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: 5700 16th St NW
Legal Subdivision: 16th Street Heights
Advertised Subdivision per Listing: 16th Street Heights
Bedrooms: 5 Baths: 3.5 Parking: Detached Garage Ownership: Fee simple
Original List Price: $1,575,000. List Price at Contract: $1,450,000.
List Date: Originally Listed 10/30/2017 Re-listed after some time off market and significant price reduction on 4/14/2018
Days on Market: 61 (most recent listing)
Settled Sales Price: $1,450,000.
Seller Subsidy: $0.
Settlement Date: 8/10/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
Fifteen years ago, this stately over 6000 square foot detached house in 16th Street Heights listed for $725,000. The listing notes that multiple offers would be presented at the broker’s office (that’s the way it used to happen). It settled in late May 2003 for $760,000., which would have generally been a high price for a house in DC at the time.
Fast forward just two years later, when it next sold in late June 2005 for $1,212,5000., which was $37,500. less than asking. The interior pics from that listing are must see. Agents in DC were just starting to use digital cameras for additional pics.
From 2006 to 2008, the number of detached houses sold in 16th Street Heights declined from 44 in 2005 (which many DC real estate industry veterans would describe as a peak year) to 29 in 2006, 26 in 2007, and 26 in 2008. Prices, however, remained relatively stable.
In 2008, the highest priced detached home sale in the neighborhood was $1,550,000. In 2009, the highest detached home sale was $815,000. Median net price dropped from $619,250. to $471,000.
Prices in the area began recovering and gaining upward momentum starting in 2012.
In 2017, the highest detached home sale in 16th Street Heights was $1,485,000., with a net median price for detached homes of $850,000. Year to date, the subject property is the highest detached sale in 2018, and net median price is up to $920,000. for detached homes in the legal subdivision of 16th Street Heights.
The listing agent for this transaction was Gail Milazzo with Long and Foster Real Estate Inc. Jennifir Birtwhistle, with Weichert, REALTORS, represented the Purchaser.