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

  • October 26, 2010

by Mark Wellborn

Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?: Figure 1
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.

Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?: Figure 2
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:

Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?: Figure 3
2424 18th Street NW

Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?: Figure 4
Master Bedroom

Loft Watch: Another Price Reduction for Adams Morgan 3,800 Square-Foot Space?: Figure 5
Second Bedroom

See other articles related to: lofts, dclofts, adams morgan

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

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