GDON Revisited by Hipchickindc

DSCN3413, originally uploaded by Prince of Petworth.

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. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Address: 1507 Caroline St NW

3 Bedrooms, 1 Bath, Unfinished Basement, Offstreet Parking

List Price at Contract: $649,000.

Original List Price: $789,000.

Actual Sale Price: $600,000.

Settlement Date: 14 January 2009

Days on Market: 75

This home was originally featured as a Good Deal of Not? (GDoN) back when it was listed at it’s high of $789,000 (which can be seen here. Not surprisingly, the PoP reader commentary thought the price for the small house was quite high. Apparently the Seller was motivated and did a smart one shot heavy duty 6 figure price reduction a little more than a month into the listing. It took about three weeks from the price reduction to get to contract. (In all fairness, the reduction happened a little before Thanksgiving, which may have slowed the process).

So, was it a good deal? Comps can be seen here, including the listing for this home (scroll through to see). Note nearly identical 1518 Caroline St NW, which settled in April for $500,000. I suspect that 1507 Caroline St NW, the subject property, was in livable condition but in need of updating, while 1518 Caroline St NW sounds like it needed a lot of work (and it settled with a $150,000. rehab loan).

The property had last sold back in 2001 for $400,000, back when it was painted white. Update from last week after the jump.

Update from Last Week’s GDoN-R: 1901 19th St NW #301

List Price: $500,000.

Settled Sales Price: $460,000.

Seller Subsidy: None

Settlement Date: 22 January 2009

Days on Market (including at least one contract that fell through): 110

Original Discussion: click here

Comps in Area: click here