New listing in Cleveland Park, what do you think?

[Anonymous]

Anonymous wrote:The house hasn't sold yet. Genuinely surprising to me. Maybe the market in Cleveland Park is finally cooling off a bit?

I don't know if the water issues discussed upthread are a factor but it's weird timing with school just starting. I wonder if they had gone on the market in the Spring/ Early summer, it would have sold faster?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The house hasn't sold yet. Genuinely surprising to me. Maybe the market in Cleveland Park is finally cooling off a bit?

I don't know if the water issues discussed upthread are a factor but it's weird timing with school just starting. I wonder if they had gone on the market in the Spring/ Early summer, it would have sold faster?

Something related to water issues was mentioned way early on.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The house hasn't sold yet. Genuinely surprising to me. Maybe the market in Cleveland Park is finally cooling off a bit?

$3.4m is really high for this house

This would have instantly sold for $3M+ last year. Don’t know about $3.4M, but close to it.

I’m sure they used this comp: https://redf.in/HaPJiL

3.1 million in 2023 for what looks like a similar sized house done by the same developer. Maybe the current listing is in a slightly more expensive neighborhood, but it doesn’t have parking. So it seems like the price may just be too ambitious.

I think the location makes that a pretty borderline comp. We looked at that house when it was on the market, and it’s really not in a great spot. Something of a dead zone that’s too far from Wisconsin, Connecticut, and the commercial strips. Walkability and public transportation just weren’t good enough. In the core of CP, houses like this used to fly.

They're only about a 10 minute walk from each other. But I guess that what I'm saying - it's possible the one on Woodley (slightly worse location) goes for about the same as the one on 34th Place (more central location). Parking could have something to do with it, but other than parking and location, the homes are pretty similar.

It's an interesting question how much parking affects interest in a CP home. I don't know. Many sell just fine without it, since street parking is plentiful, but presumably some buyers really care. We don't.

As for location, at least for us, this was a really big difference. Living half a mile from anything commercial or good public transportation was a dealbreaker. We knew that we could walk that just fine, but it was long enough that we wouldn't want to and it would be a daily annoyance. In particular, it's the difference between being able to just pop out for groceries or a meal and having to plan a chunk of time around it.

So, at least from this one recent buyer's perspective, the houses really aren't comparable. Maybe other buyers would weigh the parking and location differently.

Where did you end up buying?

[Anonymous]

3408 finally sold for just under $3.1m.

[Anonymous]

Anonymous wrote:3408 finally sold for just under $3.1m.

Interesting. Between this property, the recent sale on Highland, and the lingering arts and crafts house on Ordway, it certainly seems like the Cleveland Park market could be leveling off. Though these are all houses that have different major drawbacks, so I’m a bit reluctant to generalize.