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LeDroit Park Red Hot Real Estate – Sold in 2 days. No parking. For more than 10% above the list price.

by Prince Of Petworth May 26, 2017 at 10:55 am 16 Comments

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: 400 U Street, NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: LeDroit Park
Bedrooms: 5 Baths: 4 Parking: Street Ownership: Fee Simple
Original List Price: $1,290,000. List Price at Contract: $1,290,000.
List Date: 4/26/2017 Days on Market: 2
Settled Sales Price: $1,425,000.
Seller Subsidy: $0.
Settlement Date: 5/23/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Sold in 2 days. No parking. For more than 10% above the list price.

West of Shaw and East of Bloomingdale, LeDroit Park is an enclave of historic homes tucked above Rhode Island Ave NW. The area has recently enjoyed a surge in seven figure sales, as renovations in the area push to hit new standards of design and finish.

Very recently, Good Deal or Not Revisited (GDoN-R) posted about this nearby sale on Elm Street, which settled for $1,510,000. That home also lacked off street parking.

The subject property and the Elm Street sale raise an interesting dilemma of listing agents and sellers. Elm was originally listed at $1,675,000. and sold for $165,000. less than that after nearly a month on the market. In contrast, the subject property, which was priced well under the final price, sold in two days to a buyer who made an offer before the open house. Current market conditions (extremely limited inventory, very motivated and abundant buyer demand) seem to favor letting the market ultimately set the price, which is what can happen when pricing is strategically low. Not all sellers have the stomach for that approach, however.

The listing agents for this property were Matt McHugh and Heather Davenport with Washington Fine Properties. Rachel Levey, with Compass, represented the Buyer.

  • bubbles

    i almost bought that house 7 years ago…when it was priced at $400k. It was a total gut job, but still $1 mil appreciation in that short span is pretty startling

    • Bobert

      It’s not $1m appreciation if the previous point of reference was a shell – the outgoing product is a nicely appointed finished home. So it’s likely closer to 6-700, which is still mucho, mucho dollars. You done goofed, bubbles.

      • B’Dale Res

        I was interested in this house when it was on the Market in Spring of 2009, although it was higher than $400k, rather close to $500k if I remember correctly., i.e. $499K It was also split into two units and required basically a full gut job. I think there were few things that could be restored, but it was few and far between. the amount of work this required was quite a bit, and the fact you have to go through historical review did not make it any cheaper i am sure. Windows alone were probably painful. A good investment, yes…but I am sure many many sleepless nights. now the new owner can have sleepless nights for paying so much! ;-)

        • Franny

          Hahaha…amazing how many of us toured / were interested in this one specific house prior. I toured this, made an offer in 2008 and they started using me to negotiate against another buyer, so I retracted my offer. Found out later (with some satisfaction i might add) that the other buyer couldn’t get to settlement, and they relisted and sold for ~50K less. I moved on and bought another house a block away for ~70K less and sold it last year. Worked out splendidly…

          • Franny

            Sorry, meant to say 2009, not 2008

  • Lion of LeDroit

    ROARRRRRRR, says the Lion of LeDroit

  • LeDroit Wormhole

    “West of Shaw and East of Bloomingdale”: I’m thinking that should probably be reversed….

  • MadMax

    “Current market conditions (extremely limited inventory, very motivated and abundant buyer demand) seem to favor letting the market ultimately set the price, which is what can happen when pricing is strategically low.”

    Do they really though? In the example you provide above the comparable house sold for almost 100K more. They got less than they were asking, but considerably more than this house.

    • It can be a gamble either way. It happened to work out this way on this particular set of transactions.

  • idontgetit

    My house doesn’t have parking either. This price gives me hope!

  • LedroitTigah

    My place has parking, so I’m feeling pretty good (well, my house is in much worse condition though so…)

  • Herbie

    The same same folks scoffing at trinidad today are the ones who scoffed at this 10 years ago.

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