Update on HGTV featured Madrigal Lofts unit
Back in December HGTV aired an episode of Real Estate Intervention featuring a ground floor 1BR unit at the Madrigal Lofts. Immediately upon watching the episode I was a bit incredulous at the pricing advice the HGTV expert, Mike Aubrey, provided the owner. Aubrey suggested that the price needed to be dropped to $339,500 to match the listing price of a 1BR unit at 777 7th Street NW in Chinatown. However this “expert” advice was based on a sloppy comparable as the Chinatown unit didn’t have a parking spot like the Madrigal condo did.
At the end of the episode the seller decided to take the property off the market rather than follow Aubrey’s advice. While I’m not certain exactly what point in time the show was taped my guess in July/August 2010. The owner put the property back on the market this year for $379,900 and went to closing in March for $378,000 with a $5,000 seller subsidy. That’s a net of nearly $35K more than the HGTV suggested listing price.
On a related note, the unit at 777 7th Street that HGTV leveraged as a comp did not sell before being pulled off the market.
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