Friday, November 09, 2007

Update: Saxon Court

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.

Finally:

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...

5 comments:

sc in dc said...

I rented a condo next door to that building when I first moved to DC in 2005. I think it's fair to say that the demographic has changed considerably since the census in 2000. I'm guessing that's where those median income figures come from. While there are still pockets of 20005 where people have incomes as low as you suggest, my wife & I felt poor living where we did with our six figure household income. I certainly doubt there are too many people buying on Church St over the last couple years with incomes < 100k.

Keith said...

The data I used is based on the 2000 Census - I've been unable to find newer data, not even on the Census.Gov web site.

I don't agree that sub-$100K incomes are rare. The financing leverage available during the past few years would have made a purchase on Church St quite possible for someone in that income bracket. In 2003, one mortgage broker offered to qualify me for a mortgage on an income that, at the time, was definitely sub-$100K, a mortgage that would have allowed me to buy almost any condo on Church St.

Anonymous said...

Stats on the zip code:
http://www.bestplaces.net/zip-code/Washington_DC-72000500010.aspx

http://www.bestplaces.net/zip-code/Washington_DC-72000500000.aspx

Keith said...

Thanks, but how current is their data source?

Anonymous said...

Data source 2005