Sold in 33 Days and 1 Day in Mount Pleasant – 1815 Lamont St NW, Units 1 & 2

GDoN-R

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: 1815 Lamont St NW, Units 1 & 2
Legal Subdivision: Mount Pleasant
Advertised Subdivision per Listing: Mount Pleasant

UNIT 1

Bedrooms: 3 Baths: 2.5 Parking: Surface, Faces Rear Ownership: Condo
Monthly Condo Fee: $470.96 Square Footage per Listing: 2279
Original List Price: $1,125,000.
List Price at Contract: $1,125,000.
List Date: 05/04/2016
Days on Market: 33
Settled Sales Price: $1,125,000.
Seller Subsidy: $0.
Settled Price per Square Foot (adjusted for parking): $485.
Settlement Date: 07/08/2016
Transaction type: Standard

UNIT 2

Bedrooms: 3 Baths: 2.5 Parking: Surface Ownership: Condo
Monthly Condo Fee: $470.96 Square Footage per Listing: 2052
Original List Price: $1,250,000.
List Price at Contract: $1,250,000.
List Date: 05/04/2016
Days on Market: 1
Settled Sales Price: $1,300,000.
Seller Subsidy: $0.
Settled Price per Square Foot (adjusted for parking): $623.
Settlement Date: 06/03/2016
Transaction type: Standard

Original GDoN post can be seen: here.

The listings can be seen here: here.

This property had been a large house with three levels of living space above grade and an unfinished basement. You can see the condition from when it was tenant occupied and transferred in 2014 for $896,000. here. As have many residentially zoned rowhomes throughout DC in recent years, it was converted to two substantially sized duplex condo units. The original Good Deal or Not (GDoN) post drew over 100 comments, many debating the value of a condo conversion versus a house.

Mount Pleasant has been and is a very competitive market for buyers shopping for single family houses. To date, since the beginning of 2016, 43 fee simple houses have transferred ownership. Not surprisingly, with extremely limited available inventory, these places move fast with median days on market at one week. Basically, that’s enough time for it to be listed, shown and held open over the weekend, then a few days for pre-inspections and agents to get offers together, and finally, offer review. On average, homes are selling for nearly 2 percent over asking and average settled price this year in Mount Pleasant for houses is $1,051,810.

Although there have previously been seven figure condo sales in the legal subdivision of Mount Pleasant, these tend to be in the neighborhood that most consider Adams Morgan, south of Columbia Road. This is the first seven figure condo sale in the neighborhood bounded by Rock Creek Park to the west and north, Harvard Street to the south, and 16th Street to the east. The next highest condo sale in the immediate neighborhood in 2016, which was also a converted rowhome, with a total of 3 bedrooms and 3 baths, settled at a net of $740,000. in late July.

The listing agents for this sale were Kimberly Casey and Daryl Judy with Washington Fine Properties. Sina Molaan with A-K Real Estate represented the Buyer of Unit 1. Michael Marriott with Compass assisted the Buyer for Unit 2.

15 Comment

  • Random – I like the staging, very clean & crisp. If anyone knows where the realtor got the furniture & accessories, please post. 🙂

  • My husband and I bought a house in Mt. Pleasant in 2000. We really liked the neighborhood but were a bit reluctant to buy because it was a bit over our budget and we thought we were buying at the peak of the market–how wrong we were! I’m almost embarrassed to tell people how much it has increased in value since then (albeit it was a fixer-upper and we’ve spent quite a bit of money on it). Frankly, I don’t know how anybody can afford to buy in this neighborhood anymore–we sure couldn’t.

    • I bought my house on Capitol Hill at the end of 1999 and I always lower my voice when someone asks what I paid for it. I also offer a lot of qualifications/explanation. I couldn’t have afford my house 3 months after I bought it and now I couldn’t afford a 1 bedroom condo at the prices they are charging.

    • Wow 2000, I can only imagine. Nice investment!

  • Okay, so I went back to the original GDON post and read all the comments. I too cannot imagine why someone would want to live in a rowhouse split into two condos. I bought one of the new EYA infill rowhouses in Navy Yard back in 2011 and I think I have the best of all worlds.

    Pros: 4 bedrooms, 3.5 baths. New construction. Very energy-efficient. No big repairs on the horizon due to new build. Garage parking.

    These things might be good or bad depending on your perspective: tiny yard – just enough to plant a few flowers if desired. HOA exists for shoveling and landscaping. Location – I love it, but I realize some people really like being in those older established neighborhoods.

    Cons: HOA. I can’t choose my house color. (Don’t care). No yard.

    For the types of things that Caroline from the original post was looking for, I sincerely hope that she looks for brand new construction in an infill because it’s less expensive than these converted condos and you know what you’re getting with the original developer. My house cost less brand new ($800k) than the houses three blocks away north of the freeway. And I won’t have the maintenance headaches that they do for many more years. I’m also very confident in the developer and I know they’re in this for the long run and are not a fly-by-night operation.

    • It sounds like you made a lot of good decisions for what you want, but the condos that are the subject of this post are for all intents and purposes new construction. When a house is torn down to the framing and rebuilt from the brick/studs, you don’t have the “maintenance headaches” of a typical old house.

