Price Pick of the Week
401-403 17th St. SE
Original listing price: $625,000 (March 31, 2008)
Current listing price: $500,00 (June 9, 2008)
Slash rate: 20 percent
Square footage: 1,634
“Two Condos For The Price Of One!” states the listing for this rather drab- looking multi-unit home. The property is located on Capitol Hill, though it’s quite a bit closer to the D.C. Jail than it is to the seat of Congress. The building is about 80 percent newly renovated, says real estate agent Brian Turner of BBT Real Estate Group. There are new floors, new appliances, new paint, new vanities, new light fixtures, and new bathrooms, says Turner, though the new flooring isn’t exactly complete. His clients, investors from Virginia, bought the building in May 2006 for $530,000. A few years ago, each individual condo unit—two bedrooms, one bath—appraised for $450,000, says Turner. In 2007, as the market started heading south, the owners listed the properties at $650,000, with no luck. This spring, they gave it another shot: “It went from ‘We’re trying to recoup our investment’ to ‘We’re just trying to get rid of it,’” says Turner. In April and May, two similar units on the block sold for $289,000, says Turner. It was time to lower the price even more. So far, the owners have received no offers on either unit, nor on the entire building: “The preference is to sell [the condos] together because the mortgage is on both,” says Turner, though at this point, he’d be pleased to just unload one.
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