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

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.)

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….