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In 1998 it “Settled for $111,500. with a $1969. subsidy from the Seller.” In 2017 it fared a bit better

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: 1883 3rd St, NW
Legal Subdivision: Ledroit Park
Advertised Subdivision per Listing: Ledroit Park
Bedrooms: 6 Baths: 4.5 Parking: Garage, Driveway Ownership: Fee Simple
Lot size: 6215 square feet
Original List Price: $1,795,000. List Price at Contract: $1,795,000.
List Date: 11/2/2017 Days on Market: 6
Settled Sales Price: $1,855,000.
Seller Subsidy: $0.
Settlement Date: 12/8/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

The earliest recorded sale available in the multiple listing system (online records only go back to the mid 1990’s) for this property was in 1998.

Two decades ago, the Anna J. Cooper Circle in historic LeDroit Park, upon which this grand home sits, was a very different place. At the time, a few houses down, Anna Cooper’s own architecturally impressive detached home sat vacant, as did many properties in the immediate area. These are old, very large homes, that are expensive to keep up and many, over time, fell into deep disrepair. (The Anna J. Cooper home was renovated around a decade ago by a developer as his own home.)

That 1998 listing?

Take a look to see the home in its non-siding covered brick glory. Brace yourself for the listing details:

It was a bank owned foreclosure.

Originally priced at $119,900.

Price reduced to $114,900.

Settled for $111,500. with a $1969. subsidy from the Seller.

100 days on the market.

Not only did the current owners do very nicely in the sale of the property, this is a great example of the awesomeness of the District of Columbia’s Homestead Exemption for folks who live in their property. Most people think the big benefit of the exemption is the reduction in property tax based upon the roll back for owner occs, but really, it is the yearly cap that prevents long time owners from being hit with perpetually and dramatically increasing tax bills. The public record reports the recent yearly property taxes on this home as $2002., (which may also reflect additional exemptions, such as are available for senior citizens). If you live in your home in DC and are not sure if you are signed up for the Homestead Exemption or not, you can check by looking up your tax record on the District’s real property tax database.

The listing agents for this transaction were Loic Pritchett and Kelly Williams with TTR Sotheby’s International Realty. Justin Kirsch, also with TTR Sotheby’s International Realty, represented the Purchaser.

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