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Sold in 25 Days – 208 Elm St, NW

by Prince Of Petworth April 21, 2017 at 11:00 am 15 Comments

208-Elm-St-NW-revisited

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 intended as a case study and 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: 208 Elm St, NW
Legal Subdivision: Ledroit Park
Advertised Subdivision per Listing: Ledroit Park
Bedrooms: 5 Baths: 4.5 Parking: Street Ownership: Fee Simple
Original List Price: $1,675,000. List Price at Contract: $1,599,900.
List Date: 2/17/2017 Days on Market: 25
Settled Sales Price: $1,510,000.
Seller Subsidy: $0.
Settlement Date: 4/10/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

gdonr

For those who were speculating in the comments of the original GDoN post, this gut renovated detached home with no parking finished out at just over one and a half million dollars.

One year ago, LeDroit Park had a 5200 square foot detached home with two carriage houses (and parking for six cars) sell for net $2,335,000. The next highest sale ever for a residential property in the neighborhood was at $1,675,000. in July 2016…again a very large detached property, large lot, all brick, four fireplaces, parking.

The subject property is the next highest recent sale in the neighborhood.

Currently, in LeDroit Park and neighboring north Bloomingdale (above Rhode Island Ave, which shares the legal subdivision with LeDroit Park), there are five active listings over $1 million, and seven under contract. There have already been 10 seven figure settlements in the neighborhoods so far this year.

The median net price for the first quarter of 2017 for fee simple houses in LeDroit Park and North Bloomingdale is $1,035,000. The median net price for Q1 2016 was $840,000.

The listing agent for this property was Barak Sky with Long and Foster Real Estate, Inc. Michael Alderfer, with Redfin Corp, assisted the Buyer.

  • LedroitTigah

    I was wrong, but not by much – Id said slightly under 1.5, and it went for just a dash over. still a super high price to settle at, i would think. i wonder how it appraised…. (though maybe it was an all cash deal! people have crazy amounts of money in DC, after all…)

  • B’Dale Res

    No parking, next to 2 massive HU dorms, stones throw from projects… to each their own.

    • Nathan

      Well the dorms may be apartments at some point in the future. Of course, with no plans for parking at the new apartments, that may exacerbate this home’s lack of parking.

    • Anon

      Both of those dorms are in the process of being converted to market-rate apartments, though there’s no parking, so the no dedicated parking is going to hurt. Stones throw to projects is an issue, though.

  • facts

    for several years I wondered if I had made a bad call spending $315k on a rowhouse on this block. no longer.

    • ET

      I remember when I bought on the Hill at the end of 1999 that I was debating how much was my limit and thought me spending $136,000 was bordering on too much. Silly me.

      • mark

        I remember in 2006 when everyone was proudly proclaiming their wise real estate investments, and will remember in 2017 when everyone was doing the same, despite clear indicators of drastic federal budget cuts and rising interest rates.

        • LedroitTigah

          @ mark. the 2007-9 housing hit didn’t really depress DC house prices – so maybe you should let people gloat a bit.

          • mark

            That’s because federal spending didn’t decrease then. But the writing is on the wall now. And DC’s economy basically doesn’t exist without federal government spending. Anyway, gloating is fine…But I think we’re in bubble territory.

          • Nathan

            I think federal spending cuts are going to have a bigger impact on the further out suburbs. Might slow appreciation in the District a bit, but I think its going to be offset slightly by the continued demand to live in the city rather than suburbs.

          • Filibuster

            Tell me how to get to 60 votes in the Senate for serious cuts, and I’m happy to read that “writing on the wall.”

            Not happening.

            Also, plus-ups for defense benefit the region.

            And if there are federal workforce reductions (again, not happening, but playing it out), you get more contractors – paid at much higher rates, and much more likely to afford houses like this.

          • anon

            federal spending decreased bc of the sequester, didn’t really have an impact. there are 6 million people in the metropolitan area, and only about 10,000 real estate transactions per year. as long as living in the city is desirable, and demand outweighs supply, prices will be high. re interest rates, they may have a short term slow down on prices, but it has other long term effects (e.g., drop in equities, making real estate more attractive), which can actually drive up real estate prices. i’m not saying real estate is bound to increase, but dc real estate has some solid fundamentals that even congress can’t mess up.

        • Shaw was here

          I think the bigger potential drag on D.C. real estate prices is going to be the crime rate- since the Bowser administration has abjectly failed at addressing this issue. We’ll see how the summer goes and if she manages to get re-elected in 2018. For us, it has been frustrating to see the progress on that issue stagnate on her watch.

      • facts

        yep. It’s amazing how things change. I went deeply into debt and almost into bankruptcy to drop that $315k on my house which is now probably worth $1.2M.

  • LivingLaVidaLedroit

    We watched this house being renovated and it was a sloppy job. Too sloppy for 1.5M. They were going to build part of the back addition on NO FOUNDATION. Someone called DCRA and they had to demolish that part of the house. The roof already looks like it’s falling apart. Looks fancy on the inside but I bet there are going to be all kinds of issues.

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