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: 1113F Harvard St NW

Original List Price: $575,000.

List Price at Contract: $349,000. (Pricing history says $349,000. The final list reads $360,000., which is what the property settled for. My guess is that $349,000. was that sweet spot in pricing that draws multiple offers. It’s not unheard of for an agent to adjust the list to the sale price in cases where the contract ends up being higher.)

List Date: 05/30/2008

Days on Market: 282

Settled Sales Price: $360,000.

Settlement Date: 11/10//2009

Seller Subsidy: $0.

Bank Owned?: No. Seller is listed as non-owner occupant, so this may have been a rental unit.

Type Of Financing: Conventional with $72,000. Down payment (20% down)

Original GDoN Post is: here.

Recent Listing is: here.

I thought it was interesting that most of the comments from the Good Deal or Not (GDoN) post focused on the location of this property. I’d expect that the majority of buyers that I’ve recently worked with in this price range would be enthusiastic about the location, which is relatively close in to downtown. Most of the buyers that I work with tend to prefer either brand new construction or older properties with “character”, so it’s not surprising that something like this built in the late eighties had to dip a bit in price to attract attention. The mid-$300’s seems to be the appropriate pricing for these units at the moment, since there is currently another unit in this condo association that went under under contract within eight days that was listed at $355,000.

PoP posted this property as a GDoN after the unit had been reduced to $399,000. It had initially started off, back in late May of 2008, at a wishful list price of $575,000. It appears that there was an unsuccessful attempt to sell the property back in November/December 2005 in the high $400,000’s.