Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?

• October 26, 2010
• 11 Comments

by Mark Wellborn

2424 18th Street NW, #R2

Homes for sale in the District that could be considered a deal rarely have asking prices in excess of $1 million. But in the case of one Adams Morgan loft that we have taken a particular interest in over the past couple years, the tag seems fitting.

2424 18th Street NW, #R2 is the larger of two massive units in a former car dealership located in the heart of Adams Morgan. The 3,800 square-foot, three-floor industrial space has 14-foot ceilings, two bedrooms, a private deck on the second floor, a roof deck, a garage parking space, and a living area big enough to host a party for 200 people.

Kitchen

Originally priced for $2.7 million back in 2008, the home has been on and off the market over the past two years with a reduced price tag each time it was listed. Now, the home is priced at $1.549 million, offering a price per square foot of just $408. (The average price per square foot in Adams Morgan is currently $524, according to Redfin.) That is a $1.15 million discount off the original list price, and we hear that another price reduction could be coming soon. The price reduction is coupled with the fact that the listing is also now a short sale, so the buyer should plan on being patient.

Update: The price on the loft has dropped to $1.25 million.

When UrbanTurf visited the loft back in 2008, there were some signs that it would be a tough sell. At the time, listing agent Fred Bates noted that there were probably less than ten prospective buyers in DC that were currently looking for this type of home. While the home still caters to a specific buyer, the price reduction probably widens the eligible buyer pool a good deal.

Following are a few more photos of the property:

2424 18th Street NW

Master Bedroom

Second Bedroom

This article originally published at http://dc.urbanturf.com/articles/blog/loft_watch_adams_morgan_3800_square_foot_space_now_ready_to_move/2607

11 Comments

1. alyssa said at 11:40 am on Tuesday October 26, 2010:

   STUNNING!

1. ABC said at 1:24 pm on Tuesday October 26, 2010:

   This exact loft was featured on an episode of Designed to Sell on HGTV.  The bright green accent wall near the dining set and the brown and mod squares accent over the headboard were both additions from the show.

1. William Schulz said at 2:33 pm on Tuesday October 26, 2010:

   It’s nice, but it is also above a nightclub. I would think that is a huge factor in nailing down a sale. I wouldn’t want to pay that kind of money for a place directly above the honky tonk of 18th St. I hope the place is soundproofed!

1. Seriously said at 6:24 pm on Tuesday October 26, 2010:

   What an excellent idea.  Yeah, let’s put a $1.5 million condo (not house) on a street crawling with underage drunk kids going to Jumbo Slice.  I’m shocked that this place hasn’t sold.

1. CAHBF said at 1:19 pm on Wednesday October 27, 2010:

   LOL, I remember the Designed to Sell episode clearly.  I love this place but it’s just way too big.  I also hated the Designed to Sell modifications.  THat kitchen is off the hook

1. Eric said at 2:10 pm on Wednesday October 27, 2010:

   I also saw the Designed to Sell episode.  How ironic it’s still on the market.

1. Mike said at 2:27 pm on Wednesday October 27, 2010:

   Love the space, hate the location.  I would imagine every weekend will be spent cleaning up beer bottles and other stuff off your stoop.  And having people go around the building to find a place to relieve themselves.  It’s too bad because in the right place, this would be a sweet building.

1. Jason said at 8:41 am on Thursday October 28, 2010:

   Agree with the above posters… great unit, but Its bad enough living on one of those side streets in Adams Morgan and having to deal with that drunken debauchery all weekend. I cant imagine being ON 18th, right in the thick of it. Those huge windows combined with no street offset was a terrible idea.

1. dc_agent said at 10:05 am on Thursday October 28, 2010:

   Just so everyone is aware this unit is in the back of the building it is not on 18th St. It is very quiet with very cool city views. The main living area is directly above the residential garage with +/- 3 feet of concrete separating the living area from the below!

1. Jason said at 7:02 pm on Friday October 29, 2010:

   I can’t believe this place hasn’t been snapped up by the DC nouveau riche; I personally would love to live above a club, across the street from the best falafel in the city, and rolling distance from 30 great little restaurants and venues. My friends used to live in the penthouse across the street at Adams station, which was on the street and 3 floors up, it was hardly loud at all.

1. Jason said at 5:42 pm on Sunday January 30, 2011:

   Well, my same friends just leased this place. So I guess that is that.

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