Good Deal or Not Revisited by Hipchickindc

DSCN3887, 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.

Featured Property: 1406 Corcoran St NW #C

Original List Price: $765,000.

List Price at Contract: $649,000.

List Date: 04/24/2008

Days on Market: 239

Settled Sales Price: $635,000.

Settlement Date: 02/18/2009

Seller Subsidy: $0

Bank Owned?: No

Recent Purchase and Re-Sale: No. Last reported transaction was in 2000 for $301,500.

Original GDoN Post is here.

Recent listing can be found here.

To see pics, click the filmstrip icon at top left of that listing.

After a hefty 239 days on the market, this duplex condo unit finally went to contract, following a few rounds of price reductions. PoP readers commented a bit on not liking the ubiquitous tile throughout the unit, but the 17 foot ceilings, roof deck, garage, and location might even qualify this as good condo porn.

This property falls into a tricky price range for conventional financing of late. With second trusts a notion of the past, minimum down on something like this going conventional is 10%. Given that many folks might rely on equity from another property or cash out from a stock portfolio to make that happen, it considerably narrows down the pool of ready and able buyers. Still, the buyer of a property in this price range is within the “super conforming” interest rate range, which means the low cost of borrowing is very attractive for those who can do it right now.

Good deal? Considering that the last Penthouse unit (#D, albeit with hardwood instead of all that tile) sold in July of 2007 for $676,000., I’ll say “yes”.


6 Comment

  • Aaargh! I swear those links worked when I tested them.

    Here is the previous post:

    Here is the MRIS listing:

  • Prince Of Petworth

    Links are fixed!

  • God, you are such a realtor “Good deal? … I’ll say yes”…this place sold for 6% lower than a penthouse that is nicer and sold at one of the heights of the market. I disagree with you completely. Seeing as it was on the market for 200+ days, I’ll say that it settled for a “market” price, but a good deal? No Way. Stop trying to justify sales and face reality. You are too conflicted to write commentary for this type of post, but I’ll give it to you that no one else will follow up on the PoP good-deal-or-not blog posts and it is interesting to see what actually happened.

  • 2007 was “one of the heights of the market”? The market in DC peaked in 2005.

  • at that price, in that location, with a roof deck, and with parking, I’d say good deal. Basically, they are buying right at or very close to the bottom of the market. the floors are hideous and the home decor is even worse, which probably scared off some buyers. replace those floors with nice wood floors (not insanely expensive proposition especially now when a buyer’s market for lumber and for carpentry work) decorate this as you’d expect for a sweet Logan condo, and wait two years, I bet you could easily get north of 750, maybe even 800.

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