2501 Pennsylvania Ave - Howard Salpeter

P R O P O SA L F O R T H E SA L E O F F O UR CO ND O MI NI U MS AT

2501 Pennsylvania Avenue NW Washington, DC 20037: 5A, 5B, 1A, 1B

2501 Pennsylvania Avenue is a boutique 16 unit condominium building in one of the most desirable locations in Washington, DC. The White House, Georgetown, George Washington University, George Washington Hospital and The Mall are within walking distance, as are a plethora of outstanding restaurants and cultural attractions.

5A

2,732 SQFT

5B

2,289 SQFT

2501 Pennsylvania is the exemplar of luxury and intimacy. With a maximum of three units per floor, residents appreciate the privacy of their homes. The condos themselves are timeless, spacious and ultra-luxurious, reminiscent of Europe’s fine boutique apartment buildings.

1A

608 SQFT

1B

566 SQFT

2501 Pennsylvania is very stable with little turnover. 1 unit is currently for sale and only 1 unit has sold in the past 3 years. Long-term home ownership indicates a very high level of satisfaction.

2

2

STUDIO STUDIO

2.5

2.5

1

1

COMPARATIVE MARKET ANALYSIS: 5A & 5B:

2A is listed for 2,395,000 after being discounted 100,000 in November. It has been on the market 6 months and is the same size with the same amenities as 5A. For comparison purposes, within ¼ mile, 2 bed/ 2 ½-3 baths, there are 3 other active condos on the market ranging 2,400,000-3,000,000. They have been on the market more than 6 months.

Within ¼ mile, 2 bed 2 ½ bath, 3 condos have sold 2,000,000-3,000,000 in the past year. The average time on market is 8 months.

Recommended list price, based on relevant active and sold comps, prices and price per square foot: 5A: 2,300,000 5B: 2,000,000

1A &1B:

For comparison purposes regarding the studios, within ¼ mile there are currently 7 condos on the market, 315-510 square feet, listed for 260,000-290,000.

Within ¼ mile, 10 studios sold in the past year, 365-500 square feet closed for 245,000-295,000. It is important to note that most of the studios are in large buildings with greater amenities and being marketed to students and investors. This is a large factor in pricing 1A and 1B. Recommended list price, based on relevant factors, active and sold comps, prices and price per square foot: 1A: 299,000 1B: 275,000

SALES OPTIONS: •Sell 4 units complete: in the past 2 years, only 4 condos sold over 4M, all in Georgetown. This type of sale

will require a unique buyer for this price range, which is a relatively small universe, AND wants 4 units that can’t be combined into one.

•Package 1 condo w unconnected 1 studio: no real comps exist. This option could offer a studio at discount if included in sale of the condo.

•Sell each unit individually: provides the greatest return on investment. There will be the most demand for a single condo, thereby attracting more potential buyers and achieving a higher price.

It is critical to use a local real estate broker in this market. Although the single family home market in Washington is very active, the condo market in all price ranges is much more constrained. Additionally, higher-end properties of all types are taking longer to sell. Understanding the dynamics of this market has never been more important. Marketing and exposure to the right potential buyers will be the key to successfully selling these condominiums.

The National Association of Realtors (NAR) finds 88% of buyers nationally use a realtor, while in the luxury market it is 98%. Additionally, homes sold with a realtor average 13% higher sale price than sale by owner.

MY APPROACH TO SELLING THESE CONDOS IS TO PROVIDE A COMPLETE MARKETING PLAN AND CONCIERGE SERVICE. I WILL PROVIDE:

•A curated picture of your properties with words and photos •Professional photography •Professional videography •Dedicated floor plans •High quality brochures •Maximum exposure on a multitude of social media sites •An exclusive property website •Target marketing to the top local realtors serving this price range •Target marketing to capture buyers online •Target specific buyers through direct mail by purchasing demographic lists •Inclusion in Luxury Real Estate Magazine, distributed internationally to the most affluent audience •Exposure to Certified Premier Marketing Consultants, an exclusive national group of realtors in the luxury home market •Placement on LuxuryRealEstate.com, the luxury website with the most multi-million dollar properties •Broker’s Open House •Appointment-only access for viewings •Pre-qualify all potential buyers •Rapid response to all inquiries •Weekly communication

ABOUT ME With over 35 successful years of experience in the luxury home furnishings market prior to becoming a full-time realtor, I bring a unique combination of appreciating the needs of my luxury clientele with vast business knowledge. For the past ten years, I have represented clients having all types of properties, with a focus on luxury homes. In everything I do, I am guided by the core values of transparency and client interest. Recognizing the responsibility with which I am entrusted on each and every deal – no matter the size – I am grateful and proud of my hard-won reputation for responsiveness and results. I am honored to have received recognition as a Google Award Winner for Outstanding Customer Service.

My company, RLAH (Real Living At Home) is the fastest growing local brokerage in DC and is a member of Home Services of America, the largest real estate network in the world, led

by Warren Buffett. My team, The Jason Martin Group, has been recognized by the Wall Street Journal and Washingtonian Magazine as a top producer in the Washington, DC market for the fifth year in a row. Sales in 2020 were in excess of $100,000,000.

I live on Capitol Hill, married with three grown children and one grandson, all of whom live nearby. I also have a home on Martha’s Vineyard, travel extensively and play golf (poorly).

Howard Salpeter Realtor | DC & MD C: 202.251.3731 howard@jasonmartingroup.com RLAH REAL ESTATE | 1108 H St NE | Washington, DC 20036 | O: 202.518.8781 | www.jasonmartingroup.com