“It did escalate in price and sold quickly”

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: 1011 Irving St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 3 Baths: 3 Parking: Carport Ownership: Fee Simple Basement Yes, fully finished
Original List Price: $849,000. List Price at Contract: $849,000.
List Date: 9/4/2018
Days on Market: 8
Settled Sales Price: $863,888.
Seller Subsidy: $0.
Settlement Date: 10/1/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Commenters to the original GDoN post were polarized on this listing.

More than one predicted it would settle over $900,000., while others were disappointed with the kitchen (presumably in relation to this price point).

It did escalate in price and sold quickly, just not all the way up to $900k.

Over the past six months, there have been 13 sales of fee simple houses with basements within 1/5th of a mile of the subject property. Including the subject property, they ranged in net market value from $465,600 to $1,749,900.

Looking at the same time period (Q2 & Q3) and criteria for this hyperlocal area for 2017 and 2016, a similar number of properties sold during each year (13 and 15 respectively) in a similar amount of time (median days on market of 8 and 9 days respectively, with a fast 7 days on market typical in 2018).

Very consistent on number of units sold and days on market, the significant change for these types of homes in this location, not unexpectedly, is in median price, which was at $710,000. in 2016 and $810,000. in 2017.

The subject property, at a settled sales price of $863,888, falls right at net median price in relation to the above mentioned 2018 sales, so consider that it’s about right in the middle of current price and condition for this type of house in the area.

The listing agent for this transaction was Andrew Turczyn with Slate Properties, LLC. Patrick Reardon, with EJF Real Estate Services, represented the Purchaser.