Sunday, February 26, 2006

Update III: 1228 Walter Street SE

The rowhouse located at 1228 Walter Street SE sold at 517K. This was less then the last asking price of 529K.

Previous Posts:

1228 Walter St SE (Dec 11)
UPDATE: 1228 Walter St SE (Dec 30)
Update II: 1228 Walter Street SE (Feb 8)

You can go to Joe's real estate website and see properties that have recently sold:

On Joe's webpage it says the 'original price' was 529K. However, that was not original price, but merely the most recently listed price. The original price was 549K. Joe should change the wording from 'original price' to 'last asking price' or change the amount from 529,000 to 549,000. Currently, it is misleading.


  1. David -

    I agree that it is misleading, but technically, I can't list multiple prices on my site. Perhaps I should simply list the $549,000 price as the original price. I certainly don't mind listing the original price, as the MLS (MRIS) lists all price changes, and I'm not trying to intentionally mislead anyone. That is not the way I act. The price of $549,000 was based on faulty information that the last home sold for $565,000. If we had known that it sold for much less, we would have listed the home for $529,000. I hope this clarification helps.

    Regarding our final price....the most recent sale on Walter St. sold for $532,500 ($545,000 less a 12,500 seller subsidy) and it had a garage. I think our final sale price of $517,000, w/out a garage, was a solid price in an adjusting market.

    Keep in mind that we had well over 325 people through the 6 open had to sell at some point. :-) Take care...I enjoy your site.


  2. Joe,

    "and I'm not trying to intentionally mislead anyone"

    I am not accusing you of misleading people as I think it is an honest oversight. Either change the wording 'original price' or change it to 549K. As it stands now it is unintentionally misleading.

  3. It seems everything I read these days is misleading ;)

  4. Way more than I think it's worth. Bubble hasn't popped yet, or even really begun, in my opinion. I think it's got a long way down to go.

  5. So it sold for about 32,000 below what was originally asked?

    I guess this is a start.

  6. It's a shame there are only two comps listed on DC's web site for Walter Street -

    July 2004 485K
    Oct. 2005 500K

    It's hard to get a sense just from those figures, but that this house was on the market for almost 3 months and reduced twice is telling.

    Anon 6:45 - you said the bubble "has a long way to go," but the evidence in DC and most "bubble markets" around the country is at this point overwhelming - it is over.

    If history is any guide, we will continue (yes, continue - see this morning's W. Post) to see orderly price declines. At some point, sellers will panic. That is, if history is any guide.

  7. Joe, I would agree that you are misleading buyers, and I'm sure that your real estate association has ethical considerations you might want to review. But I find it refreshing that you respond here. Cheers.

  8. The content on my site may have been misleading, but I am not intentionally misleading anyone. The Walter Street original list price has been changed on my site, and I have be submitting an update request to my site designer for additional price change fields. So long as the tone of the comments are sincere and valid, I don't mind criticism. :-) Thanks for your comments.

    One side note regarding pricing....The price of listed homes is set by the seller, not the agent. We advise accordingly, based on comps and market conditions, but in the end, the seller makes the final decision. In this changing market, you will find that sellers are opting to list on the high end, necessitating a price change after only a few weeks. In the end, market forces (suppy and demand) determine the final price.