GDoN 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. 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: 1025 Kenyon St NW

Original List Price: $425,000. prior to completion of full gut renovation

List Price at Contract: $420,000.

List Date: 11/16/2008

Days on Market: 73

Settled Sales Price: $420,000.

Settlement Date: 03/23/2009

Seller Subsidy: 10,000.

Bank Owned?: No

Type Of Financing: Conventional

Recent Purchase and Re-Sale?: Not according to MRIS or Public Records. Reader comments suggest that the property may have been an estate-owned property

Original GDoN Post is: Here

Pics and details: Click here.

Based on comments to the original Good Deal or Not? (GDoN) post, I’m guessing that a few people are going to be shocked to see that this sold at list price less a subsidy toward closing costs. Continues after the jump.

From my recent experiences with buyers in the $400k-$500k range, it doesn’t surprise me all that much, given that fully renovated properties, with a garage no less, close in to downtown in this price range are hard to come by.

The Seller apparently chose to list prior to completion of the renovation. While I understand the interest in pre-marketing, I find that most people who are interested in a completely renovated property, really need to see the finished product (otherwise they’d be looking at trashed houses and getting an FHA 203(k) loan). It looks like the contract was ratified post-renovation.

Unfortunately, the only pics I have access to are from the period during the renovation process. I know that the agent who represented the Seller has a strong interest in being environmentally friendly, and the listing does mention energy efficiency and Low VOC paints. Michael, I’m hoping you are around and might comment on some of the finishes or even post some updated pics. Thanks!

10 Comment

  • I love this feature, keep them coming!

  • Yes, me too! I think whoever bought this house got a great deal. I didn’t realize the renovation would be finished by the builder – I had the impression that they had to stop mid way and were selling it as is. That’s actually a great way to have a place you like, to be able to have input on the finishes. So congrats to the new owners!

  • I think it’s a great property. But I didn’t realize there was a garage too — that’s phenomenal. I remember the fire in that house… I guess it was “gutted” by fire. I hope the buyers will be happy because they are in a fabulous location!

  • As the listing agent on this property we saw this as unique opportunity to incorporate an innovative marketing effort by allowing the buyer to select out every single detail in the home as it was being built and that included a custom design garage door and the use of gas or electric in the home for the appliances.

    Our model was to start with a great construction plan and to showcase the work week by week as stages were completed. As many buyers are aware a new home doesn’t always equate to a great home as developers / contractors come in a wide swath of skills & abilities. Hence by showing all the construction stages and offering construction tours as framing, plumbing & electrical features went in place it afforded a behind the scenes feel of how a great home can be built.

    In addition many buyers are now learning more about the value of Energy Star appliances, additional insulation, CFL lighting throughout homes and the use of low VOC finishes. Our efforts going fwd. will continue to find ways of improving the energy performance and health of our projects.

    All the finish pictures are posted via

  • Fabulous. Thanks, Michael.

    I am totally with you that there is a huge discrepancy in quality of construction and I love that you are educating people about the environmental products, etc. As a listing agent, though, it is always my advice to a builder to list as finished a product as possible. I have found that adjustments and upgrades by a buyer affect the construction schedule, the price, and in relation, price changes affect the financing.

  • My hope for the DC housing market is officially restored if this went for $420K. Thank you HCIDC (I abbreviate everything) and Michael. And please try to send some of your juju north.

  • I have one deal in process in Petworth and one in Brightwood, so hopefully the good real estate juju is already working!

  • Not so surprised this went for asking. It’s a good block – had friends on that block for a while and visited constantly. Before this place burned down, it was the worst on the street, so it’s really an improvement that it will be cleaned up and sold off to good tenants.

  • I like the fact that the house only has 1 full bath and 1 half bath. Much more down to earth. Does a 3 bedroom home really need 3 full baths, each of which is over 100 sq ft.?

  • Nice place. I just wish developers would resist the temptation to put fake muntins (grids) on the windows. There are very few, if any, colonial houses in CH. They are Victorian – and most windows, except for irregular ones, were plate glass.

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