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: 1447 Swann St NW, Unit B
Advertised Subdivision per Listing: Old City #2
Bedrooms: 2 Baths: 2 Parking: Rental parking Available On Site Ownership: Condo
Original List Price: $575,000. List Price at Contract: $575,000.
Square Footage per Listing: 752
List Date: 11/1/2018
Days on Market: 21
Settled Sales Price: $614,000.
Seller Subsidy: $0.
Settlement Date: 11/21/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
In 2011, PoPville looked at this exact unit when it was for sale for $449,995. Here is a link to that post and its 12 comments.
Besides the price, what has changed?
The real estate industry is ever evolving. Take a look at pics in the 2011 listing. That was what a lot of real estate listings looked like just seven or so years ago. Now, there are an abundance professional photographers, services, and stagers that support the current state of visual marketing in the DC real estate world. In many areas of the city, a high level of prep and marketing is expected and clearly can affect how quickly a listing sells.
One 2011 commenter noted, “Almost half a million dollars for a 1st floor apartment with only 752 square feet and street parking?”
It’s not so much about the price as it is about what one expects and perceptions of a standard at certain price points. At that location, with all of the current transportation options (2011 was pre-Bikeshare, Scooters, and Uber/Lyft), is parking as important in that location as it was then? There is now a Trader Joe’s around the corner and even more businesses in the neighborhood.
A 2018 commenter stated, “Value is how much people are willing to pay for it,” which is something that has not changed.
The listing agent for the subject transaction was Clay Burke with McEnearney Associates, Inc. Eric Hernandez, with Keller Williams Realty, represented the Purchaser.