Sold in Six Days

by Prince Of Petworth February 9, 2018 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 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: 1242 K Street, SE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Bedrooms: 2 Baths: 1.5 Basement: No Parking: Street Ownership: Fee Simple
House Living Square Footage per Tax Record: 804 square feet
Original List Price: $598,500. List Price at Contract: $598,500.
List Date: 1/4/2018 Days on Market: 6
Settled Sales Price: $627,500.
Seller Subsidy: $0.
Settlement Date: 1/31/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

The house next door, at 1240 K St SE, was the subject of a GDoN-Revisited post last Fall. Of similar size and scale, that home was not as recently updated as the subject property, and settled at $596,000. The property apparently attracted a lot of interest, as it escalated $7000. above the list price.

1240 K St SE was a good benchmark for the listing agents, who priced at just under the $600,000. search point. In relation, a larger Victorian with a basement, across the street, not recently updated, sold in June 2017 for $629,900.

Fee simple homes in the Old City #1 legal subdivision that sold at $650,000. or less in 2017 remained on the market for a median marketing time of 8 days. 182 buyers purchased houses in this area for $650,000. or less in 2017, as compared to 239 total house sales in this area and price point in 2016. Not surprisingly, demand is driving pricing and decreasing the level of inventory in lower price points. Realistically, $600,000., is at the lower price end of the current market for a fee simple house in many areas of the District of Columbia.

The listing agents for this transaction were Tom Faison and Tim Barley with Re/Max Allegiance. Drew Hopley, with Keller Williams Realty Dulles, represented the Purchaser.


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