Buyer's Market Celebrating the District's Real-Estate Bust
Price Pick of the Week:
735 Rock Creek Church Road NW
Original listing price: $442,500 (March 15, 2007)
Current listing price: $325,000 (Aug. 3, 2008)
Slash rate: 27 percent
Square footage: 1,300
This basement condo is located up the street from the Petworth Metro station in an area now called “Columbia Heights East,” at least according to the real estate listing. The other two units in this row house sold late last summer for $435,000 and $450,000. A Craigslist ad explains the drastic price reduction on unlucky number three: “The floor in the rear room of the last unit experienced some damage as a result of the recent rain storm, and because of financial issues, I can’t repair the damage.” The estimated repair cost is $8,200, according to Re/Max Supreme Properties agent Roger Neely, who says water entered the unit from the front and the back, following the “really, really torrential rains” earlier this summer. That will all be a distant memory by the time new owners move in, explains the posting: “I have an estimate from my contractor to replace the flooring & waterproof so that issue will not happen again!!! I will credit the buyer at closing, so you won’t pay a dime out of your pocket…You can’t lose!!!!!!!”
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Aug. 15 - 21, 2008 (Vol. 28, #33)
Comments
8:03 am
The ubsurdity of this market never ceases to amaze me. Please keep up the good work of reporting this stupidity!
2:21 pm
How true Kam, this entire market is out of control. I wouldn't pay 425,000.00 for the entire building! This throwing money down a wet hole.
11:19 pm
I've looked at a lot of properties listed by Roger Neely. Without an exception they were all way overpriced and sat on the market for ages. It was infuriating trying to deal with him. Between the brilliant developer (with what the other 2 units sold for how can he not come up with $8K?) and Roger Neely, I would stay far, far away from this one!
1:20 pm
WTF is Columbia Heights East? Is that sort of like how Benning Road is part of the Hill in some listings?
7:06 pm
"No chance the rains will every return, tee hee!"