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“Moral of the story? When the market slows down, that can be a good time to jump in.”

by Prince Of Petworth November 17, 2017 at 10:55 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 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: 513 S St, NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 3 Baths: 2.5 Parking: Street Ownership: Fee Simple
Original List Price: $789,000. List Price at Contract: $759,000.
List Date: 9/28/2017 Days on Market: 29
Settled Sales Price: $750,000.
Seller Subsidy: $0.
Settlement Date: 11/7/2017
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.

The original GDoN post for this property appeared at the launch price of $789,000. At that price, three commenters expected the small scale house in this location to go for possibly even above $789k. It was also noted in the comments that the home had not been staged and appeared occupied. Photos were updated to show the home vacant.

The last owners were smart to have purchased during the Recession in 2009, below the $411,900. list price, after 391 days on market, as a foreclosure for $375,000. (plus they received a $15,000. subsidy.) If you go back and look at the 2009 listing pics, it looks pretty much in the same condition. The neighborhood has certainly changed around the house, with lots of development in proximity of the nearby Howard Theater and Shaw Metro.

Moral of the story? When the market slows down, that can be a good time to jump in. The DC real estate market is currently healthy, and expected to remain so for the foreseeable future. That said, any agent that has been around for a few market cycles can tell you that based on history, the market (yes, even in DC) will fluctuate. The next shift is unlikely to be anywhere near as extreme as the Recession years, however as interest rates increase and/or if the stock market takes a hit, some buyers may start to hesitate and others will see opportunity.

The listing agent for this transaction was Silvana Dias with W.C. & A.N. Miller. Yo-G Gozner, with Keller Williams Capital Properties, represented the Purchaser.

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