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

by Prince Of Petworth August 12, 2016 at 9:35 am 15 Comments

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.

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