Sold in 75 Days – 1239 Vermont Ave, NW #907

gdonr

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: 1239 Vermont Ave NW #907

Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan Circle
Bedrooms: 1 (Junior One Bedroom) Baths: 1 Parking: Garage parking available for sale Ownership: condo
Square Footage per listing: 465
Original List Price: $265,000.
List Price at Contract: $265,000.
List Date: 05/21/2016
Days on Market: 75
Settled Sales Price: $290,000.
Seller Subsidy: $3000.
Settlement Date: 09/15/2016
Settled Net Price per Square Foot: $617.
Transaction type: Standard

Original GDoN post can be seen: here.

The listings can be seen here: here.

Crescent Tower, located near Logan Circle at Vermont Ave NW and N St NW, was built in 1964. The ten story pet-friendly building has a total of 133 units. Amenities for the building include a weekday staffed front desk, a roof deck, pool, exercise room, and extra storage. Deeded garage parking is included with some units (and possibly available for purchase for others). Condo fees additionally include electric, heat, air conditioning, and gas (in addition to the usual things covered by condo fees, such as water and trash pick up).

This particular unit was originally listed for $10,000. less than it sold for in 2005. After over two and a half months on the market, it ultimately sold (net) at 8% higher than the original list price.

2016 has been a great year for Crescent Tower. This is the fourth settled sale in the building and every unit sold so far in the building in 2016 has sold over list price (average ~6% above). For the first time in its long history, two bedroom units are selling for over $500,000. Prior to the recent sales, the highest price point in the building was $450,000. Unit 902, a renovated 2 bedroom, 2 bath sold for $544,999. in April.

The listing agent for this sale was Elizabeth Blakeslee with Coldwell Banker Residential Brokerage. Brian Evans with Redfin Corp represented the Buyer.

13 Comment

  • This seems like a really long time for a property in Logan Circle to take to sell. Is it because the unit is so small or in such an old building?

    • 1brs are not as popular to buy. Buildings where it’s easy to rent them out tend not to be eligible for FHA loans (owner-occupancy is too low) and buildings where condo rules make it hard to rent them also make it hard to find a buyer willing to commit to living in <500sf for the long haul.

      Also the condo fee here is $517 a month–that's a lot for a 1br even if all utilities are included. It's one of the hard things about resale of older condos.

      • 1br are definitely popular to buy. But the condo fee is ludicrous here (essentially a third of your mortgage so the price simply becomes ridiculous. I am amazed the settled price ended up so much higher than the list price. It’s an old building with a super small unit that is not renovated and a jr br to boot. No thank you.

      • The high fee isn’t typical for older condos but it’s probably why it didn’t sell quickly. The settled price probably includes the parking space (see below) which would be separately deeded and because of that (apparently) was for sale separately.

  • If it took so long to sell….why did it go for over list price? That doesn’t make much sense.

    • Nevermind – i figured it out…@Popville it didn’t sell for over list price. That includes the parking spot. With the seller subsidy, it sold for less

      • Woah, I missed that too. OK. That makes a lot more sense.

        • Great catch. I took the percentage numbers directly from the MRIS stats. This unit does now apparently include a deeded parking space, which I take into account when figuring price per square foot. Assuming that the parking space sold for what was asked ($35,000…this is not reported separately), then the actual price per square foot for this unit is $541.

    • Exactly what I was wondering. Maybe there were some issues with closing? That’s the only scenario I can think of.

      • And actually…I am bad at math. It sold for way under. Condo = 265, Parking =35 which means 300k. So it sold not only for under list, but even less because of the seller subsidies.

  • I used to rent here, the reason it is hard to sell in this building is the condo fees are very high to cover a pool, front desk, out dated gym. The location and units are great.

  • I think there’s a joke to be made here about the inclusion of the parking space significantly increasing the square footage of the condo. Yuck, no thanks.

    • There’s no correlation to the square footage. The price is adjusted prior to calculation of price per square foot (in other words, the cost of the parking space is removed and it’s calculated just based on the unit cost) to account for a parking space, so we can compare just the price per square footage to other condo sales. The addition of a parking space to this unit is a huge value add for the new owner.

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