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What sold in the District this past week…
701 Pennsylvania Ave, #PH157 (Penn Quarter)
Two bedrooms; Two bathrooms; 1,035 square feet
List Date: Nov. 7, 2008
Original Listing Price: $799,000
Close Date: April 30, 2009
Final Price: $730,000
Analysis: This building—-Market Square East on Pennsylvania Ave.—-has been featured prominently on Housing Complex in the past, and I’m not in the mood to reverse the trend today. The property is remarkable for a few reasons: Numerous DC notables have rested their heads here: Esteemed New York senator Daniel Patrick Moynihan, Former VP candidate Geraldine Ferraro, columnist Bob Novak. It’s one of few condominium buildings on Pennsylvania Avenue, which provided prime inauguration parade views. With these thoughts in mind, I wanted to see how this particular property had appreciated since its last sale. The previous owner bought #PH157 in May 2004 for $610,000. He hoped to get roughly $200,000 more for it some four-plus years later. In the end, he profited $120,000 on the place. Not bad. Not bad at all.