GDoN Revisited by Hipchickindc

In real life, hipchickindc is actually the not-so-hip Suzanne Des Marais, an associate broker with Urban Pace. Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, Suzanne is currently Chair of the DC Public Policy Committee for the Greater Capital Area Association of REALTORS® and is President Elect of the Washington, DC Association of REALTORS®. She lives (and sells a lot of houses) in Bloomingdale, but works all over DC, with everyone from first time buyers to highly regarded developers.

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: 1354 Quincy St NW
Original List Price: $629,900.
List Price at Contract: $599,000.
List Date: 04/09/2010
Days on Market: 52
Settled Sales Price: $590,000.
Settlement Date: 06/18/2010
Seller Subsidy: $3,500.
Bank Owned?: No
Type Of Financing: FHA

Original GDoN is: here.

Listing is: here. To see pics, click on the listing, then click on the main pic and scroll on the arrows.

While we have not seen the end of foreclosures, we are definitely seeing fewer and fewer foreclosures actually on the market. This particular property was a purchased for $267,000. in December 2009 by George Koutromanos from a regular seller who purchased the property back in 2004. Additionally, we continue to have an influx of owner occupant buyers purchasing in the city and taking advantage of fabulously low mortgage interest rates. Because we have a healthy supply of buyers at this point, we are continuing to see another wave of renovation activity, not unlike what we saw in the early 2000’s.

One of the commenters on the original Good Deal or Not (GDoN) post for this property pondered, “It makes me wonder if 90% of houses are being flipped by the same person or company in DC or whether all the flippers/builders have the same boring taste.” I actually think that there are quite a few active investors out there now, but just a few weeks ago, I featured another property that was also renovated by the Koutromanos family, who has been renovating in DC for decades.

This particular location has seen a tremendous amount of real estate activity recently. I did a search within just a few blocks of the property showing active, under contract listings, and settled sales since March 2010. You can see here the wide range of prices reflecting the vastly differing sizes and conditions of properties in the area, including 3600 13th St NW.

4 Comment

  • HipChick…how down is the market right now in DC if at all? Is there a balance between buyers and sellers or is there an overabundance of both this summer vs. say the last normal year in DC?

    I assume volume is down across the board.

  • Volume has been up this year because of the tax credit. Inventory is low. Mortgage interest rates for fixed rate loans are below 5%. What’s not to love?

  • We are the buyers of one of those recently solds. Just want to say we are loving this area so much! It’s a great few blocks. And with the addition of Red Derby’s roof deck, I may never have to leave.

  • Very interested to see what the the other Quincy house (same block, basically almost across the street) goes for. It’s definitely not renovated though.

    I would think seeing this sale would suggest the potential of fixing that one up…?

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