Good Deal or Not Revisited by Hipchickindc

DSCN5022, 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: 456 N St NW

Original List Price: $265,200.

List Price at Contract: $265,200.

List Date: 12/01/2008

Days on Market: 23

Settled Sales Price: $330,000.

Settlement Date: 02/19/2009

Seller Subsidy: $10,000.

Bank Owned?: Yes, Foreclosure

Recent Purchase and Re-Sale?: Well, let’s say recent purchase and didn’t go so well…Last transaction on the books was for a sale at $425,000. in February 2007

Original GDoN Post is: here.

Recent Listing: Click here.

Despite having been immediately blasted last week by an anonymous poster for being, “God, you are such a realtor” for saying last week’s GDoN-R was a good deal, I am, without reservation, calling this week’s GDoN-R, a Good Deal. (And yes, I am a card carrying member of the National Association of Realtors.)

I have actual firsthand knowledge of this property. I’ve been in it several times and represented a Purchaser in writing an offer back in December. The listing agent was inundated with ten offers on this property and my client didn’t win the bid. This was a rare find being listed under $300k, in quite livable condition, and within blocks of Metro, the Sexy Safeway, Chinatown, and Penn Quarter.

The property re-surfaced back in early February when the previous contract holder backed out. Having spent the interim looking at everything else was available in that price range, my client decided it made sense to go after the property more aggressively this time and we wrote a much higher offer. Again, it drew multiple offers and this time it looked like we were at the top of the pile. At the last minute, however, another one came in and bumped us out.

That client is happily under contract on another property, however, he’ll be doing a lot more work than he would have had to with this one.

17 Comment

  • Across the street from Public housing, and generally not an area you want to be in at night. Bad deal.

  • Sweet! Just minutes away from the O Street Crew’s stomping ground! All your narcotics and driveby shooting needs in one convenient neighborhood!

  • This discussion happened on the original GDoN post as well.

    It’s urban property in an urban neighborhood.

  • HCIDC, does you get a lot of bidding situations of late, or are they rare compared to a couple years ago?

  • Pennywise, in this price range, particularly on some of these foreclosures that are priced to move, I have been seeing them quite a bit. Multiple offers means something different than it did a few years ago, though. At least half the offers are probably people throwing a number against a wall and hoping they’ll get the deal of the century (and that the listing has flown under the radar for the other 500 people obsessively checking for new listings every day). It’s also not unusual for people to bid at list price or slightly below, or to expect a subsidy to cover closing costs, and generally, buyers are getting home inspections but accepting property in AS IS condition.

  • hipchick, what kind of condition is the property in? I ask because I think I can understand the psychology of a buyer for whom this would be a good deal, considering this price will only get you a 1br condo in more established neighborhoods like MtP and Adams Morgan. So if you’d rather have an actual house and don’t mind taking a chance on a not-quite-gentrified neighborhood, it seems like this would be a good choice. On the other hand, there are foreclosures in Petworth and Park View in this price range, but I’m guessing this house was in better condition than most of those?

  • House had been fairly recently renovated. Compared to most properties I’ve been seeing in this price range, it was in great shape and also has a decent sized yard.

  • Please define the distinction between “urban” and “thugariffic.” Does it somehow involve proximity to “Sexy” Safeways?

  • That does sound like a pretty good deal, then, I think. It certainly wasn’t at $425k — I’m glad the days are over when that kind of price for that kind of house made sense.

  • monkey, why do you care? You live in VA.

  • Well, if someone wanted to live there, then I guess, good for them, and they’ll have the last laugh if DC gentrifies in their direction, but they obviously have bought themselves a headache in the mid-term for a number of reasons, not least of which is the shell next door. Don’t know anything about the tendancies in this neighborhood, but shells I’ve seen in other parts of the city frequently become depositories of trash and home to rats. If the shell gets fixed up, they are looking at living next to the noise and shaking (along with dust-production if they have plaster walls) of a construction site for months.

  • I lived between a shell and a vacant lot on 13th NW. On the plus side, we didn’t have any noisy neighbors, so it was nice and quiet. On the minus side, the roof of the shell collapsed, we retained some water damage to our roof, and the guy who “refurbed” the shell didn’t know his ass from a hole in the ground. Also, we had a nasty tendency of having pidgeons/other vermin scuttle around the roof rafters because they were exposed. So yeah, if and when you get a developer to refurb the shell, you’re looking at at 6-9 months of nonstop noise. Don’t think they won’t try and get a head start at 7am and try and skirt noise laws.

    And I’m genuinely interested in what constitutes a desireable neighborhood and what qualifies as ghetto. I know it depends on what end of the sales brochure you’re talking from, but I know (ignorant) people who won’t set foot downtown because they’re afraid they’ll be raped if they set foot in Georgetown.

  • I’ve sold property for as little as $5000. (yes, a whole house) and well into the seven figures, in all four quadrants of DC, in Montgomery, PG, Howard, Baltimore City & Baltimore County in MD, and even across the river. Before I ever let a buyer get inside my car, we sit down and have a long talk about what they expect in terms of pricing, condition of property, what kind of amenities they feel are important (i.e. Metro, Sexy Safeway), etc. etc. Bottom line is that everybody has different priorities and comfort levels.

  • Lets be honest here, you’re in sales. That’s not a bad thing. Are you really going to tell someone looking at this property that there’s a good chance they’ll come home to some kids strapped, smoking blunts, playing c-lo on their front stoop?

  • I’d like to know if hipchick is hot or not. We should have an idea of how she looks.

  • uhhh, nate, i don’t see how that should have anything to do with it.

  • Uh, Anon 9:06, it’s not like I can hide a whole neighborhood. My clients can see the area and make decisions for themselves.

    nate, I agree with Anon 11:29, but fwiw if you click on any of my links, my pic is right there.

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