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Price Cutter: Second (or Third) Time is the Charm

by UrbanTurf Staff

In Price Cutter this week, we highlight recent price cuts at homes that have already undergone at least one price reduction.


Rehabbed Three-Bedroom Wardman in Petworth

Price Cutter: Second (or Third) Time is the Charm: Figure 1

We originally featured this three-bedroom Petworth home in early February. Like several other properties on the market in the neighborhood, the listing was a foreclosure that was purchased last year and then extensively rehabbed. The rear of the first level now has a small sun room that looks out onto a back deck and yard, and there is a similar room on the second level with a number of windows that offers the same view. The Wardman also has a two-car garage and a backyard that looks like it could be seeded to make a nice lawn. The original asking price was reduced by $10,000 in early March, then by another $20,000 about a month ago, and then most recently, again by $10,000.

  • Full Listing: 5127 5th Street NW (map)
  • Original Price: $479,900
  • After First Price Reduction: $469,900
  • Current Price: $439,900
  • Bedrooms: Three
  • Bathrooms: 2.5


Three-Bedroom Gingerbread House in Brookland

Price Cutter: Second (or Third) Time is the Charm: Figure 2

The gingerbread house in Brookland is having a little trouble selling. UrbanTurf featured this Victorian in our What $529K Buys You round-up a couple weeks ago, and then last week, the list price was reduced by $14,000. The price recently dropped again to $495,000, perhaps the sweet spot for a buyer out there looking for a home that needs some interior updates, but has a wrap-around front porch, a good-sized yard, and a very cool looking facade.

  • Full Listing: 1231 Irving Street NE (map)
  • Original Price: $529,000
  • After First Price Reduction: $515,000
  • Current Price: $495,000
  • Bedrooms: Three
  • Bathrooms: 2.5
  • Square Footage: 1,815

See other articles related to: price reductions, price cutter, petworth, brookland

This article originally published at http://dc.urbanturf.com/articles/blog/price_cutter_second_or_third_time_is_the_charm/3397

2 Comments

  1. East H said at 10:42 pm on Wednesday April 27, 2011:
    That Petworth house is waaaaay overpriced. A nicer rehab on 5th, same house layout and closer to Sherman Circle, closed at around $405K about a year ago.
  1. SL said at 2:46 pm on Thursday April 28, 2011:
    Location is everything. Rehabbed houses in Petworth close to the metro (Shepherd, Taylor, Upshur etc.) are selling for significantly more - for $550k to $575K for fully renovated typical Petworth Wardman-style houses. But once you get much further than a 1/2 mile walk to the metro prices drop significantly. It seems to me that the price is about right now though and it should sell pretty quickly.

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