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: 129 U St NE

Original List Price: $229,900.

List Price at Contract: $229,900.

List Date: 12/10/2009

Days on Market: 14

Settled Sales Price: $255,000.

Settlement Date: 02/22/2010

Seller Subsidy: $10,200.

Bank Owned?: YES

Type Of Financing: FHA…looks like a 203(k), since the loan amount is significantly above the sale price

Original GDoN Post is: here.

Listing is: here.

In a city where finding a condo priced under $300,000. is a challenge, there are still several neighborhoods where an entire house can be had in that price range. Eckington, located directly east of Bloomingdale, across North Capitol Street, is one of those spots. Toward the north end of the neighborhood, the houses tend toward three bedroom porch front rowhomes built in the early 1900s. The southern part of the neighborhood has both porch front homes, as well as large bay front Victorian rowhomes. Continues after the jump.

Tax records include the homes within the triangle of North Capitol, Florida Ave NW, and Rhode Island Ave NW in the legal subdivision of Eckington. Most of the residents of the neighborhood will refer to this part of Northwest as Bloomingdale and think of Eckington as being in Northeast. I mention this because it is not unusual to see the designated neighborhood in real estate listings in this part of NW sometimes referred to as “Eckington”. Typically, the prices are higher on the NW side, although many of the houses are quite similar.

There is a detailed Wikipedia entry on the history of the neighborhood, and a neighborhood blog. I know I’ve mentioned this in at least one previous post, but my two favorite things about Eckington are the unofficial dog park across from the main Fed Ex building, and the Harry Thomas (Sr.) swimming pool.

I work with a lot of first time buyers in this price range and have shown plenty of properties in this neighborhood. In fact, one of my clients closed on Wednesday on a house on R St NE for less than $300,000. As with many other parts of the city, the impending deadline for the Federal Housing Tax Credit has contributed to dwindling inventory. I was actually surprised when I went in to check active listings in the neighborhood that there is currently only one listing priced under $300,000.

5 Comment

  • These 203 K loans are very hard to get…banks don’t really seem to wan tto give them out.

    Any suggestions?

  • I’ve found that these 203K loans are very hard to come by and banks don’t seem too eager to approve them. Any suggestions?

  • Great post !

    Enlightening. Sounds like a wonderful opportunity to own a whole house with your own yard, you own lot and square for the price of a condominium apartment a mile west of Eckington making for a larger living environment though not yet as good or trendy but probably a good long term investment.

    Is cranky pants right in the previous commentary ?

  • What is the correct description for a rowhouse like that? Is it federal? Colonial? It kind of reminds me of mine, and the only way I’m able to describe it to people is “generic DC rowhouse”. I’d love to know the technical lingo.

  • Agents generally identify them as Federal style, but mostly to differentiate them from Victorians.

    You need to work with a lender who has experience with rehab loans. You’re welcome to contact me (click on the link to my screen name and send an e-mail via my website) and I can pass along specific lenders.

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