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“No question that the DC real estate market is brutal for Buyers right now.”

by Prince Of Petworth July 28, 2017 at 9:55 am 0

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: 520 9th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Bedrooms: 2 Baths: 1 Parking: Detached garage Ownership: Fee simple
Lot Square Footage per tax record: 2078
Original List Price: $799,000 List Price at Contract: $799,000.
List Date: 4/23/2017 Days on Market: 6
Settled Sales Price: $817,000.
Seller Subsidy: $7500.
Net Settled Sales Price: $809,500.
Settlement Date: 7/18/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

From the comments on the original GDoN post:

“I love the style, but think it is overpriced.”

“i can’t believe they want 800K for this place. it’s almost offensive.”

“800k for 1,200 sqft… the garage and proximity to BR/EM helps, but I think overpriced.”

No question that the DC real estate market is brutal for Buyers right now. Not only did this one sell quickly, it sold above asking, which leads to the assumption that more than one party was very interested in it at this price point.

For general comparison, a smaller one level house on the other side of Lincoln Park sold this year for net $636,000. ($46,000. above list). The subject property represents the highest price paid so far in 2017 for a two bedroom, one bath (with no half bath) fee simple house in either Capitol Hill or Old City #1.

The listing agent for this property was Thomas Gretz with Redfin Corporation. Chris Corry with Berkshire Hathaway HomeServices PenFed Real Estate represented the Buyer in the purchase of this property.

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