“an interesting case study of how insanely rapidly a property in the District can increase in value”

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: 1519 T St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Dupont
Bedrooms: 4 Baths: 4 Parking: Driveway/Off Street, Garage door Basement: Yes Ownership: Fee Simple
Original List Price: $1,715,000. List Price at Contract: $1,699,900.
List Date: 4/19/2018 Days on Market: 45
Settled Sales Price: $1,675,000.
Seller Subsidy: $0.
Settlement Date: 7/10/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Located just east of 16th St NW, this large Victorian, with three levels above grade and a basement, is an interesting case study of how insanely rapidly a property in the District can increase in value (and perhaps an example of the effect of tenancy on market value).

Listed in July of 2006 for $650,000.

(after a price drop from an original ask of $760,000.), the agent’s description notes, “Property is tenant occupied. Tenant has indicated an interest in purchasing the property.”

For those unfamiliar with DC rental laws, this is a reference to the Tenant Opportunity to Purchase Act (which the DC Council recently voted to exempt from single family dwellings in most cases.) The property settled on the 11th of January 2007 for $525,000. There are no interior pics on the listing.

The home came back on the market, sans tenant, on the 19th of January 2007 for a list price of $679,500. The listing description is as follows: “Renovated in 1981 & rented out ever since…Home is “move-in ready,” but could use some updating.” Check out the interior pics here (click through link to photo icon).

The home settled for $775,000. on the 23rd of February 2007. Vacant and cleaned up, the property sold for nearly a 50% increase in market value.

Same year. 2007. June. The property was gut renovated, painted gray on the exterior, and re-listed for $1,295,000. Here is the link to update pics (click through link to photo icon).

It settled in early September 2007 for $1,150,000.

In 2012, the property again sold, this time for $1,240,000. From there, appreciation hit another wave, which resulted in the current sale, at $1,675,000.

The listing agent for this transaction was Ross Vann with Compass (per disclosure above, the same brokerage that the writer is affiliated with). Kendra Carey, with Long and Foster Real Estate, Inc., represented the Purchaser.