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: 1016 T St NW

Original List Price: $720,000.

List Price at Contract: $695,000.

List Date: 11/13/2008

Days on Market: 128

Settled Sales Price: $590,000.

Settlement Date: 05/08/2009

Seller Subsidy: $0

Bank Owned?: No. This was part of an estate.

Type Of Financing: Conventional

Listing History: No previous history available via the multiple listing system or tax records. Given that it was part of an estate, it may have been owned for a long period of time.

Original GDoN Post is: Here.

Recent Listing is: Here. To see pics, click the arrows on the main picture.

At the original list price of $720,000, most Good Deal or Not (GDoN) commenters gave this home, which needed quite a bit of work, a thumbs down. Although it’s not going to work all the time, this looks like a good case for putting an offer out there for what you actually think a property is worth, despite the list price. While the asking price was eventually lowered to $695,000., it sold for more than $100,000. below that.

I didn’t have an opportunity to get inside this property while it was listed, but I pass by it frequently. It is unusual to find a fully detached single family home in this part of the city and I find the architecture quite intriguing. The interior pics suggest some interesting original details and I really hope that this turns out to be a thoughtful renovation.

13 Comment

  • That seems like an absolute steal for the neighborhood. There must be something REALLY wrong with it that will cost another $590,000 to rectify.

  • Wow, that looks gorgeous. I agree with Anon- that is a STEAL. Sure, it will need a lot of work (and since they don’t show a picture of the kitchen I’m sure it’s a disaster from 1970) but it looks like it just needs updating, not hardcore renovation. Untouched original fixtures, beautiful details. I really hope the purchaser doesn’t do a gut job. It even has a garage!!

  • The winds of change on the housing market are finally moving back to ‘normal’ prices.
    The days of double digit increases in your investments (for the most part) are gone for awhile. This will not be the exception. It will be the norm for awhile.

    All the big spenders are tied to the big mortages and that does left many out there to payout the big bucks. Look for the condo market to fall through the hole.

  • Oh, I love fall.

  • The last comment from the original GDoN post said this:

    “We went into the property and it looks worse than expected. The floors are all uneven (radiator is sinking into the floor), there are holes in the ceilings and walls, and there is evidence of water damage. There is no shower in the property, only tubs. The half bath was an addition to the property and really closes off the first floor. I am no contractor but from the look of the place substantial work is required to get the house up to modern day standards of living.”

    So it obviously needed substantial work, but given that they got conventional financing, that must mean that it’s technically “livable” right, or the bank wouldn’t have made the loan?

    But even if it was currently technically livable, I wouldn’t call $590k a “steal” for a really rundown house, even a large detached one in that neighborhood. It does sound like a good deal though.

  • Corner lot, parking, not much yard to stress about, beautiful architecture. Sell it for $550,000 which should make up for the $150,000 you’ll have to put into it to do right by it.

  • For the bank to give a conventional loan. The house does need to be livable. For my house, this meant running water, a stove in the kitchen, no holes in ceilings or walls and no broken windows. That being said we were allowed to buy the house with pipes that leaked enough to flood the basement, and no shower (it had 1 old clawfoot tube, which was gross). The previous owners did install a stove for the financing to go through.

    My point is that the bank only takes a quick look at homes and if they turn the water on upstairs and it works, they do not notice the leak in the basement. So if the house meets certain standards and is structuarlly OK, many banks (or at least the one in my case) will give a conventional loan.

  • Now this is a good deal, much petter than the crap in MP for 990k whch present a fews days ago on GDoN. Aon.. you are finally wising up. 🙂 Let’s the prices fall another 10 to 20 percent and the real financially purdent folks will help to correct the current realestate mess. HipChick you know I am correct.

  • @ Trubs, thanks. The commenter did say there were holes in the ceilings and walls, so maybe the seller repaired them so that the buyer could get financing.

  • I actually toured this home a few months ago. Anonymous’ summary is right. It is a great location and the view from the outside is nice. But the inside was atrocious. It needed more than $150k – more like $250-300k of work. A total gut wasn’t out of the question. Sounds like the buyer got a pretty good deal however.

  • I pass this house a lot. The exterior definitely needs some serious work, but it’s got everything it needs to be a really interesting awesome house and totally worth what they paid. can’t beat the location.

    If they put in a year of hard work, this could be 2010 house porn for sure.

  • Conventional could still mean rehab loan (although the FHA 203 and 203(k)are such good deals for owner occs). If it is an investor and they used financing, they couldn’t have used the 203(k). Now I’m curious. I’ll ask Chuck Burger, the listing agent.

  • I remember from the original GDON post that there was no AC in the house. That might have brought down the price as well.

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