Sold in Seven Days “lovely original details” edition

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: 532 11th Street, SE
Advertised Subdivision per Listing: Old City #1
Bedrooms: 3 Baths: 2 Parking: On Street Ownership: Fee Simple Basement Connecting stairway, unfinished
Original List Price: $1,050,000. List Price at Contract: $1,050,000.
List Date: 9/20/2018
Days on Market: 7
Settled Sales Price: $1,115,000.
Seller Subsidy: $0.
Settlement Date: 10/19/2018
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

Last week, we revisited a home with some nice historic elements that was located in Mount Pleasant. The current subject similarly has lovely original details (check out that vestibule tile), and is located across the city on Capitol Hill near Pennsylvania Ave, a few blocks east of Eastern Market.

Pretty much mid-way between the Eastern Market Metro and Potomac Ave Metro, this micro market is a good illustration of how interest and property values expand over time to areas immediately adjacent to high demand spots.

Capitol Hill close to the Capitol began seeing seven figure price points in the early 2000s. Those prices gradually spread east toward Eastern Market.

In this case, looking very specifically within 1/5th of a mile from the subject property (east of Eastern Market), the first fee simple sale above $1 Million settled in 2010, and then none above $1M in 2011, until another one again in 2012.

The number of seven figure sales in this spot increased over the next few years. The average price for houses in this location over the past six months is $1,029,950. In 2018, there have been 9 settled house sales over $1M in this location, selling an average of nearly 2% above list price.

The increase in value over time, significantly decreased days on market, and the aggressive settled price to list price ratio, all point to the impact of an uptick in demand for this location.

The listing agent for this transaction was Michael Lederman with Keller Williams Capital Properties. Kornelia Stuphan, with Log and Foster Real Estate, Inc., represented the Purchaser.