A $350K Price Drop For DC’s Most Intriguing Lofts

• January 27, 2014
• 5 Comments

by Lark Turner

The Pierce School

Back in October, UrbanTurf covered the Pierce School lofts, quite possibly the most unique property we’d ever featured, shortly before it entered the market. But the $7.25 million listing price may have been a little ambitious, and the price tag was reduced this past weekend by $350,000.

Owners Jeff Printz and Chris Swanson bought the Pierce School at 14th and Maryland Avenue NE (map) from the city for just $275,000 in 2000. Seven lofts and a crazy-cool owner’s unit later, the former school served as Printz and Swanson’s home (as well as that of seven renters) for several years. Despite garnering plenty of attention — the Huffington Post said the renovation was enough to make them “really want to go back to school” — the building has yet to attract a buyer. In addition to the price reduction, the owners also threw in four years of free property management for the building’s rental units.

The price reduction gives us a reason to take a look at this renovation eye candy again. Check it out:

The main living room

The home office

The kitchen

One of the loft rentals

For more, see our previous post on the property here.

Here’s the nitty-gritty:

Full Listing: 1375 Maryland Avenue NE (map)
Price: $6.9 million
Year Built: 1894
Listing Agent: Peter Lane, TTR Sotheby’s International Realty

Photos courtesy HomeVisit.

This article originally published at http://dc.urbanturf.com/articles/blog/a_one-of-a-kind_home_gets_a_price_drop/8043

5 Comments

1. jno said at 9:32 pm on Monday January 27, 2014:
   That place is a bit of a mess. Good luck to you.

1. SW, DC said at 9:48 pm on Monday January 27, 2014:
   I'd buy it. Just need about $7 million more. (I realize the asking price is now 6.9...)

1. Judith K. Claire said at 1:56 pm on Tuesday January 28, 2014:
   If that is a "mess" it is my kind of mess- happy, exciting and forward looking - walk to Union Station! What a deal!

1. Wali M said at 8:09 pm on Tuesday January 28, 2014:
   Great place. Very original. As a rental property the numbers just don't make sense at that asking price unless you are cool covering a huge deficit on your mortgage every month.

1. NE Resident said at 9:16 pm on Tuesday January 28, 2014:
   Looking at DC's property system (PIVS), 1375 Maryland Avenue NE has no business licenses or certificates of occupancy, both of which are required to be a legal rental.