GDoN Revisited by Hipchickindc

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List Price at Contract: $308,900.

List Date: 7/24/2009

Days on Market: 5

Settled Sales Price: $380,000.

Settlement Date: 09/22/2009

Seller Subsidy: $0.

Bank Owned?: Yes

Type Of Financing: Conventional with $38,000. (10%) down payment.

Original GDoN Post is: Here.

Recent Listing is: Here.

This was an interesting Good Deal or Not (GDoN) post as there was a reader who went ahead and put an offer in. Although it needed some work, this foreclosed Victorian rowhome was listed at $308,900. and garnered multiple offers. It ultimately sold over $70,000. above the list price.

Although located literally just a block east across North Capitol, homes on the northeast side of Eckington can still usually be had at lower price points than their very similar Victorian counterparts on the Bloomingdale side. Check out the neighborhood blog which includes some great history. Eckington landmarks include the refurbished McKinley Technical High School, which is a focal point that sits high up on a hill. I often meet NE Eckington residents during my frequent visits to the largest unofficial dog park in DC (also affectionately referred to as Fedex Field, since it is next door to the main Fedex building). In addition to Fedex, XM/Sirius Radio is an Eckington-based business. North Capitol Main Streets, Inc. is a notable tenant, as well. Bloomingdale and Eckington residents (myself included) can be found at the public pool on Lincoln Road during the summer months.

PoP noted that the closest dining option seemed to be the Big Bear Café, located at 1st and R St NW. It’s worth mentioning that Eckington is just north of NOMA and the New York Avenue Metro. There is a new Marriott Courtyard at the Metro, as well as a Five Guys and other food options. Given the push from NOMA Bid, as well as North Capitol Main Streets, I expect great things to continue in this area.

16 Comment

  • Interesting. I recently put a bid on a foreclosure and thought I was doing big things by offering $40k above asking price.

    I wish there was some way to find out what the other offers were. The suspense is maddening! Underpricing is a great way to get multiple offers and maybe get the most money ultimately, but as a buyer it is a super frustrating guessing game.

  • We did the same thing a few months back and bid $30K over asking price on a foreclosure. We ultimately got the house, but it’s weird seeing so many other houses selling below asking price and your house being the only one well over.

    Ultimately I think you just bid what you can afford/is reasonable and ask yourself whether the house is worth it. If you get it, awesome, and just be happy with the house and assume that someone else bid close to your offer. Otherwise the what-ifs could drive you insane.

  • hey i’m curious. can anybody lay out for me the bloomingdale vs. eckington thing? there are such strong similarities across n. cap, do people on, say, the unit blocks of R or V NW/NE treat each other as if they live in the same neighborhood, or as if they live in different neighborhoods?

  • I recently had the experience with a Petworth foreclosure where the bidding happened via an EBay -style open bidding site. It’s called It will be interesting to see if other asset managers start using this tool.

  • Hmmm…ebay style open bidding sounds fun! Although, it also sounds like a great way to get “caught in the moment” and end up spending way more then you would otherwise.

    Also, is there anyway to prevent some sort of a ringer who bids it up for the seller? Although, I’m sure most banks don’t have the time/desire to do that.

  • andy, I live in Bloomingdale. The fact is that N. Capitol is a busy stretch and physically divides the two neighborhoods. At some points there’s a physical barrier that prevents crossing the street (although I think you can cross at any street connection). The neighborhoods have different characters as a result, even though the housing stock is similar and the neighborhoods are so close together.

    Another thing is that those that live on the west side of N. Capitol tend to walk over Shaw/Howard Metro stop, and those on the East tend to walk to the NY Ave stop.

  • From my experience I believe its best to place what you believe will be the highest bid on a foreclosed property – We missed out on 2 other homes. Once you secure the contract, then you can at least see what the appraisal comes up with. We finally purchased a foreclosed property on Seaton Place NW and paid less 20% less than the bank’s original sales price. We counter offered to match the assessment amount and the bank accepted. We purchased a larger house with more updated amenities than some of the homes currently for sale on the block for $200K less. The fact is that a bank does not want to sit on a foreclosed property forever. I say secure the contract and then work to get the price adjusted. And no matter the lowest assessment amount is going to sit on the books for 6 months…so even if the bank would want to place the property back on the market, prospective buyers are going to see assessed price.

  • I lived for a year in an apartment on the east side of N. Capitol and R. I moved in June this year to buy a house in Brookland. I liked the convenience to downtown in Eckington. You are really close to all the Noma development, including the new Harris Teeter. I used to walk to both the Shaw metro and NY Ave, depending on which line I wanted to get on.

