Sold in 109 Days – 128 U St NE #2

GDON R

Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.

GDoN-R has been written exclusively for Popville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with the 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 Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.

Featured Property: 128 U St NE #2
Legal Subdivision: Eckington
Advertised Subdivision per Listing: Eckington
Bedrooms: 3 Baths: 3 Parking: Assigned, Parking space conveys & is included in price
Levels: 2 Ownership: Condo
Square Footage per listing: 1624
Original List Price: $655,000. List Price at Contract: $599,900.
Monthly Fee: $100.00
List Date: 9/4/2016 Days on Market: 109
Settled Sales Price: $587,500.
Seller Subsidy: $0.
Settled Price per Square Foot (calculated with $20k adjustment for parking space): $349.
Settlement Date: 1/27/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The listing can be seen here: here.

The legal subdivision of Eckington spans from the Met Branch Trail along the east side, to Florida Ave at the south end, all the way to Rhode Island Ave on the north end. Technically, to the west it sprawls across North Cap to include the Florida/Rhode Island/North Cap triangle on the NW side. North Capitol Street is a defining physical boundary, in addition to being the edge of the NW/NE quadrant and thus, for data purposes, we’ll call that triangle the south side of Bloomingdale, and will stick to referring to the Eckington neighborhood as being in the NE quadrant.

The regional multiple listing system shows no condos listed in the Eckington neighborhood until 2002. (Incidentally, Eckington’s cousin Bloomingdale, now an active market for condos, had only one condo ownership building until 2003.) In Eckington alone, there were 22 condo units settled in 2013, compared to 36 in 2014, 27 in 2015, and 37 condo sales in 2016. The increasing number of condo units, converted either from former rental buildings or single family houses, speaks to the significant change in density in these neighborhoods since the early 2000s.

Median price for a condo in Eckington increased in 2016 to $447,250., with the highest sold at $795,000. In 2015, the median price for sold condos in Eckington was only slightly lower at $439,000., however the highest settled condo sale that year was significantly less than in 2016, at $749,900. With the Spring market already starting, prices will likely see a bit of a jump over the coming months.

The listing agent for this property was Mark Wise with Coldwell Banker Residential Brokerage. Ed Carp with Continental Properties, Ltd. assisted the Buyer.

4 Comment

  • This listing was actually on the market for over a year and the original purchase price I believe was 685k. They kept taking it off market and putting it back on so you can track pricing on Redfin. This basically sold for a 100k under the original list price. The company which flipped the house was stubborn on their pricing and rarely reduced the price a significant amount at one time so it sat forever.

  • I think there’s a little bit of a bubble bursting in these two unit buildings, at least when it comes to the lower level units. In my neck of the woods, pop-up top units seem to sell fairly quickly at close to list while the lower level ones sit for months and only move after a few significant (20K+) price reductions.

  • Given the sale price and the length of time on the market from the above information, and Bdylan89’s comments – this being for sale that long was silly. The flipper/developer carried a house for a year (that is a lot of money) and in the end sold the house for a lot less than thought it was worth (and clearly it wasn’t worth what they though or it would have sold faster). They likely either lost a lot of money or barely broke even given carrying and reno costs.

    • Good points. As JS said, this was the basement unit and I was in it for an open house. They did a good renovation but most people don’t want 2 of their 3 bedrooms in the basement. The top unit is always more desirable than the bottom.

Comments are closed.