Brookland

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 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 the Bediz Group, LLC at Keller Williams Capital Properties . 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 Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system and/or Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.

Featured Property: 1216 Michigan Ave NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Bedrooms: 4 Baths: 1 Basement: Full Unfinished Parking: Driveway Ownership: Fee Simple
Original List Price: $659,000. List Price at Contract: $659,000.
List Date: 10/18/2016 Days on Market: 12
Settled Sales Price: $655,000. (Net $645,000.)
Seller Subsidy: $10,000.
Settlement Date: 12/01/2016
Transaction type: Standard

Original GDoN post can be seen: here.

The listing can be seen here: here.

This house raises an interesting question, which was noted in the comments on the original GDoN post. How much does being on a busy street make a difference to market value?

Although the subject property sold nearly 3% below list price, it did move relatively quickly at less than two weeks on market. Average time on the market for the eleven bungalows sold in Brookland (including the subject) in 2016 is 27 days. (more…)

Suzanne Des Marais is an associate broker with Bediz Group, LLC at Keller Williams Capital Properties . 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 Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system and/or Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.

Featured Property: 2422 2nd St, NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Bedrooms: 2 Baths: 2 Parking: Street Ownership: Fee Simple
Original List Price: $489,950.
List Price at Contract: $489,950
List Date: 09/28/2016
Days on Market: 2
Settled Sales Price: $515,000. (Net $499,550.)
Seller Subsidy: $15,450.
Settlement Date: 11/01/2016
Transaction type: Standard

Original GDoN post can be seen: here.

The listing can be seen here: here.

In reviewing the market history for the subject property, I happened to notice that the first transfer on record in the multiple listing service (which only started in its current form in the mid-1990’s) was on the 17th of September 2001…less than a week post-9/11. At the time, it settled for $53,000., which was $6000. over the asking price.

Agents working in DC post 9/11 will recall a huge sense of uncertainty that pervaded the market. Eventually, following 9/11, the DC real estate market returned to normal and continued to thrive as the District welcomed new residents. Many areas of the city experienced revitalization that began in the early 2000s.

From a market perspective, agents rely on what we hear from our peers about open house attendance, number of (or lack of) multiple offers, days on market, price reductions, etc. Statistical data, however, will always lag behind what we experience anecdotally. For example, we will never know the actual peak or valley of a market until after it has happened. (more…)