Saturday, March 03, 2007

2006 Condo Sales: The Rhapsody

Following up on my post about Quincy Court, I looked into another building that came online in 2006, The Rhapsody.

The District's real property assessment database lists 162 units in the building. Of those, 29 have not been sold and eight werre flipped.

The Rhapsody 2120 Vermont St NW

Sales recorded by the District from May - December 2006:

Information about sales of individual condos can be found at DCCondoPrices.com.

Condos flipped through December 2006:

Ignoring the time value of money, carrying and transaction costs, five "flippers" made a profit, two lost money on the flip and one broke even. The average profit on a flip was $11,400 and occurred, on average, 111 days after the initial sale was recorded.

Interestingly, two units are advertised on craigslist today: units 6 and 114. Unit 6, purchased for $264,900, is being offered at $340,000. Unit 114, purchased for $290,399 last May, is available for $338,000. Apparently, neither unit has been occupied, but somehow have increased in value from 16% (unit 114) to 28% (unit 6) despite the condo market's current condition.

2 comments:

Jessica said...

It looks like the two that lost money really didn't. Check dccondoprices.com again. Do you agree?

Was your analysis based on figures that changed on the dccondoprices website or did you miss a step?

Thanks for your work!

Keith said...

No, I didn't miss a step. You've found a bug in DCCondoPrices.com. I'll get the "IT department" to fix it.

Units 109 and 110 were purchased in May 2006 for $453,747 and $419,847, respectively. Each was resold in December 2006 for $440,000 and $399,900, respectively. Both resold for prices lower than the original purchase price.

Thanks for the comment. I don't like my sites to be buggy.