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: 2245 12^th Pl NW

Original List Price: $479,000.

List Price at Contract: $479,000.

List Date: 3/21/2009

Days on Market: 18 (it took from April to late June to settle…perhaps because of tenants?)

Settled Sales Price: $474,500.

Settlement Date:  07/31/2009

Seller Subsidy:  $13,000.

Bank Owned?: No. 

Type Of Financing: Conventional Financing.  The loan amount shows up as $1,800,000., which I am guessing is a typo. 

Listing History: Last purchased when it was still painted white for $238,500. With a $500. Subsidy in 2001.  Prior to that sale, it changed hands in (pre-U Street development) 1992 for $125,950.

Original GDoN Post is: Here.

Recent Listing is: Here. To see more pics, click here for the virtual tour.

I’ve noticed that Good Deal or Not (GDoN) commenters tend not to be fans of small houses, but as one poster suggested, there are definitely people who don’t want to own a condo but also don’t want a lot of house to take care of. As mentioned by anothermous, this was the fifth sale on the block this year, which is certainly evidence of the desirability of the location. Comparable sales can be seen here.  Continues after the jump.

In comments for last week’s GDoN-R, one reader asked if there was a comprehensive index for the DC real estate market.  DC real estate statistics are tracked by Metropolitan Regional Information Systems (MRIS) and they have recently released the report, “Trends in Housing at Mid-Year 2009” in collaboration with Delta Associates.  Being the eternal real estate optimist, I’d like to share some of my favorite quotes from the 28 page report.

From “Mid-Year 2009 Highlights”:

• “The Washington area housing market has moved into the correction phase”
• “The ratio of inventory to sales (months of sales) continues to decline in all jurisdictions from one year ago.  The metro-wide ratio of 5.1 months worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.”

From “The Washington Metro Condominium Market”:

• “…new condo sales during the second quarter of 2009 were double the amount of the first quarter and reached above 600 units for the first time since the 3^rd quarter of 2007.”