GDoN Revisited by Hipchickindc – 311 Rock Creek Church Road, NW

Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, hipchickindc aka the not-so-hip Suzanne Des Marais is an Associate Broker with Urban Pace. 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: 311 Rock Creek Church Rd NW

Original List Price: $529,000.
List Price at Contract: $515,000.
List Date: 05/07/2010
Days on Market: 51
Settled Sales Price: $495,000.
Settlement Date: 07/26/2010
Seller Subsidy: $10,000.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA

Original GDoN is: here.

The Listing can be seen: here. To see pics, after opening the listing link, click on the main pic and scroll through.

The comment that stood out to me most from the original Good Deal or Not (GDoN) post was this from an Anonymous commenter: “Having recently been in the market trying to find a renovated rowhouse in the Petworth area for $500k or less, I would pay $500k for that place in a heartbeat.” I understand the sentiment and I think it is reflective of how significantly our inventory of available homes for sale has gone down in the past year.

Continues after the jump.

The recent sales in this location also tell an interesting story. Here are all of the fee simple (houses) properties which have sold since February of 2010 within a quarter mile of this property. You’ll notice that it’s a real mix of prices, which expresses the range of conditions of property currently in the neighborhood. While this was the highest settled price within this location recently, the number of sales of homes in need of renovation may suggest that soon we will see several properties fixed up in the immediate area. These may be owner occupied homes or they may hit the market as investor re-sales. Ironically, while the owner occupied fixed up homes are great for the neighborhood, it is generally the quickly turned around investor rehabs that drive the prices up by creating sold comps.

I also looked at all of the fee simple homes in Petworth that have sold since February 2010 for a settled sales price of over $475,000. Frankly, I was surprised to see only five, including the property profiled here.