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 Bright MLS, which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.
Featured Property: 5409 4th St NW
Legal Subdivision: Petworth
Advertised Subdivision per Listing: Petworth
Bedrooms: 4 Baths: 3.5 Parking: Detached Garage Ownership: Fee simple
Original List Price: $750,000. List Price at Contract: $724,900.
List Date: 6/28/2018 Days on Market: 15
Settled Sales Price: $725,000.
Seller Subsidy: $4000.
Settlement Date: 8/06/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
Listed initially at $750,000., the seller made a quick decision to reduce the price of this renovated Tudor, positioned just south of Kennedy Street, to $724,900. after one weekend on the market. Typically in DC, the first weekend of being active will provide the agent with feedback to determine how the price sits with buyers.
Direct feedback (our showing system allows agents to provide immediate response to a showing), lots of traffic from both agent showings and open house but no contract, or few or no showings, are all good reasons to take swift action on price.
If you haven’t looked at real estate in this part of the city in a while, it’s useful to note that $750,000 is not an unreasonable start price. Since the beginning of 2018, within ¼ mile of the subject property, there were six settled sales $750,000. and above, topping out at $810,000.
$425,000. was the lowest price reported to date in 2018 in this specific area, which was for a house that was livable and in need of updating. In 2017, up to August 10th, there were six settled sales below $400,000., with the lowest at $290,000.
One year ago, same time period, there were two sales over $800,000., and a median net sold price of $535,000. Median net sales price for fee simple houses in this little pocket of the city so far in 2018 is up to $678,500.
The listing agent for this transaction was Paul Nalabandian with Keller Williams Capital Properties. Bridgette Cline, with Centruy 21 New Millennium, represented the Purchaser.