Thursday, February 7, 2008

How Does $1 Million Dollars in 2 Days Sound? One Seller Loves the Idea (Not that We All Wouldn't)

Several months ago I came across a closed down gas station smack in the middle of Woodridge, NE DC for one of my clients. The property address is 1800 Rhode Island Ave NE. The property contained 3 repair bays, a storefront and according to the tax record, gas pumps as well (though I didnt see any). So after weeks of deliberation with my client someone comes up from under us and snatches the property for $515,000, $15,000 over the original asking price. Congrats.

Now it gets good. Yesterday while looking through MRIS commercial listings I came across the very SAME service station only this time its on the market for $1.5 million, or can be leased for $5,500 per month. One might expect that the new owner renovated the building or repaired the service bays. That very same person would be wrong. Upon looking more closely at the original listing where it was sold for $515,000 it clearly states that settlement was on February 4th, 2008, meaning that the new owner listed the property the day after he settled for $1 million dollars more.

What I cannot understand is why the owner/agent hasn't done more research on the market. While the property is zoned C1, its landlocked by three streets and will never be able to expanded into an assemblage of properties. On top of that there is another service station on the market in Adams Morgan and 18th & N(?) Sts NW for $2.25 million. I think we can both agree on which one is more fairly priced.

It gets better - the new listing company, Thos D. Walsh, Inc. used the original picture from the original listing from Brian Logan Real Estate (see photos)
Good luck to the new owner. Has anyone else passed by this station?

Tuesday, February 5, 2008

Hey Developers, No More Closing Off Sidewalks for Construction

Yesterday the DDOT announced that developers, anywhere in the city, will no longer be allowed to close off the sidewalks for their construction sites. The new guidelines will require either covered walkways or protected open walkways at most sites.

This means you Metropolis Development, which happens to be completing their newest luxury development, the Metropole, located caddy-corner to my office.

Where's my money?

Scaffolding companies!