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.
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.