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 Compass. 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 MRIS (Metropolitan Regional Information Systems), which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.
Featured Property: 1500 Lawrence St NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Bedrooms: 3 Baths: 1 Parking: Offstreet parking Ownership: Fee Simple
Original List Price: $549,000. List Price at Contract: $549,000.
List Date: 9/13/2017 Days on Market: 34
Settled Sales Price: $545,000.
Seller Subsidy: $0.
Settlement Date: 10/24/2017
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
The subject property is a detached home on a 3742 square foot lot, with several mature trees, in the NE DC neighborhood of Brookland. The $549,000. list price reflected current condition, and that the home had a single full bathroom, no central air conditioning, and an unfinished basement.
Fresh paint, refinished antique floors, and staging brightened it up for pictures. As it is much simpler and often less expensive for developers to remove original and antique features, things like old wood floors and trim are becoming harder to find. There are some buyers who really prefer a bit of character, and may even seek something livable but not in great shape, so they can customize.
Brookland is a remarkably consistent neighborhood for market activity. Since the beginning of 2017 to date, there have been a total of 53 settled sales of detached houses in the legal subdivision of Brookland. In 2016, for the same period of time, there were 54 settled sales of the same type of home. The median time on market for both years is 10 days.
Comparing median net sales prices, 2017 saw an increase to $716,000. from 2016’s $652,750. The highest price sale in 2016 was $1,483,000., while 2017’s hit just under $1,140,000.
There are currently twelve active listings for detached homes in the legal subdivision of Brookland ranging in list price from $550,000. to $1,299,000.
The listing agents for this transaction were Jake Abbott and Shemaya Klar with Berkshire Hathaway HomeServices PenFed Realty. Pamela Wye, with Compass (per disclosure above, is an affiliate of the same brokerage as the writer), represented the Purchaser.