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: 213 Rock Creek Church Rd NW

Original List Price: $599,000.

List Price at Contract: $529,000.

List Date: 9/11/2008

Days on Market: 203

Settled Sales Price: $520,000.

Settlement Date:  06/12/2009

Seller Subsidy:  $15,000.

Bank Owned?: No. 

Type Of Financing: Conventional

Listing History: Changed hands as an estate property in need of work in April 2004 for $272,500.  Next was purchased with all the Bells and Whistles in January 2005 for $549,000.  Looks like the current Sellers took a bit of a hit, at a net of $505,000. this time.  It was not identified as a short sale (which means they did not need to get the bank involved despite selling for less than they did in ’05).

Original GDoN Post is:  Here.

Recent Listing is: Here.  To see more pics, click the arrows on the main picture (only available on the second version of the listing).  You’ll see two listings on top of each other.  The first one expired and the second was the same property entered back into the system.

Over the past several months, we’ve looked at quite a few Petworth properties, which range tremendously in price, condition, and that all important factor, proximity to Metro.  This property was featured as a “Good Deal or Not” (GDoN) post after the price had been lowered substantially from its highest pricing point.  It was interesting to see what people had to say about a renovated property in this location priced over half a million dollars.  Generally, I thought it fared pretty well comment-wise despite a, “I think the house has to be larger and/or closer to the metro to fetch over $500k”, here and there.

It’s great to see houses in all conditions actively selling.  Sales like this present the opportunity for someone to move in and not have to spend their time and money renovating.  Seeing that someone else paid over $500,000. for a renovated property in the neighborhood can be encouraging to those who are in the process or plan to do a lot of updating.  Subsequently, another wave of houses that have been lingering in bad condition are getting lived in again.  Good news all around.

18 Comment

  • I’ll eat my crow, i didn’t think it would fetch quite over $500k. I think this is good news that the neighborhood is still supporting high prices.

    here is a good candidate for GDoN revisited, in case you missed it. I love this house:

  • Leave it to a real estate agent to characterize at least a $45,000 loss as good news.

  • Anon, sorry, perhaps I was not very clear. T he good news is not about the loss, it’s that the market is moving at a range of price points and that instead of houses sitting in decay, people are fixing and living in them.

  • Holy moley! $500K around the corner from my hovel! Soon I’ll be able to afford name brand tinfoil for my winders!

  • Hipchickindc,
    I am sometimes hard on real estate agent, but you are normally right on target. I need to dave another 40k to buy a house in dc, I only have 45k. I have to keep saving. Or get an increase in salary over past my present 130k:) looks like prices may come down 10% unemployment in DC. Welcome to Obama Nation.

  • “need to dave another 40k to buy a house in dc, I only have 45k.”

    I have seen you say this twice now. What exactly are you trying to buy?

    With 10% down, you could easily afford a 500K house. And if you are making $130K and have good credit, there is no reason why you would have to put 10% down.

    If you can’t find a house in DC then you are either not very resourceful, or you are trying to buy a really expensive house in DC. I have plenty of friends making far less money with far less savings who have managed to buy decent houses in DC lately.

  • Yah, not sure where you’re coming from, Big Youth. You don’t even qualify for the federal tax credit. Most of the people I sell houses to make less than you do.

  • Is it usual to publish one’s salary on this blog?

  • Big youth… you don’t qualify for the credit assuming you are single… if you’re married, the credit starts to phase out at $150k and is completely phased out at $170k

  • Is it usual to publish one’s salary on this blog?

    I find that, in general, more people are willing to talk about their salaries online than in real life.

    Strangely, though, everyone online seems to be a former Navy Seal who dropped out of Harvard because he was bored and now makes a six-digit salary.

    With 10% down, you could easily afford a 500K house.

    Personally, I would think it would be unwise to mortgage more than 3 times your salary. But perhaps you have different stands of what “easily” means when you also need to save for retirement or save up enough money to be able to buy a new car in the near future. I suspect the commenter is thinking about what it would take to life comfortably while also owning a home, rather than seeing the bulk of his income go to his mortgage.

  • I find it weird that people are more apt to discuss weird medical issues about themselves than salary.

  • hipchickindc Says:

    July 17th, 2009 at 12:42 pm
    Yah, not sure where you’re coming from, Big Youth. You don’t even qualify for the federal tax credit. Most of the people I sell houses to make less than you do.


  • CAPS = crazy people

    Big Youth go away. Come again some other day.

  • I didn’t mean that they were buying $500k homes.

  • Sorry for the serial post but I was typing from my Blackberry before.

    I’ve been posting the type of financing that is used in each scenario and I’m thinking it might be useful to clarify some of the terms. Big Youth has me thinking that if someone has not actually dipped a toe into the mortgage market as of late, it’s hard to really know what to expect.

    In a very, very general broad outline kind of way, for the moment we’re seeing:

    Lots of FHA financing: 3.5% down payment. Borrower must have 3.5% of own funds. Up to 5% can possibly come from another source, including Seller or gift (rare to see this much, if there is a large lump sum it is usually used as points to pay down the interest rate or toward condo fees). Lots of restrictions as to type and condition of property. Available as rehab financing for properties that do not meet criteria as insurable loans.

    Conventional: Mortgage insurers typically won’t insure a conventional loan with less than 10% down. Mortgage insurance is usually required if putting down less than 20%.

    Investors are required to have the most cash to put down (depends on scenario, but likely a minimum of 20%).

    In the current market environment, it is quite typical to see seller subsidies negotiated to pay all or part of the buyers’ closing costs. I have been including subsidy information in all of these profiles.

  • hipchickindc,

    Thank you for the info. My husband and I bought last year in Petworth with FHA (there are no income limitations Big Six-Figure Youth) and clearly some folks may need a bit more info as they research financing options. Your info/analysis is great–keep it up!

  • You can so afford a house in Petworth on 130K. The wife and I combined make around that and live well. Of course the neighbours with shiny new cars may not think our paid-for-long-ago wheels as “living well” but if you’re the Beemer set, Petworth may not be the place for you anyway.

Comments are closed.