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“April 1996: Sold for $35,500 – May 2017 Sold for $1,094,000”

by Prince Of Petworth June 9, 2017 at 11:00 am 21 Comments

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: 1651 New Jersey Ave NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 2 Baths: 2.5 Parking: Parking space conveys, surface Ownership: Fee Simple
Original List Price: $1,094,000. List Price at Contract: $1,094,000.
List Date: 5/1/2017 Days on Market: 7
Settled Sales Price: $1,094,000.
Seller Subsidy: $2000.
Settlement Date: 6/07/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Located in the downtown NW neighborhood of Shaw, surrounded by LeDroit Park, Bloomingdale, Truxton Circle, and Logan Circle, New Jersey Ave NW is a relatively busy street. The front yards on this part of New Jersey Ave NW are deep, however, so the houses are considerably set back from traffic.

This was a complete re-design and re-build of a small, boxy, formerly two bedroom, one bath house that was originally built in the early 1900s (tax record says 1900, but that is sometimes a filler date for lost records). From the last round of listing photos available, it looks like any historic details were removed a while ago.

As another concrete reminder of how rapidly DC property values have increased, here is the available history of the subject property:

April 1996: Sold for $35,500.

June 1999: Sold for $61,500. with $1300. back in Seller Subsidy. List price was $65,000.

October 2008: Sold as a short sale for $245,000. List price was $274,900. You can see interior and exterior Before pics here.

The listing agent for this property was Tony Hain with Compass. Ben Snider, with TTR Sotheby’s International Realty, represented the Buyer.

  • ShawDank Emissions

    I live a few houses down the street on NJ Ave. Can’t believe it went for over a million. Home prices in this city SMH

    • Bobert

      I’m guessing you live in one of the houses that wasn’t completely rebuilt with high-end finishes throughout? Because this one definitely was. (This also sold for less than each of the new Ditto condos on NJ/P.)

      • textdoc

        Why would ShawDank Emissions’s surprise (“Can’t believe it went for over a million”) necessarily reflect on the finishes in his/her own house??
        .
        Sure, it means SDE isn’t keeping up with the latest sales prices on Redfin and the corresponding levels of finishes. But it’s weird to assume much beyond that.

        • Bobert

          Because it’s clear that they don’t know that said finishes cost a ton of money.

          • HaileUnlikely

            No it isn’t. That is no basis to draw that inference. It could just as easily be an expression of surprise at the extent to which market forces have shifted values in the neighborhood in a span of a few years for reasons that have nothing to do with fancy finishes. There are places in the country where you could buy a lot this size for a few hundred dollars. It would probably cost about $300K to build this house from scratch in one of those places. There is a whole lot more to the price than fancy finishes.

          • Bobert

            “That is no basis to draw that inference.”
            .
            How much do you want to bet that I’m not wrong in inferring what I did? 😉

          • Truxtoner

            There’s almost no basis for drawing the inference that you can build that house for $300K from scratch either. Have you ever built a house? That house would definitely cost more than $300K to build from ground up.

          • ShawDank Emissions

            Relax, folks. My comment was strictly a reaction to how much home prices/values have increased in the area and nothing more. I was not even thinking about those wonderful finishes and how costly they must be.

            The house that I live in (I rent with friends) is larger and also has nice finishes. I guess my surprise came from thinking about how the house would go for well over a million (probably 1.1+ going on the comparable) and my friends and I have often speculated while living there 800-900K. Guess we were quite off. It is on a busy street (but nicely set back from the sidewalk), very close to Florida Ave and the Shaw Metro, but also neighboring some of the ‘hot’ blocks in Truxton Circle (where eight people got shot on Memorial Day weekend is a stone’s throw from my back patio).

            Funny fact: According to folks in the neighborhood, our house used to function as a low-key brothel back in the 90’s/early00’s. It is amazing how quickly neighborhoods can change!

          • HaileUnlikely

            I admittedly haven’t built a house, but I have lived in other places, and know people who live in other places, where houses more than twice the size of this and with comparable finishes sell for less than $300K. Assuming that the cost of the land is non-negative, and that the developers aren’t selling new construction at a loss, the cost of building a house like this in another part of the country (where labor costs are quite a bit lower) is certainly less than $300K. My point here is, sure, high-end finishes make the house more expensive, but not *that* much more expensive. The market in that area today is what makes it that much more expensive.

    • kitty

      This is fascinating to me. I used to live a block or two south of there on NJ Ave until my landlord decided to sell, so I had to move. I think he wanted well over a million for a corner lot row house that was in very bad shape (my rent was dirt cheap but my apartment was barely inhabitable when it rained or was very hot or very cold). As far as I know, the property is not sold and is sitting there looking blighted and sad. If a nice place on that street goes for over a million, it should be a sad reality check for him.

  • navyard

    What is that light strip in the kitchen? It looks very bright LEDs and looks as if it would be pretty harsh when reflected back off the shiny countertops, backsplash, and cabinets. All those reflective surfaces and bright light cause painful glare to older eyes (ask me how I know).

    • asdf

      How do you know?

  • Joshua

    Wow, if there was ever a kitchen for people who don’t cook, this is the one.

    • northeazy

      yeah, I hate kitchens with new, functional appliances, endless counter space and tons of cabinets. And the lighting smh. Give me a cramped, dim work space with 20 year old Kenmore appliances any day of the week child. Mmm hmm. What on God’s earth is wrong with this kitchen?

      • Joshua

        If you can’t tell the difference between a kitchen that is functional, and a kitchen that is designed to look good in photographs, then you’re beyond help.

        • Rich

          Narrow. No storage at eye level. White. Lots of white–maybe it motivates people to clean. Most likely it would motivate them not to use anything.

          • Truxtoner

            If it being white will keep you from cooking, then you’re probably not cooking anyway. Plenty of people have white kitchens.

            It has storage and working appliances in mostly logical proximity to one another. I’m not sure who needs much more than that to function in a kitchen.

          • textdoc

            And having no storage at eye level is bad even if you don’t cook.

          • Elkhaert

            Was with you until white. White I’ve found is actually an incentive to cook (feels like a blank canvas), and as you noted a bigger incentive to clean. And when the kitchen is clean, I want to cook.

            But I cannot STAND the lack of cabinets. Just terrible.

  • stacksp

    I wonder if the lack of upper cabinets in the kitchen is due the ceiling height or lack thereof in the space. The upper cabinets might create a narrow distance between the bottom of said cabinets and the countertop

    • textdoc

      I doubt it — I put upper cabinets in a basement kitchen with a pretty low ceiling, and was still able to have them in the usual range of distance between the countertop and the upper cabinets. (I don’t remember what it was, but a contractor gave a figure for the typical distance range.)

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