    Lincoln Rd had a lot of crime when I lived there. On at least two occasions, I came home to find my entire block taped off by the police due to shootings. My car had stray bullet holes one time (it was parked on the street). If you go east, past Lincoln Rd, I think things tend to improve, although the warehouse area over by the railroad tracks had some crime too.

    I think this neighborhood definitely has a bright future with all the development in neighboring Noma. This is probably a good time to pick up a deal there if you can make the numbers work for you.

  • Actually, with the exception of Q, Quincy and R Streets, Eckington’s housing stock is different from Bloomindale’s. Although Eckington is an older neighborhood (or subdivision if you will), much of the housing stock north of McKinley High School dates from the 20’s and 30’s and is not Victorian. Eckington also has a few detached single family homes, something you don’t see in Bloomingdale.

  • Ah, another venue for the Eckington/Bloomingdale divide debate! (If you look at the district tax records, you’ll see that Bloomindale is, perhaps, actually part of Eckington. . . )

    I live in Eckington – the Unit block of R St NE. @Chris in Eckington has it right that my street, Q and Quincy look much like Bloomingdale, but much of the rest of Eckington has a different look.

    People in Eckington do tend to head west more often than Bloomingdale folks head east, but I think most of that is due to the location of Big Bear Cafe (1st and R NW) and the farmer’s market.

    Lincoln road sucks. There is one particular slum lord that we can thank for that, though.

    North Cap is a pretty severe dividing line – which is why there have been discussions within the neighborhood about whether to try to get DDOT to return the North Cap and RI Ave intersection to grad, and to reintroduce Truxton Circle. But that would be years, if not decades, away. The return of the streetcars to the area should help (yippee!

    So much more I could say, but really what’s important is that there is huge potential in this neighborhood – in 10 years, it will rock.

  • chris in eckington — good point about the differences between the area around q and r streets vs. the part of eckington north of McKinley. I don’t spend much time in that northern part because it’s out of my usual traveling routes, but there’s some really cool stuff up there. Because of the hill, there’s some really great views.

    I was in Litteri’s a few years ago, and a guy who said he lived in the neighborhood in the 30s through the 70s told me that one of the warehouse buildings was used by National Geographic, and used as a studio for the sculptor who did the Iwo Jima memorial. Or at least that’s the way I remember the story. Pretty cool.

  • I actually put an offer in on this home at $320K. It is a beautiful home but its hard to believe its worth $380K. There were definitely issues that needed to be addressed and the close proximity to North Capitol was a bit annoying in my opinion. I’m glad though that the new buyer is happy with the home.

  • Andy, the divide is more one of words and history ( and a trench, but only in parts.), not a divide of neighborliness. i’m on a unit block in bloomingdale and without a doubt consider those across north cap my neighbors. stronghold too.

    despite being two distinct neighborhoods and having different histories and housing stocks, in real life there isn’t so much an eckington vs bloomingdale thing. it only plays out on blogs.

    oh, and i walk to ny ave metro pretty often, though i walked to shaw before the ny ave station opened. depends where in bloomingdale/eckington you live…. many in eckington walk to rhode island ave station too.

    i find the proximity of my place to north cap to be a benefit rather than annoying, but to each their own i guess.

  • This house was bought with cash if I am not mistaken. I placed on offer on this home as well, and was told by the agents that it came down to my offer or the other offer and they wanted me to up my offer. While I upped my offer a little more, the bank went with the investor that had cash in hand. This house needed a ton of work though, water damage was rampant. I wasn’t willing to pay much more, due to the condition of the property and the fact that it isn’t exactly safe. Quincy Pl might be a little oasis, but the surrounding area is full of folks up to no good.

  • Anon, the deal ultimately closed with conventional financing, so I don’t know if the cash deal fell out or if the cash buyers came to the table with conventional financing (which they can typically do without penalty as long as they show proof of cash funds up front and the financing does not affect the Seller.

  • There is no way a major fixer upper at that location is a good deal at 380K. Just add $100K (a minimum for a half decent renovation) to that number, plus the cost of financing for the time of the renovation, plus transaction costs for two sales, and you’re at easily $525-$550K. Would that home at that location really be worth that much with a cheap renovation in today’s market?

    I suspect the reality is, this place will get the shoddiest of renovations because there’s not much wiggle room left to make any money. I really hope that the buyers intend to keep it but since it was an all-cash offer originally it sounds like investors. Too bad.

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