Good Deal or Not Revisited by Hipchickindc

DSCN2930, originally uploaded by Prince of Petworth.

1640 Florida Ave NW

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.

Featured Property: 1640 Florida Ave NW

List Price at Time of Contract: $598,000.

Original List Price: $649,000.

List Date: Listed 9/12/08 but withdrawn and re-listed at lower price

Total Days on Market: 50 (Only 8 Days on the market at $598,000.)

Settled Sales Price: $590,000. (Net less subsidy-$585,000.)

Settlement Date: 11/20/2008

Seller Subsidy: $5000.

Bank Owned?: No

This property was a recent PoP Good Deal or Not (GDoN) on October 9th, 2008, when the list price was $625,000. Despite it being a relatively small property, comments were generally positive, with many citing the location as attractive.
Public records indicate that the last acquisition of the property was in 2001 for $290,000., so even though it didn’t sell at the top of the market, it was apparently a strong investment.

Recent comparable sales in the immediate location, as well as the final listing for this property (last one, be sure to click the filmstrip icon at top left to see nice virtual tour) can be seen here:
Looks like a good deal to me, particularly in relation to 1612 V St NW, which did not have parking or central a/c (although it did have a partial unfinished basement while 1640 Florida is basement-less) and sold at $600,000.


6 Comment

  • As a recent college grad that moved here and is looking for housing, I can’t get over that in 2001 it sold for $290,000. You’d have to live in Fort Totten to get a small house at that price today. Sigh.

    Who are these people buying $600K or more homes?

  • Anon, you can buy now buy under $300k in many parts of downtown DC. Even a year ago, it was a lot harder to do that.

    Often people buying in that price range have started with a property, built up equity, and use the equity toward the next level of property. Much of the sales activity we are seeing now, however, is first time buyers in the lower price points because there are some deals out there now AND first time buyers are flexible in that they don’t need to sell something to buy something else.

  • very nice follow up hip chick. I dragged my parents through this one during the open house because I can’t get enough of small DC row houses.

    1 single person = $300 K property. Couple = $600 K property.

  • This is the kind of sale that I would think would cause me to take notice if I were trying to sell a house or condo right now… There are so many less desirable properties on the market right now listed for higher prices… yesterday’s GDON? comes to mind.

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