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: 613 Upshur St NW

Original List Price: $549,000.

List Price at Contract: $549,000.

List Date: 10/23/2009

Days on Market: 4

Settled Sales Price: $549,000.

Settlement Date: 11/30/2009

Seller Subsidy: $0.

Bank Owned?: No. Tax records indicate that it was sold by an investor (non-owner occupant).

Type Of Financing: Conventional with $137,250. down payment

Original GDoN Post is: here.

Recent Listing is:
here. Virtual tour is here.

Full price sale. $549,000. Under contract in four days…Fantastic.

This one drew a lot of comments for a Good Deal or Not (GDoN) post. Most readers seemed to like the renovation, although some pondered when we shall see an end to the granite/stainless trend of the 2000s. Located on Upshur, just a few blocks from Metro, Domku, and the organic market, this nicely done rehab featured the unusual amenity of a loft in the owners’ suite.

The recent sellers were investors out of McLean, VA and acquired the property for $181,000. in July 2009. I did not find a prior listing or any foreclosure records for the property, so my guess is that it was a direct buy from an estate. Someone mentioned that investors paying cash for the lower priced homes is frustrating for home buyers attempting to purchase for themselves. As an agent, I agree that it can be tough on owner occupant buyers, however, in my opinion, tougher lending standards for investors have led to a better quality of renovations. The lower prices have brought back the investors and subsequently areas like Petworth are seeing a surge in stunning rehabs. This is great for Petworth homeowners, as the values and desirability of the neighborhood are strong. Given that available inventory has dwindled over the past six months or so, prospective buyers are, in some cases, surprised to find themselves competing in what they expected to be a Buyers market.

11 Comment

  • I don’t remember the original GDoN, but I LOVE this place. I would’ve tried to snatch it up myself, if I’d been ready to buy right then and there.

  • “The lower prices have brought back the investors…This is great for Petworth homeowners”.
    Well, I don’t have anything against flipping properties to the next greater fool, but if it means the banks go back to lending to anyone with a pulse leading to home values completely disconnected from average income, that’s not so good.
    But I’m sure that won’t happen again unless the government tries to pump a lot of liquidity into the market and creates a bunch of housing incentives. Yep.

  • Old house – character = sad.

  • I’m with Ms. Pac-Man, it looks like a decent renovation but I’m really, really over houses with no walls on the first floor.

    Unless you have a party four times a week, what benefit is the open floor plan? Every noise and smell will spread through the whole first floor, and there’s nowhere to put a couch or a television. No doors means no way to contain things like small children and pets. I just don’t get why people don’t seem to want rooms any more.

    I think old houses that have been restored rather than gutted and rebuilt are way better. I guess at the end of the day the market seems to support these kinds of renovations but personally I would never want a house like that.

  • I think some people like an open floor plan and some don’t – just a matter of taste. This is actually my house (yay!) and one of the things that drew us to it was the open floor plan. We like to entertain. My husband likes to cook, so I love that being able to smell what he’s cooking when I’m in the living room. Also, the open floor plan allows me to be doing other things on the main floor (like sitting on my couch in the living room) while he’s cooking and still be able to carry on a conversation with him. I think it’s just a matter of different strokes…

  • I can’t get passed the fact that people don’t pay attention to macro-economics when talking about real estate values.

    Record high unemployment, epic price drops in most markets, banks failing in record numbers (Google: “Bank Deathwatch”), DC government predicting a $100+ million operational deficit over the next four years, etc. etc.

    The notion that the real estate market “is back” rings true for people who are very short-sighted. I’m looking forward to the glut of inventory next year and the relative lack of buyers. Saavy people have cash in the bank, not a $400,000 mortgage debt.

  • Yeah, investors are the bane of my existence right now. My fiance and I have been looking for a house since March. We have lost out on 5 houses so far; 3 were straight cash offers by what I assume (and my agent) to be investors. I guess it is the nature of the beast, but the beast sucks $%#$%!!

  • Dboe – Congratulations on your new home. I hope you enjoy it. I wish my backyard was as large.

  • Lisa: Real savy. In one breath you say the banks are going under and in the next you talk about stowing away bundles of cash in said banks. Irony much? Forgive us if we consider the opinions of the real estate professional less dubious.

  • Re: open floor plans, I have a smallish house and felt it just had too many walls on the first floor for such a small place. So I opened the kitchen to the rest of the floor and can now watch my living room tv while I cook. No accident that.

    I got the feeling that back when my house was built they wanted a servant in the kitchen cooking but remaining unseen, so it ended up being a small kitchen blocked off by a wall. I don’t regret opening it up at all…

  • Everything Lisa said was true. As long as FDIC doesn’t go under then your money is safe in the bank. And if FDIC goes, we’ll have a lot bigger problems in this country.
    The small bump in prices we’ve seen is a directly result of the government’s buyer bribes (artificially low rates, 1st time buyers credit, 3.5% FHA loans) but once interest rates rise then the buyer’s pool will be reduced simply because people can’t qualify for the same loan amounts. These programs are designed to pull demand from the future, so she’s correct that there will be less buyer competition next year. Heck, that’s why they had to expand the 1st time buyers’ credit to move-up buyers who’ve owned 5 years.
    Now might be a good time to buy if you’re a move up buyer with some bubble equity to play with, but otherwise tread carefully!

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