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: 3700 13th St NW

Original List Price: $549,999.

List Price at Contract: $498,999.

List Date: 10/01/2008

Days on Market: 313 (this may be a record for a settled GDoN-R)

Settled Sales Price: $475,000.

Settlement Date: 09/30/2009

Seller Subsidy: $11,000.

Bank Owned?: No

Type Of Financing: Conventional with $95,000. (20%) down payment.

Original GDoN Post is: Here.

Recent Listing is: Here.

Perseverance, a good solid price reduction, and dwindling inventory finally resulted in a settled sale for this upper Columbia Heights property. Located just a tad over half a mile from DC USA (referred to in the listing as “USA Mini Mall”), my buyers in this price range would consider this close in. It looks like the Seller invested in several updates since it was purchased during the pre-Target era back in the 1997 for $139,000. Someone noted in the “Good Deal or Not” (GDoN) comments that being an end unit was not an advantage, but I find that people like the extra windows and not having an immediate neighbor on one side.
The original GDoN post ran last November, shortly after the house was first listed. With the combination of insanely low mortgage interest rates and the looming deadline of the Federal First Time Homebuyers Tax Credit, Fall 2009 is finding us in a very different market than the same timeframe in 2008.

11 Comment

    What is the benefit of sharing information after te home has been sold?

  • Prince Of Petworth

    @MandarinZazz This feature was a reader request. I know I’m interested in how much some of these houses featured end up going for. This one in particular – it was on the market so long!

  • It provides current data to prospective buyers and sellers. What’s the benefit of not knowing?

  • i’ve seen this place many times – basically because it’s at a complex intersection. I’d hate to see kids running around on that raised yard right on the edge of that intersection. I think you can get more for $475,000 in roughly the same area, especially a little bit better yard.

  • The tax credit extension is a done deal but I guess they’re holding it so as not to step on current activity. This was conventional loans, but nationwide FHA loans with a low down payment and looser standards are also fueling the fire.

  • @MandarinZazz2, huh?? That would be like making a bet on a football game and not bothering to find out who won! Of course it’s interesting to see what people thought about it versus what it actually sold for. Keep ’em coming!!

  • MandarinZazz2, tracking sold prices can give buyers more of a sense of reality of the current real estate market. The first part of this process is the “Good Deal or Not” post where readers give feedback based on their perception of the property and market value. The sold information provides clarity for things like how much buyers are able to negotiate in the current market climate, the type of financing and closing costs that we are seeing, etc. It may also be useful for someone who is considering selling a property to help with expectations of pricing and days on market, etc.

    What is always interesting to me is how fluid the real estate market is. This particular case study is a snapshot of what the market is doing at this specific moment under these specific conditions. As factors change, such as if the interest rates were to dramatically rise, it will affect the overall picture.

  • This is a very desirable location, so the low price is noteworthy. It’s a lot like the smaller version of Wardman houses that exist throughout Petworth, and it’s an end unit (definitely a plus) with a bigger front yard than most.

    That said, I notice a few possible reasons for the low price:

    1) Apparently no central a/c. Ancient-looking radiators.
    2) Stucco. Ugh.
    3) Looks like there’s no backyard or deck.
    4) Crummy little kitchen.
    5) Strange, small living room windows on the side.

  • Forget the house. I’m diggin’ the sunshine inthe photo.

  • what’s wrong with stucco? I would imagine it keeps your bricks from having to be repointed. That’s a plus.

  • Wow! I am very surprised this sold for that much!

    I checked this house out this summer. It needs a lot of work!!!!!

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