Good Deal or Not Revisited by Hipchickindc


In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, and as a real estate salesperson in Maryland. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. The source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

In a recent edition of Good Deal or Not, there seemed to be some interest in having some follow up as properties sell (or not). I took a moment to go back as far as the beginning of October 2008. From that time to 12/10/08, the Prince has featured an impressive total of fifty eight actual listings and one FSBO (for sale by owner) that was not in the regional multiple listings system.

Out of fifty eight listings, only one has settled (which I’ll provide more info on in a sec). Here’s what happened to the rest so far:

  • 39 remain active
  • 6 are under contract
  • 1 is temporarily off the market
  • 10 are withdrawn
  • 1 is expired

The details can be found <a href => here.
Sooooo, which one sold?

919 Euclid St NW, is a renovated 3 bedroom 2 full bath townhome with covered parking. It was on the market for a grand total of 8 days (very nice). It was listed for $425,000. and settled for the magic number of $417,000. with a subsidy from the Seller in the amount of $11,917. It closed on October 30th, 2008 with FHA financing, which means that an owner occupant purchased it.

$417,000. really is the magic number because it’s the upper limit for conforming loan pricing. Over that amount, one starts to get into the territory called “high conforming”, up to $729,000. Over $729,000., at least until December 31st, 2008, after which it will change to $624,000., one enters the really scary neighborhood of jumbo loan pricing.

I noticed that the property had only recently changed hands prior to this sale. In July, it had been purchased for $226,000.

I’ve included both the recent sale and the July sale listings <a href=> here</a>. To see before and after pics, click the camera icon to the top left of each listing.

14 Comment

  • Good feature — I think Good Deal or Not?: Update is a great idea. I think info on how many properties have had price reductions since posted on GDON? might be another interesting data point to include.

  • If you click on the detail link, it will show you the price reductions and What percentage the drop was.

    Sorry about the bad html for the links…PoP, it might have something to do with the spacing.

  • Well, I just tried and the links don’t work, so here they are again:

    All GDoN since October:

    Details for the two recent sales of 919 Euclid St NW:

  • Wow I guess the above answer to the FQOD is “no” for most people. That’s a pretty shocking statistic, that of 58 homes, only one has sold. This is pretty interesting, thanks for the update.

  • Only one has gone to settlement. Several are pending.

  • hipchickindc – fantastic overview! thanks for taking the time to go through all of PoP’s prior postings to give us an update. while i’ve usually voted “not” in his “good deal or not” queries, i’m still stunned to learn that 39 of 58 listings are still active, even in this market.

  • I saw this place and so called renovation and it is a mess. How could it sell is beyond me. This “builder” did renovation (covered all major flaws and painted the place), built illegal deck and laid tile on top of the hardwood. It looks good on the pictures but once you go in, you see what a mess it is. I feel sorry for the folks that bought it because clearly they had no clue…

  • HipchickinDC, this is great info, thank you!

  • Rockie- Couldn’t agree more, another Menkiti mess. We fell for it too and have spent the past six months fixing all the stuff they just painted over. We had two inspections, but so many of the problems were just hidden behind the walls. I was hoping the recent economic downturn would put these folks out of business.

    Hey, if you bought this house and need to borrow some tools, just let me know!

  • Thanks for the feedback.

    I think it is worth mentioning that in my experience, many Washingtonians…particularly people who are trying to sell their homes right now…have been very spoiled by the previous few years. The market we are correcting from was a gross anomaly. For several years, we literally saw properties going under contract after being listed for a weekend. That’s not happening now, and I wouldn’t say that necessarily means the market has tanked.

    We are definitely seeing more homes being pulled off the market now, where a Seller may choose to rent rather than sell, or stay in a home if they can’t get the price they want.

    The good news is that our inventory in DC is definitely NOT inflated, like I see going on in some areas outside the beltway. Our inventory has actually stayed very stable.

  • Don’t you need to put a minimum of 3 or 3.5% down on an FHA loan? So I don’t see the magic with the $417,000 number, seeing as the mortgage is probably $404k (and thus under the old conforming loan cap number). A $425k sale price, would be a $412k mortgage with 3% down, again under the old obsolete $417k cap.

  • anonymouse, that is very true. I just thought it was interesting they made that the sale price.

  • U-Street: Unless the homes had been on the market for a long time before POP featured them, I wouldn’t think it shocking at all the only one had closed since October. A solid month between mutual acceptance of an offer and closing is probably fairly typical- less would be almost rushing it. Especially in today’s market- banks are looking more closely at application materials, buyers are being a lot more finicky with inspections etc.

  • When we looked at this place it was actually listed at $399. It was “on the market” for only 2 weeks, one of which was for private viewing. The second weekend they had an open house and had several offers, with the $417 offer obviously being accepted. When we looked at it everything looked pretty good. Not sure where the tile over the hardwood was or how illegal the deck was (obviously someone signed off on it) but they did do some nice work on exposing the brick inside, especially in the master bedroom. The biggest downside was only one bathroom upstairs and one in the basement. In all I think it was a little overpriced but it is a good example to sellers on how to show a place and get more $$$.

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