7 Responses to “Playing Lowball”

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  1. fourthandeye

    I’ll add that Madrigal Lofts does appear to be close to selling out. Typically the sales team only places one unit of each type on MRIS. Just enough to ensure that prospective buyers will find the property in their searches. They hold back the rest of the unsold properties to avoid incurring listing charges and the appearance of having substantial inventory left. However, once the building is near sold out it’s also common for all the units to be listed. Presently 11 units are on MRIS.

  2. si

    recent sales are posted on the DC gov website but there is a delay. you can search by the square #, address, neighborhood…but fyi sometimes they list the odd refi in there too.

    https://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Sales

  3. Anonymous

    I wasn’t able to find any recent sales for Madrigal Lofts in the DC Land records… seems to be a long lag time to get them online at least. The advantage to MRIS is that you can also see seller subsidies, not just sales price.

  4. boog

    You can find all of the DC housing deeds on the DC Recorder of Deeds website:

    DC ROD

    A year ago, the deeds took about two months to get onto the website, but it looks like it only takes about a week behind now. This is the absolute best place to find out how much someone paid for their unit, assuming that you know either the name of the grantor/grantee or the lot/square of the unit.

    So, I just did a search for Matt Watson and downloaded his deed (costs $4). Apparently, he purchased unit #922 for $283,900 on May 15th. Not sure whether a parking spot was included or not, since the parking spots are not deeded. As a matter of fact, the parking spots for Madrigal owners are not deeded for anyone, which may be a mistake. What happens if there is ever a dispute amongst the current owners about how owns a parking spot?

    anyways, I hope this helps.

  5. fourthandeye

    Thanks Boog!

    I had already known about the site Si referred to but unfortunately it does yet recognize the Madrigal Lofts address.

    However the DC Recorder of Deeds website is very current. Madrigal Lofts is Square 0528 Lot 0031. There is nothing that clearly labels which Sublot is which condo. But I was able to see that there had not been an avalanche of sales during May in the high 200s or low/mid 300s. Watson is the only sale in that range and I’m nearly certain that’s because he bought the Anerio floorplan which is basically a JR 1BR.

  6. fourthandeye

    Anon 16:52

    You are right. The fact that MRIS provides the seller subsidy makes it a great tool for future buyers and their agents. As someone who already lives in the building, I’m not too concerned if the sales team brokers a deal that gives a new buyer much more subsidy than I received. I’d much prefer they use that tool than erode the $/sqft.

  7. si

    ugh it stinks the recorder of deeds now charges for doc images. its public record!

    i checked the assessment record and you can dig for unit #s
    https://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Assessment

    just search square 0528 and all of the lots come up. when you click on the entries that have actual people names for Madrigal addresses (811 4th), you can see their unit #s (on the mailing address), sale date & price paid. then click “view property features” and you can see the sq footage.

    but they are ridiculously way behind…That office has many problems.