GDoN Revisited by Hipchickindc

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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: 203 Morgan St NW

Original List Price: $499,000.

List Price at Contract: $459,900.

List Date: 5/15/2009

Days on Market: 130

Settled Sales Price: $457,500.

Settlement Date:  10/27/2009

Seller Subsidy:  $3,000.

Bank Owned?: No

Type Of Financing: FHA loan which would indicate a minimum of a 3.5% down payment (listing states loan amount of $449,213., which I suspect is incorrect).

Original GDoN Post is:   Here.

Recent Listing is:  Here. To see pics, click on the main picture after opening the link.

Last week I revisited a property just north of Dunbar High School. This one is a short distance south of Dunbar, on a quiet one way street that is tucked just off of New Jersey Avenue, seconds (if you hit the lights right) from the third street tunnel. I was sent a heads up about this property closing by one of my own clients, who settled on a property on the same block a couple of weeks ago, for which he is planning to do extensive renovation. Continues after the jump.

Commenters indicated that this property was on the smaller side with tiny exterior space, but does have the benefit of an inlaw suite. The listings of this property from both 2000 and 2004 note that a renovation was completed in 2000. Unfortunately, there were no interior shots, but the current listing suggests that the latest seller had made numerous upgrades to a “modern minimalist” style.

The owner from 2000 to 2004 is recorded as Brian R Brown. I wonder if this is the same Brian R Brown, the developer, who did the complete restoration of the Anna J. Cooper house in LeDroit Park and owns the firehouse on North Capitol St NW? I initially figured that Brian may have done the 2000 renovation, but the listing from that timeframe states that it was already “remodeled”.

This is one of those areas that is seeing revitalization post-crazy DC real estate boom. Here is the recent sales history for this property:

May 2000: $115,000.

November 2004: $332,500.

October 2009: $457,500. Less $3000. subsidy

14 Comment

  • Not a terrible price, but I just don’t know about being 2 blocks from Sursum Korda.

  • Out of curiousity, I’d like to know how many of the people that respond to the GDoNs are actually home owners (not renters or condo owners). I feel like each GDoN gets ripped because some aspect makes it imperfect.

  • Sursum Corda may as well be another world from this little street – NY Ave is a significant neighborhood boundary.

  • The loan number is probably correct. They most likely financed the FHA upfront MIP.

    I think they got a really good deal.

  • FHA requires at least 3.5% of the buyers own money in the deal.

  • Can’t tell if it is a good deal. The pics are not that great, but from what I can tell, I don’t like the modern minimalist style. For anyone who does however, it may be a good deal.

  • Between the perpetual NY Ave gridlock and the inability of thugs to cross the street, your safety is assured.

  • Yes, I know. They put 3.5% down, and then financwed the 1.75% upfront MIP. So you get:

    $457,500 sales price
    – 16,013 3.5% down payment
    + 8,006 1.75% upfront MIP
    = $449,493

  • What is the status of Sursum Corda? I thought I had read that HUD was going to close it so the city can redevelop.

  • Interesting. I’ve not been seeing that.

  • Fenty cut his frat brothers in on the deal to redo Sursum. It was in the Post either this week or last.

  • Condo owners are “home” owners, Matt.

  • Sursum Corda hasn’t gone anywhere yet. And the city has promised, as with all the projects they intend to re-do, that no residents will be displaced. i.e. no problems will be solved. True that NY Ave. is a boundry, just not sure if it’s a force field that can keep the worst crime spot in NW DC out of your hair, no somehow magically transport you back and forth to the not-so-close transport options. It’s reflected in the price.

  • I walked through that house — really extremely hard to believe that very small space sold for so much!

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