congestion and noise. I’ve always heard from a real estate perspective, it is a negative.

          • Ahh, those are good points. I was thinking mainly about the noise, but — now that parents apparently think they have to personally drive their kids to school — there would indeed be major implications for traffic.

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