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With news of the housing market’s stabilization becoming increasingly common, we return to Buyer’s Market, an old feature chronicling “the District’s real estate bust.”
If this is indeed the bottom or somewhat near it, let’s check in on what we’ve hit. And if it’s not the bottom in D.C., here’s just another on-the-way-down progress report.
In May 2008, this Brookland six-bedroom (Really? Come on) Victorian had been on the market for nine months and had undergone a significant price drop of 21 percent, starting at $619,900 and ending on $487,000 by that point.
That number came close to the final sale price for 1313 QUINCY ST NE, a “prestigious White House on the Hill!,” in the same area, which went for $470,000 in January. Other similar properties, that have sold in 2009, ranged from $300,000 to $425,000. As for this particular yellow Victorian pictured above…it vanished. I can’t find it on the listing service—-but according to records, it never sold. The property, purchased in 2006 by “GOLD STAR PROPERTIES CORP,” hasn’t changed hands recently.