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Sold in 81 Days Almost $100k under original asking

by Prince Of Petworth March 3, 2017 at 10:30 am 7 Comments

1411-D-Street-Northeast

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: 1411 D St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Old City #1
Bedrooms: 3 Baths: 1 Parking: Street Ownership: Fee Simple
Original List Price: $559,500. List Price at Contract: $510,000.
List Date: 11/10/2016 Days on Market: 81
Settled Sales Price: $462,000.
Seller Subsidy: $0.
Settlement Date: 3/1/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

With high demand in the DC real estate market from both investors and owner occupying buyers, sellers can have great expectations. This property was originally priced very optimistically at $559,500., which is higher than what some nearby updated homes have been selling for. You can see recent sales activity in the immediate area here.

It’s useful to note that, while it may seem to sellers and prospective buyers that everything in DC sells above list price, the recent average list to sales price ratio in this area is slightly more than 5% below list price. That said, the listings in this sample were exposed to the market at the end of the election cycle, and through the cold months and holidays.

With the early Spring weather, we’re seeing an early Spring market, which means more listings launched, and a renewed sense of purpose among buyers who are hearing continuing reports of expected increases to mortgage interest rates.

The listing agent for this property was Norris Dodson III with Long and Foster Real Estate, Inc. Joseph Bernstein, also with Long and Foster Real Estate, Inc. assisted the Buyer.

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