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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.

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