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: 1514 17th St NW #208
Advertised Subdivision per Listing: Dupont Circle
Bedrooms: 0 Baths: 1 Parking: On Street Ownership: Cooperative Square Footage: Unknown
Monthly fee: $509, includes real estate taxes, all utilities, and broadband
Original List Price: $255,000. List Price at Contract: $255,000.
List Date: 9/28/2018
Days on Market: 11
Settled Sales Price: $255,000.
Seller Subsidy: $0.
Settlement Date: 11/6/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
Square footage was not mentioned in the listing. Because it is a cooperatively owned building, the tax record is for the building and not the individual unit, so square footage for the unit is not reported on the tax record. Other settled studios in the building were noted to be in the 400-500 square foot range.
Within the past six months, there have been 2853 properties settled in NW DC. After removing the 8 parking spaces that sold (including one $95,000 garage space), 259 of those properties had sales prices under $300,000.
In the past six months, in NW DC, properties that settled at $300,000 and less represent approximately 9% of the total settled sales.
Three years ago, for the same six month time period in NW, properties settled under $300,000. comprised nearly 12% of the market. Five years ago, for the same seasonal time range in NW DC, settled sales under $300,000. counted for nearly 17% of the total sold.
Buyers qualifying in this price range may have access to incentives to purchase. These include low down payment and/or down payment assistance, a reduction in transfer tax to the city for eligible first time buyers, and property tax abatement.
Here are links to currently active properties under $300,000. in all four quadrants:
The listing agent for the subject transaction was Jenn Smira with Compass (per disclosure above, the same brokerage that the writer is affiliated with). Nikolas Mercado, with Long and Foster Real Estate, Inc., represented the Purchaser.