GDoN Revisited by Hipchickindc – 726 Quincy St NW #1

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: 726 Quincy St NW #1
Original List Price: $249,000.
List Price at Contract: $199,000.
List Date: 01/22/2010
Days on Market: 178

Settled Sales Price: $201,000.

Settled Price Per Square Foot: $266 **Including offstreet parking space
Settlement Date: 08/13/2010
Seller Subsidy: $0.
Bank Owned?: No Short Sale? Yes
Type Of Financing: Conventional

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.

Located less than two blocks from the Petworth Metro, this Far East Columbia Heights rowhome was divided into two condominium units in 2004. As is common with these types of conversions, the upper unit is a 3 bedroom, 2 and a ½ bath duplex (two levels), while the subject property is a single level 1 bedroom 1 and ½ bath basement unit. Originally sold for $400,000., the larger unit saw the value of increased commercial development around the Petworth Metro and re-sold for $450,000. less a $10,000. subsidy in May 2008.

Continues after the jump.

Back in 2004, the basement unit was listed for $239,000. and apparently drew multiple offers in that it ultimately settled for $257,300. with no subsidy. (Note that a settled sales price higher than the list price with no subsidy and an odd amount…that additional $300…typically indicates that there was an escalation clause invoked). Unfortunately, the recent market value was lower than the amount financed which resulted in a short sale. In this case, where the settled price is higher than the list price, it is possible that there was more than one offer, however, it is also likely that the bank countered an offer at or below list price.

I feel that it is important to mention that it has been a significant week for real estate news. The release by the National Association of REALTORS® (NAR) of the July numbers resulted in a lot of negative speculation on where the real estate markets are going. In response, I looked at numbers for my own local zip code (20001) to offer some perspective of our local real estate activity. Yes, it is true that compared to July 2009, sales volume in zip 20001 was down 20.5%, but it’s really worth looking at the information from the prior months in relation. If you are not sure about my take on the numbers, you may be interested in Karl Case’s (of the Case-Schiller index) response in yesterday’s New York Times. The other piece of important real estate news? Unreal interest rates for fixed-rate mortgages with an average of 4.32%, which is a thirty nine year low.

17 Comment

  • I can’t understand why houses are divided into condos that are essentially “normal house” and “basement apartment”. If I was purchasing what is essentially a single family home, I’d would not want to lose control over who lived underneath me. You know that basement unit is likely to be an investment property that gets rented out. You live over the tenant and take all the risk of them burning the place down with a meth lab or grow lights, but have no control over who lives there. The owner of the apartment has no incentive to do background checks, or whatever, but you get stuck with the risk. NO WAY would I buy the upper unit without also buying the lower unit.

    We had one like this on our street, took forever to sell.

    • Don’t you run the same risk x100 if you buy a condo in a large building?

      I can see why someone might only want to buy the top part, or a single level, of a house. They might not be able to afford the whole thing, and might not want the hassle and risk of having to rent out the basement themselves.

      • No, you have that risk divided by 100.

          • The more people people in the building, the more risk is spread out. You might get a few deadbeats, but they won’t all be deadbeats. If you share a condo association with one other person, you have a chance that 100% (of 1) of your co-owners are deadbeats. It’s just like with an insurance policy- having a bigger pool is better.

  • This is not “Far East Columbia Heights”, it is Park View. That is some Realtor bullshit.

    • its not bullshit, its just that most people looking or a house don’t know shit about Park View. it helps them place it in their minds. and a map.

      once they move in, they can learn about all the specifics.
      when i bought my house, the listing agent, the owners, and even my agent had no idea what neighborhood it was.
      cuz it doesnt really matter.

    • Um, I was gonna ask if it was Parkview or Petworth. I thought Parkview was south of Rock Creek Church Rd; Quincy is just north.

      I have to say: surprise surprise – a 20% haircut…a basement “apartment”. I agree with the first thread of comments – if I want a “condo” I’ll buy one in a building intended to have ‘condos”, not an old attached SFR

      • Prince Of Petworth

        I think of this area as Petworth. Though we’re gonna have a whole separate debate on Park View with today’s 2:30pm “Dear PoP” question.

    • Actually, it was a joke. The legal subdivision for this property, per public records, is CH.

    • I got Quebec and Quincy confused in my head, I stand corrected.

      Regardless, this is still the same sort of Realtor crap as calling U St. NE Duptont.

  • Good looking apartment. Can’t beat $200k for a 1 bedroom condo with parking. You won’t get that in any new construction in Columbia Heights. Only downside I see is being part of a condo association of two.

  • I live in a Wardman townhouse in Petworth similar to this. I can’t imagine having two taxpayers and owners in one of these buildings. I don’t think they’re designed for that capacity. