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: 902 T St NW (Two Condo Units)

Original List Prices: $549,500.-$565,000.

List Price at Contract: $549,500.-$565,000.

List Date: 12/11/2009

Days on Market: Average for both listings is 110 days

Settled Sales Price for first settled unit: $535,000.

Settlement Date for first settled unit: 04/30/2010

Seller Subsidy for first settled unit: $0.

Bank Owned?: No New Condo Conversion?: Yes

Type Of Financing: FHA. As part of the new rules for FHA approved condos that began at the beginning of 2010, buildings that contain only two units are now eligible.

Original GDoN (actually, it was a “Judging Buildings” Post is: here.

Listings for the building are: here. Click the individual; listing to see the pics.

Continues after the jump.

So technically this post is really a “Judging Buildings-Revisted” (JB-R?), but I’m kind of on a new condo kick (see last week’s post here). The Prince recently posted this historic property located at 902 T St NW in Shaw, just prior to the condos having been listed. It looks like the developer did only two units, which was appropriate since although the property is large by rowhome standards, it is zoned R-4 with a 1540 square foot lot.

Tax records (not always accurate) represent the unit sizes as 1240 square feet for A (currently under contract) and 1287 square feet for B (sold as of 04/30/2010). Named “902 T Street Condominium”, it is fortunate that the building is close to downtown and to Metro, as there is no offstreet parking available. It looks like the round turret made for some interesting interior spaces.

4 Comment

  • i dislike houses turned into condos. i wish people would sell individual homes as individual homes.

  • The last line of this post didn’t quite make it, but ties this one in relation to last week’s post:

    “The settled unit garnered $431 per square foot, which is very much in line with other recent condo sales in the neighborhood. It’s interesting to compare to last week’s Dupont prices of $579 per square foot.”

  • The real problem with small houses is the ability to get financing. Many lenders dont offer products underwritten by FHA, Fannie and Freddie for buildings this small. That means its a much smaller pool of buyers a seller can sell to and therefore its also much more complicated for the current buyers to resell in the future. Be careful in small buildings! This may be one of the reasons why it went for so little, its how I would purchase myself.

  • Jesse, I’m not sure exactly what you’re saying. Under the current guidelines, these buildings are now eligible for FHA financing for condos (whole building not spot approval). That pricing is in line with other recent condo sales in that locale.

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