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: 1401 Church St NW #307

Original List Price: $499,500.

List Price at Contract: $499,500.

List Date: 01/28/2010

Days on Market: 18

Settled Sales Price: $492,000.

Settlement Date: 03/17/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Conventional

Original GDoN Post is: here.

Recent Listing is: here.

This won’t make sense unless you first read the Good Deal or Not (GDoN) link.

I have to hand it to, first, PoP, for being out there in the snow doing his thing, and second, to this listing agent for going ahead with the Open House post-Snowmageddon. Given that listing inventory during that time period was so extremely limited, there were definitely motivated buyers who took advantage of the few listings that happened to show up during or right after the ginormous snow storm. The biggest issue with showing property during that time was that it was pretty much impossible to park anywhere, so my own showing appointments were limited to places that I could walk or Metro to.

This unit is located in Lofts 14 II, which was created by Metropolis Development, the same group responsible for The Metropole. The 1st Lofts 14 building next door has a total of 84 loft-style condo units and was completed in 2004. Lofts 14 II began sales of its 37 units in 2003 and delivered in 2005. A point of interest that is emblematic of the early 2000’s DC real estate market is that because the building pre-sold so far in advance, there were 11 re-sales shortly after delivery in 2005. Some people who bought pre-construction probably had changed life circumstances and decided to sell. The bottom line is that anybody who bought pre-construction in 2003 and sold in 2005 most likely made a nice profit on their investment.

So how did 2009 stack up to those 2005 prices? The average price per square foot in this building for sales in 2005 reported via Metropolitan Regional Information Systems (MRIS) was $603. The sales during 2009 in this property averaged out at $582. per square foot, which is a very respectable $ per square foot. Our subject property, at 863 total square feet, came in at $570. per square foot.