We know D.C. Get our free newsletter to stay in the know.
1606 W St. NE
Original Listing Price: $299,000 (Feb. 23, 2007)Closing Price: $230,000 (July 30, 2007)Slash Rate: 23 percent Square Footage: 1,521
Located across the street from a crane rental business, this Brentwood row house could use a vista upgrade. The real estate listing doesn’t provide much of a warm and fuzzy feeling either: It advertises a drastic price reduction and says that the house is “very livable” but will be sold “strictly ‘as-is’—no repairs.” The most notable features are apparently “thermopane windows, recent furnace (4 yrs) and finished rec room.” Even in a faltering market, some of the sellers were reluctant to part with the property, recalls the buyers’ agent John Sullivan of Buyer’s Edge in Bethesda. The previous owner was an elderly woman, who had recently passed away, and her children all had to sign off to finalize the sale. “You always have someone that wants to hold out for more,” he says. Sullivan’s clients started looking at the property after it dropped into their price range of $250,000. They checked out homes in Prince George’s County and Montgomery County, as well as mainly Northeast neighborhoods in the District. “Overall, it looked like we could get some better deals in portions of D.C.,” says buyer Michael McClain. Agent Sullivan says the market for medium-range homes in the city hasn’t changed much since McClain and his wife bought their home this past summer. He attributes the price drop to just the usual housing slump forces: fewer buyers, less demand. To grease the wheels a bit, the sellers also threw a perk into the deal: $4,000 closing costs paid.
Got something for Buyer’s Market? Send tips to email@example.com