Thursday, March 06, 2008

Condo Sales: Saxon Court [Update]

This is the third and, I promise, final installment of the ongoing saga of Saxon Court [1440 Church St NW] unit #504.


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You may recall that the first Saxon Court post was inspired by unit #504's sale. In the post I said:

My interest in Saxon Court was piqued by an article in the Real Estate section of the Examiner's October 5 issue [sadly, the article isn't on the Examiner's web site]. Samuel Goldreich wrote about a couple who'd done what I've thought of doing: they'd bought two condos and combined them into one unit, #504 at Saxon Court.

The unit's asking prices was $1,595,000. Later in the post, I did a market analysis and estimated, based on prior sales in the neighborhood in my database, that "unit #504 would be valued at between $1,355,740 and $1,433,634, roughly $150-240K less than they're asking, but a decent bump from the [original] purchase price."

In a subsequent post one month later, I mentioned the price has been reduced by $95,000 to $1,500,000.

Well, I'm scrubbing data for sales recorded in January 2008 and what should appear? 1440 Church St NW #504!

So let's review:

  • Initial price October 2007: $1,595,000.
  • I value it at $1,355,740 - $1,433,634.
  • One month later: $1,500,000.

And in January 2008 it's recorded as having sold at $1,425,000, $175,000 less than the initial listing and $8,000 less than my estimated valuation. Pardon me while I go run a celebration lap...

2 comments:

Anonymous said...

I've visited this blog regularly for several months.

Get a real estate license, set yourself up as an exclusive condominium buyer's broker and charge a hefty hourly rate for the education of clients as you take them on a windshield tour of DC.

Thanks for your ironic dash-of-cold water view of the DC condominium market. Now, buyers can deal from an informed position.

Keith said...

Thanks for the kind words and career advice.