GDoN Revisited by Hipchickindc


In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, 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 Properties: 6 Grant Circle NW

Original List Price: $350,000.

List Price at Contract: $364,950.

List Date: 01/13/2010

Days on Market: 20

Settled Sales Price: $370,000.

Settlement Date: 02/22/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Cash

Original GDoN Post is: here.

Recent Listing is: here.

I realize that this is the third Good Deal or Not Revisited (GDoN-R) that is a cash deal. This one was a request by a reader for a revisit, but the prevalence of cash deals in our current real estate market is definitely worth noting. There is a very active investor market in play at the moment. I had an agent tell me the other day that he had 100 showings within 6 days of putting a house on the market. (That property was in the north end of Columbia Heights.)

This property is somewhat different in that a) it was not a foreclosure, and b) it started off with a list price in the mid-$300,000’s. The original list price for the property was $350,000. A couple of days later (possibly because of the traffic they were seeing?) the list price was bumped up to $369,950. There was an initial contract during what sounds like (from comments on the original PoP post and from the listing comments) a multiple offer situation. It came back on the market, went under full contract on 02/13/2010, and settled a mere nine days later. A shortened transaction time is a huge benefit of cash deals for Sellers. With new lender requirements, both internally generated and new legislation affecting the lending process, I am telling my buyers who are utilizing financing to plan on a 45 day timeframe from contract to settlement. (We used to expect a 30 day turnaround.)

I have to say that Grant Circle is my second favorite circle in DC, so I am not surprised at the appeal of the location. Between the Beautiful Life tree and the proximity to Metro, I personally think it’s an awesome location. Additionally, both the house and the lot are quite large, even by Petworthian standards. In the comments to the original GDoN post, there was a bit of discussion regarding the costs to complete the renovation of the property. Unfortunately, I did not get into this property when it was available, so I am not able to comment on the extent of the work required, despite the pictures provided in the listing.

15 Comment

  • PoP
    What is your favorite circle in DC

  • I suspect this might be PoP’s favorite circle.

    I wrote the above post, though, and my fav is Logan.

  • Sorry wasn’t paying attn to the author. I like Sherman circle a lot too just because it’s sleepy and simple.

  • Columbus Circle baby!

  • I am still amazed that it went for as much as it did. The lot is large and so is the house but…. man…. that house at least appeared to need a lot of work. I would have thought it would have gone closer to 300… considering some of the other fixer uppers that have sold in the hood. There was a foreclosure that went for 299 right across the circle from this one and it had a full remodeled basement apartment and seemed just as big as this house.

    Of course, Grant Circle is my favorite because I live right off of it, and agree, with HipChick it is a great location!

    • yeah it needed a lot of work, but it seems like much of it had already been done. Everything looked roughed out. It may have been attractive to the new owner to be able to choose the finishes.

  • I prefer my circles to be non-existent. Props to Truxton!

  • I love Grant Circle, too! It appears to be the first layer where neighborhoods turn residential (i.e. quiet) while still being convenient to Columbia Heights and what’s going up around the Petworth Metro.

  • Wow. I am happy to see such a high price for this house.

  • Wish it went for more…because I’ve already bought my house in Petworth. To some of the doubters who were pricing this at 300K or less, are you looking to buy in the neighborhood? Or are you just haters who hope the rest of us go upside down on our mortgages?

  • I think that is a great deal, even if the house is in terrible shape. A house that size with the much property is worth a lot more!

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