One month ago, I wrote about Saxon Court [1440 Church St NW, 20005]. Unit #504 was the catalyst for the article:
MLS DC6536200: Unit #504, listed for $1,595,000. A 2/2.5, advertised as 2300 sq ft although the District's appraisal data states 2167 sq ft. Using the District's data, the list price is $736.04 / sq ft. According to the District, it was purchased in March 2003 for $1,140,456.
It's now available for $1,500,000. Price cut: $95,000.
I also mentioned unit #603:
MLS DC6555662: Unit #603, listed for $995,000. It has 2/2 and 1441 sq ft per the District. Using the District's data, the list price is $690.49 / sq ft. According to the District, it was purchased in June 2005 for $951,000. At this price, the seller will be taking a loss on the sale after an assumed 6% real estate commission is paid.
It can be yours today for $925,000. Price reduction: $70,000.
MLS DC6556556: Unit #604, listed for $889,000. It has 2/2 and 1476 sq ft per the District. Using the District's data, the list price is $602.30 / sq ft. According to the District, it was purchased in January 2003 for $619,930.
Apparently, this one is under contract. I'll keep an eye for it when it hits the District's sales database.
For some perspective, in zip code 20005 the median household income is $45,705, the average household income is $69,691. These condos are reducing their list prices by more than most of their neighbors earn in a year. Not that there's anything wrong with that...