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“In real estate, Expectation is Everything.”

by Prince Of Petworth October 12, 2018 at 10:45 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 Bright MLS, which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.

Featured Property: 2045 Rosemont Ave NW
Legal Subdivision: Mount Pleasant
Advertised Subdivision per Listing: Mount Pleasant
Bedrooms: 3 Baths: 2 Parking: Carport Ownership: Street Basement Yes, fully finished (there’s also attic space)
Original List Price: $1,065,000. List Price at Contract: $1,065,000.
List Date: 9/6/2018
Days on Market: 5
Settled Sales Price: $1,050,000.
Seller Subsidy: $0.
Settlement Date: 10/5/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.

The 18 comments on the original GDoN post reflect a bit about expectations for houses priced over $1,000,000.

“For being over $1 million, I’m very underwhelmed”

“At this price, I would expect the kitchen to be twice as large.”

“I’d be bummed to not have parking for over $1mil”

In real estate, Expectation is Everything.

A big part of a listing agent’s job is to help seller clients to recognize what buyers expect for the price point. This accounts for the level of extensive preparation we typically see in many properties that hit the market in DC.

Buyer agents translate the invisible factors, such as level of inventory and recent nearby similar sales, that guide offer prices and terms.

Market value is expressive of product and location, so a $1,000,000. price point brings a whole different set of expectations if one is looking at condos versus houses, Capitol Hill versus Mount Pleasant, etc.

For perspective of the immediate area (1/5th of a mile) surrounding the subject property, in the past six months there have been (including the subject property) 10 settled sales of fee simple properties.

Two properties, both needing major updates, on that list settled below $1,000,000., at $750,000. and $950,999. respectively.

Otherwise, 80% of those sales were in the seven figures, from $1,020,000. up to $1,425,000.

From an inventory standpoint, there are no current active listings in that specific pocket of Mount Pleasant as of this moment.

The listing agent for this transaction was Lisa Levine with Long and Foster Real Estate, Inc. Matt McHugh, with Washington Fine Properties, LLC, represented the Purchaser.

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