Capitol Hill Seller Looking for 39% Appreciation After 1 Year

I wanted to blog about this two days ago when the listing popped up but it has taken this long to get over the shock. An owner at The Sanctuary on Capitol Hill is selling after just about a year of ownership, listing the two bedroom, two bath unit for $1,495,000.

Unit at The Sanctuary, 1841 16th Ave

Unit at The Sanctuary, 1841 16th Ave

That figure, in and of itself, is not unheard of on Capitol Hill, especially for high-end residences like this one. What is surprising is that the home sold for $1,075,000 in March 2012. If the owner’s prayers are answered and someone pays the list price to live in this former church building, the sale would represent a 39% hike. I know the market has resurrected and it is almost Easter, but that would be quite a miracle. A 39% hike after one year? Really?

The owner does have a Plan B. The home is listed for lease as well, at $5,950 a month. (That’s about how much you would have to pay for the mortgage if you put 20% down.)

Bed Bath

Interestingly, the photos look pretty similar to a unit at The Sanctuary that we blogged about last month. That home, described as two bedrooms, two baths over 2,900 sq. ft. with a 500 sq. ft. deck, was renting for $6,500 a month. We can’t quite tell if it’s the same unit. The new listing puts the square footage at 3,463 sq. ft, which seems too high unless it counts an outdoor deck. Hmm…

Either way, it will be interesting to see what happens. It’s no doubt an awesome space with great features: concrete and steel construction, top of the line appliances, high ceilings. I just can’t see it fetching $1.5M. The listing did mention a 10-year historical tax credit, which would mean $900 for 2012. Yeah, $900 is really going to sway a $1.5M purchase….

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  • MikeH

    +1, impossible that the property value appreciated that much

  • Guest

    Why stop at 39%? If I owned that unit, I’d want a cool $2 million.

  • Paul

    The square footage seems questionable from those photos. It doesn’t look 3,400 square feet large which would be enormous for a two bedroom.

  • At the Sanctuary, the marketing team has made it their policy to include outdoor space in the square footage. So I think you have it right at about 2900SF.

  • Sebastian

    Ahhh, I was waiting for one of these, but now I really can’t afford it! Unless I won the powerball, which is certainly possible ;).

    But, to be fair, at $500/ft, that price is in line with a lot of the other high end stuff out there. But, I don’t think it appreciated that much, I think they underpriced them last year.