Multiple Bids: Price Falling on Florida Avenue

• July 9, 2013
• 5 Comments

by Shilpi Paul

In Multiple Bids, UrbanTurf showcases homes that we think will attract the attention of several buyers. This week, we look at a three-bedroom rowhouse located in the area between Adams Morgan, the U Street Corridor and Dupont Circle.

Besides the desirable location, this property caught our eyes because of the precipitously falling asking price. Since it hit the market in early May, the price has dropped from an original $815,000 to its currently list price of $675,000. Generally, a price drop like this would indicate a motivated seller.

The home is on a relatively quiet portion of Florida Avenue, and has a some interesting stonework on the facade. The footprint is a little small, and the resulting layout, with two rooms on each floor, might not appeal to everyone. However, the home is in good condition with many updates, and the master bathroom has an extra-large tub for two.

The seller will be considering contracts late Tuesday. More photos and details below.

• Address: 1702 Florida Avenue NW (map)
• Price: $675,000
• Bedrooms: Three
• Bathrooms: Two
• Year Built: 1904
• Price Per Square Foot: $408
• Listing Agent: John Edelmann, Coldwell Banker Residential Brokerage

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4.3 percent.

• Loan Amount: $540,000
• Principal and Interest: $2,672
• Property Taxes: $529
• Total Monthly Payments: $3,201

This article originally published at http://dc.urbanturf.com/articles/blog/multiple_bids_price_falling_on_the_u_street_corridor/7293

5 Comments

1. mona said at 11:36 pm on Tuesday July 9, 2013:
   This house doesn't appeal to everyone. Odd layout, no parking in really busy area. On major road. Great location but that price just isn't there yet

1. Lou said at 2:28 pm on Wednesday July 10, 2013:
   Interesting. I sold a very similar house in that same cluster (2100 17th St with same # of bedrooms/baths, no parking), back in 2004 for $750K , so I would say that is a good deal. Love the location.

1. John Edelmann said at 3:02 pm on Wednesday July 10, 2013:
   Thanks everyone for the comments- To clarify on parking: there is a lot of "zoned parking only" on Florida and just behind the house. So, as the new home owner you should have plenty of available parking.

1. Bruce said at 3:42 pm on Wednesday July 10, 2013:
   I am really surprised this place did not sell long ago. I sold 1616 V St in May for $611/sf ($756K), it's one block away, 300sf smaller, had no parking, and was closer to the noisy police and fire stations. I had 3 bids and the lowest was $750K. The kitchen and bathrooms are nicer at 1702 Florida Ave and its $408 per sf. I'd really like to hear from Realtors why they think this didn't sell long ago.

1. anonnn said at 3:48 pm on Wednesday July 10, 2013:
   I stopped by this house when it first went on the market. It's a quirky house with a layout that isn't for everyone, but it is a house. A WHOLE house. In what I would consider an amazing location that's convenient to dupont, admo, cohi. For 675k. You don't see many opportunities like that these days. That said, I thought it was overpriced at 815k, but I think it's a steal at 675k. I'm interested to see what it ultimately goes for.