      • HaileUnlikely

        I think a key point made by NavyYard above was that “JoeBlowSingleAddress, LLC” doesn’t often build whole new new-construction housing developments. Sure, some new construction is subpar, and some condo conversions and house flips are done well, but there are also lots of flips done very poorly by people who have no idea what the heck they’re doing or don’t give a f*. I recently visited a gut reno in my neighborhood in which the floor in one of the rooms on the 2nd floor was practically as bouncy as a trampoline, and if the developer let that slide, something tells me they might have let other stuff slide, too. I suppose it is theoretically possible that some new construction might be equally shoddy, but I’d be willing to bet that it is significantly less common in actual new construction than in JoeBlow LLC flips.

    • These condos are zoned for an infinitely better school district. They are also head and shoulders fancier than anything in your development – those EYA townhouses seem absolutely low rent in relation to there units. There’s a big difference between stick construction and these 100+ yo buildings, to say nothing about the neighborhoods themselves. I’m glad you are happy with your situation, but there’s a very good reason for the wildly different prices.

      • I’m not sure about the schools. I’m zoned for Van Ness Elementary, Jefferson Middle, and Wilson High. I can’t speak to Jefferson, but Van Ness is possibly the best elementary school at the moment because it’s newly re-opened with a ton of parental involvement. and Wilson is the same high school.

        As for the building construction, I know everyone says that there’s nothing like 100+ year old construction, but really, technology and materials are so much better understood now. So between that and the fact that the house was gutted, I just don’t think that’s a reasonable argument.

        If you want to argue “authentic’ vs. replica, then you may have a point, but I just don’t think the other arguments are valid when the house has been completely gutted. Brick is actually not a good insulator, which is why homes now are built as stick homes with a full brick face. All the good qualities of brick without the inefficiencies.

        Neighborhood — okay, maybe Mt. Pleasant is more desireable to some people? If based on the schools, I have reason to believe that will change. If based on the community, that changes over time too.

        As for Northby NE comment, I’ll accept that. Maintenance = equal, assuming both contractors are quality builders and will fix deficiencies even years later.

        • Interesting – didn’t realize that area was zoned for Wilson. If so, sweet!
          .
          I do think there’s a difference re: authenticity v simulcra, but I think that’s a somewhat specious argument. It makes a big difference to me personally, but I wouldn’t argue that it should make a big difference to someone else.
          .
          I agree with your point regarding modern construction techniques surpassing the old in many ways. But I’ll maintain that 3 layers of brick that surround the interior provide much more stable support for the joists, etc. than two-by-fours. I believe it’s technically possible to have stick construction that rivals 3 layers of brick in terms of support, but I can’t imagine that EYA went to those lengths.
          .
          I think Mt Pleasant will continue being more desirable due to the relatively low density and beautiful architecture, schools notwithstanding. That EYA development relies on Navy Yard/Waterfront for restaurants and retail – a neighborhood that feels very soulless due to all the newly built, generic-looking buildings. (Same kind of vibe you get in NoMa.)

          • Interestingly, the west side of 4th street is zoned for Wilson, but the East side is for Eastern. (Same thing with Comcast and Verizon. Verizon is only on the West side of 4th)

            I have heard the “soulless” comment before. In the townhouse section, there is a neighborhood vibe starting to gel, but our outdoor space is up on the roof — secluded from others. And so far, the vast majority of the high-rises are rentals, and from what I’ve seen around here, people seem to come and go in the rentals in very short order — so that lends itself to the soulless part too.

            I also overheard someone calling the neighborhood “bizarre” for its lack of mature trees. Nothing we can do about that but wait a few years when it will look much nicer I hope.

            Here’s where I see some soul: evenings after a ball game, when the streets fill up with people walking home or through the neighborhood. Weekends when all the families take their kiddos down to the river for a concert. Evenings — everyone (EVERY.ONE) seems to have a dog and is out walking said dogs.

  • Anecdotally, it It seems that the western half of Mt. P is having a bit of a real estate bubble. Can anyone confirm? I heard two years ago that school rezoning (and this area keeping its pipeline to Deal/Wilson) would probably cause a spike. Has that been the case?

    • spike, not a bubble. there’s been a massive increase in demand for living in the city, particularly in a desireable school district. no indication people are paying above their means, as banks generally verify income right now. price to rent ratio is generally in line. there aren’t strippers taking out a mortgage to buy their 3rd investment property in mt. pleasant, like most people think of when you start talking about bubbles.

      • The key characteristic of a housing bubble is not whether the people who are buying homes can afford them but whether the homes they are buying will continue to appreciate. It’s true that banks are doing much more now to make sure that people who get mortgages can afford them. But that just means that if home prices stop going up and instead start going down, those people won’t have to give up their homes because they have become unaffordable.
        Not sure when or if the “bubble” will pop in DC. Living in cities is the hot thing now. I don’t know where the money to buy these things is coming from but as someone who bought in DC 16 years ago, I am glad my home remains worth well above what I paid for it.

        • point taken, but i think you have it partially right. it’s not that homes need to continue to appreciate; it’s that they need to avoid depreciating, i.e., stable prices do not indicate a bubble. ensuring that people can afford their mortgage is a great determining factor for stable prices, as is comparing the cost of the house with the cost of renting.
          .
          the limited housing inventory in the city also helps stability. there is some cross price elasticity with condos and row houses, but i’d argue not a ton, so row houses will be an even better bet than condos, as they can build more condos, but not really any more row houses. the biggest risk is a massive shift in preferences, if everyone all of a sudden wants to gtfo of DC.

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