1825 16th St. NW
Original Listing Price: $2.395 million (May 28, 2007)
Closing Price: $1.85 million (Jan. 31, 2008)
Slash Rate: 23 percent
Square Footage: 5,500

This sprawling Dupont Circle town house is loaded with astonishing features: a “sumptuous” new master suite, six fireplaces, seven bedrooms, an elegant front garden, and garage parking. In short: It’s tough to manage seller expectations with a property like this. Unfortunately, in this market, with this type of home, there aren’t going to be many serious buyers, says listing agent David Bediz of Coldwell Banker Residential Brokerage in Dupont Circle. “In the beginning, it’s going to be one person that sees it one week, and one the next week—that are actually qualified to buy it,” he says. Bediz, the second seller’s agent working the property, re-listed the home at $2.095 million last September, after the price had already dropped down to $2.195 million over the course of several months. During a housing boom, the sellers can play up their home’s square footage, says Bediz, adding, “We can play up everything.” But buyers these days can afford to be very picky. “Some of these buyers are going to be very fixated on certain things, and they’re not going to be willing to spend $2 million on a property if it’s not exactly what they want.” This property’s downfall: the kitchen, which is relatively small, Bediz says. The new owner clearly got a good deal, but he also plans to renovate before he moves in. And as Bediz says: “Nobody likes to live through a renovation.”

Got Something for Buyer’s Market? Send tips to pick@washingtoncitypaper.com or call (202) 332-2100 x459.