Wrong Way to Run A Railroad

Or sell a condo in this market.

The Story:
--- Price it high, and then slowly drop the price as the days and weeks go by as the listing gets older and older.


Take note of this unit at 2020 Lofts. True the condo is sleek and handsome. "Corner unit with huge outside terrace from 2nd floor den with views of capitol." Granite and stainless kitchen. Yada Yada. Parking. A couple of blocks to the Metro. Up and coming neighborhood. Sign me up.

Asking price: $799k. Whoa. And that's after three price drops. It started at $889k in February.

View from the Bubble:
--- It's almost been on the market six months. What's the point? The listing is so old and buried in the MLS the only people who will see it are ones trolling for price drops. I bet if the agent started at $750k in March it would have been bid up to close to their ask by April Fool's Day.
--- Remember the mantra: In a slowing market you must price it right to succeed.

Waterfront Bargain or A Greedy Dream

The Offer:
--- $245K. 700 SF or so one bedroom for sale at Carrollsburg Condominium at 1250 4th St SW. Mid-range renovation granite and stainless. Parking for another $25K. My guess about 700 SF.

--- Capitol view. Outdoor pool. Walkable to Rayburn, DOE, DOT or the baseball stadium.

--- Don't like this one? Try one of these to buy or rent.

--- Built in 1967, the Carrollsburg offers mid-century charm, if can appreciate it. Lose the granite for some retro formica.

What's It Worth To Ya?

--- Buying as an investor or an owner occupant would take some vision. The waterfront is charmless now, but in ten years . . .

--- Will the stadium have a positive impact in 2008 or will it take a few more year?

---Owner might take an offer 10% below ask, since there is so much on the market.

--- Is there much of a rental market in Southwest?

Bloomingdale Rose, Daisy Or Carnation?

Located at 36 R St. NW DC, this "smartly renovated spacious 1895 Victorian" is going for $649.9K. You get: 2 bdrms, 2 full baths, plus a 1 bdm apt. (or 3rd bedroom, 3rd full bath) and a 2-car garage near the New York Ave. Metro. There is a large eat-in kitchen w/brushed nickel highlights,Kohler cast-iron sink,beautiful imported Italian ceramic counters.



Lots of Victorian character. More info click here.


Seems like a steep price in a neighborhood that only recently went on the radar screen with the anticipation of the Metro. The hood is coming along, though, with things like EC-12 in the works too.

What do you think? Too high? Too low? Or just right?