Housing Complex

Sale Watch: 3331 N Street NW, Overpriced Real Estate Coming to Earth

$10 million? Nah. (Sotheby's)

For a time, 3331 N Street NW was D.C.'s third most expensive house, at a square $10 million. Until yesterday, that is, when after more than four months on the market it took a 20 percent price cut, down to $7.9 million. Only three million more than its 2012 assessed value! Just another illustration that in the real estate stratosphere, list prices mean pretty much nothing at all.

Any reason for the big drop? "Nope, just interested in selling the house," says listing agent Michael Rankin.

The owner, Garry Crowder (who appears to have put the property in his wife's name), usually knows how to make a buck—a hedge fund pioneer, he sold two companies to a multi-national investment bank. By comparison, the profit from having bought the Georgetown house for $6.99 million in 2007 will be pretty slim.

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  • Portia

    Not sure what your point is about the assessed value... DC tax assessment usually lags significantly behind the market value the more expensive a property is in historic neighborhoods. It's not unusual for a large historic Georgetown/Kalorama/Dupont mansion to sell for considerably more than the assessed value, if the property has been completely renovated, as this one has. The current price makes sense for a house of this size and quality, regardless of the tax assessment. There was a mansion that sold on R St in Georgetown last year that sold for more than double its 5 million dollar assessment.