You explain the price gyrations on this nice looking, but pricey,
one bedroom in Kalorama. I give up:
| PREVIOUSLY SOLD PRICE |
|---|
| Date | Sold Price | Subsidy | Net Price |
|---|
| 4/17/2009 |
$250,000 |
$0 |
$250,000 |
| PREVIOUS LISTING PRICE HISTORY |
|---|
| Date | Price | % Change | Days at Price |
|---|
| 5/9/2008 |
$399,000 |
|
102 |
| 8/19/2008 |
$395,000 |
-1.0% |
6 |
| 8/25/2008 |
$375,000 |
-5.1% |
172 |
| 2/13/2009 |
$875,000 |
+133.3% |
20 |
| 3/5/2009 |
$265,000 |
-69.7% |
27 |
| 4/1/2009 |
$719,000 |
+171.3% |
31 |
| 5/2/2009 |
$679,000 |
-5.6% |
|
| CURRENT LISTING PRICE HISTORY |
| Date | Price | % Change | Days at Price |
|---|
| 4/30/2009 |
$415,000 |
|
42 |
| 6/11/2009 |
$399,000 |
-3.9% |
So far, all I can come up with is "severely undertreated bipolar. Client probably crazy too."
NB: I'm not interested in living in Kalorama, for all those who suggested alternate climes; I agree it's too expensive. It just happens to share a zip code with places I might live.
My guess is someone is trying to manipulate the analysis of the value of another property. I don't know if they are relisting so they can say "Look this one is a steal, I know another one where the seller is asking XXXX" or if there is some legal issue with another property for which the listing price of this property is relevant.
In my experience these systems sometimes have trouble with multi-unit dwellings-- it may be conflating the transactions on several units in the building. (Possibly not all one-bedrooms.)
This is almost certainly correct. If all of the dates are correct, there are at least 3 and probably 4 different units in there--and possibly many more than 4.
1. Listed 3/5/2009 $265,000; Sold 4/17/2009 $250,000. Studio or un-updated 1BR.
2. Listed 2/13/2009 $875,000; 4/1/2009 $719,000; 5/2/2009 $679,000. (This could be two diff. units)
3. Listed 5/9/2008 $399,000; 8/19/2008 $395,000; 8/25/2008 $375,000. (This could be two diff. units, or could be the same as ...)
4. Listed 4/30/2009 $415,000; 6/11/2009 $399,000. (Could be the same as #3, or one part of #3, if #3 is two units.)
Further--two seconds research shows that the building is a Co-op--thus meaning that there are no separate tax index nubmers for each unit.
So, if the website pulls the prior listings by index number (a very sensible method), all listings at 2220 20th will appear to the database to be for the same property. With no human spot checking, you get garbage out.
Truthfully, I think Michael probably found the real reason, but here's what three large cups of coffee followed by an afternoon chai are telling me:
Previously sold on 4/17/2009 -- innocent typo. Make that 4/17/2006 for $250k.
5/9/2008 -- Ennui. "Tired of living around here. Property values are way up, we can get 12%/year out of our investment. Let's list the place." $399k.
8/19/2008 -- Patience. "It's been on the market over three months. Realtor says we should drop the price. Let's take a small cut and see what happens."
8/25/2008 -- Impatience. "Things are looking overheated, who knows what will happen next. Let's drop it again and hope for a quick sale." $375k.
2/13/2009 -- Panic. "The market is doing %@#$%@#! what? Bump the price way up so we have negotiating room!" $875k.
3/5/2009 -- Despair. "We'll be lucky to get anything for this dump! Cut the price to $625k and let's see if anyone's interested!" Unfortunately, realtor was also suffering despair, but opted to treat it with vodka martinis. Transposition typo: $265k.
4/1/2009 -- Anger. "You mistyped it how? Get that fixed -- no, fix it AND bump it up a bit just in case!" $719k.
5/2/2009 -- Regret. "Maybe that was excessive. Take it back down slightly." $679k.
6/11/2009 -- Acceptance. "Well, that was quite a ride. Let's start over and try this again."
The odd thing is that this is more rational than any scheme designed by a bureaucrat.
Derek
I'm wondering if the 2/13/2009 listing might be for a penthouse with roof porch and/or two apartments together turned into a single apartment.
same deal for the 5/2 listing. Much larger and other amenities?
Why would you even want to purchase a house?
You have no idea the number of financial leaches who will append themselves to you once you fall for the biggest sucker deal in America?
To start with, you are woefully underestimating your monthly payment. You've forgotten to include another 25% for taxes. You'll pay property taxes, be forced to purchase title insurance, be forced to purchase homeowners insurance. And that's just the beginning. Add another 5% a year for maintainence and the Home Depot expenses. Don't forget the nice lawyer leaches who will charge you $35 to FedEx a document that only costs them $12 to FedEx. They have you by the balls - er, figuratively speaking.
Even though your home will probably depreciate in value its first few years, your local government will continue to gouge you by raising your assessed value despite all evidence to the contrary. Sure, you can appeal ... at the cost of months and months of fruitless arguing with your local tax assessor. You'll eventually maybe save a few bucks; and figure out it's not worth fighting it next time, so resign yourself to ever being fked over by your local politicians.
Get behind on your federal taxes? Once you become a homeowner, they'll never forgive your tax indebtedness because now they have an asset they can file a lien against. They'll never forgive their usurious interest on your tax bill, or their ridiculous fees and penalties - because they have you over a huge fking barrel once you become a homeowner.
They have you, and you really don't know exactly how bad they have you until you purchase a house. Why do you think they want you to do so? Why do you think they subsidize your interest?
Lose your job because Obama just bought your company and closed your dealership? Good luck trying to move to another state since you'll be trapped in your home.
You're a fool if you buy a house, unless you can pay cash for it.
Not to mention the fact that you're an opinion journalist.
Have you not seen the future of your industry? You are a commodity, sweetheart. Nothing you've said in the last 12 months hasn't been said by 200 other people with blogs on the internet. The only difference between you and them is their employer isn't paying Glenn Reynolds to link to them.
You're nothing special.
You have no real insight into the goings on that can't be obtained easily elsewhere. If you piss off the wrong person they'll just pluck someone else out of obscurity at half your pay and pay Glenn to link to them. Voila ... instant econo-pundit.
You really should rethink your desire to buy a house. It's a stupid move.
Sir, are you drunk?
Crazy. Also, that that's a few doors down from where I lived in DC :) Nice street, strange price gyrations.