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: 706 Rock Creek Church Rd NW #1
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 3 Baths: 2.5 Parking: Assigned, Parking space conveys
Levels: 2 Ownership: Condo
Square Footage per listing: 1450
Original List Price: $699,000. List Price at Contract: $679,900.
Monthly Fee: $243.00
List Date: 10/6/2016 Days on Market: 75
Settled Sales Price: $669,500.
Seller Subsidy: $0.
Settled Price per Square Foot (Adjusted $20k for parking): $448.
Settlement Date: 1/30/2017
Transaction type: Standard
Original GDoN post can be seen: here.
The listings for both Units 1 and 2 can be seen here: here.
Last week, Good Deal or Not Revisited reviewed the settled sale in Eckington of a lower level duplex condo units converted from a previous single family home. (You can see that post here.) In relation to that post, Commenter JS wrote: “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.”
Undeniably, we are seeing a continued increase in the delivery of formerly single family homes converted into what typically lays out as a below grade plus main level (Unit 1) and two upper floors plus a roof deck (Unit 2). These sub-divided properties have effectively created a middle market between smaller and often less luxury flats, and increasingly expensive rowhomes, often desirable for the potential of rental income from a second unit in the basement.
The subject unit is located in a different neighborhood than last week’s, however, JS’ comment is reflected in this situation, as well. Unit 2 in this same building had already been profiled in a previous Good Deal or Not, which you can see here. The top unit with a roof deck sold within six days of listing launch for net $777,500. The lower level unit, however, lingered for two and a half months and did undergo reduction from the original list price.
The listing agents for this property were Roby Thompson III and Peter Sarro with Long and Foster Real Estate, Inc. Sherri-Anne Green with Coldwell Banker Residential Brokerage assisted the Buyer.