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: 2406 I St NW
Legal Subdivision: Foggy Bottom
Advertised Subdivision per Listing: Foggy Bottom
Bedrooms: 3 Baths: 2 Parking: Street Basement: Fully finished with front & rear exits Ownership: Fee Simple
Original List Price: $775,000. List Price at Contract: $739,000.
List Date: 4/4/2018 Days on Market: 29
Settled Sales Price: $715,000.
Seller Subsidy: $0.
Settlement Date: 6/11/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
This property was described in the listing notes by the agent as livable and in need of renovation. This is a tough scenario to price in any case. Given that there were only four fee simple (house) sales in Foggy Bottom, including the subject property, since 1 January 2018, this is an incredibly difficult house to price.
Not only are there very few recent immediately nearby comparable settled sales (in current or after improved value condition) the hand full of houses that have sold are diverse in size and style. The subject, at $715,000. was the lowest recent sale, and they go up to $1,090,000. for a 2 bedroom 2.5 bath house.
In contrast, this area surrounding the George Washington University, and close to World Bank, etc., has had a total of 41 settled condo and co-op sales since the beginning of the year. Condos and co-ops in Foggy Bottom sold ranged in price from $190,000. to $907,000.
The listing agent for this transaction was Pamela Ryan-Brye with Long and Foster Real Estate, Inc. Raynelle Araque, also with Long and Foster Real Estate, Inc., represented the Purchaser.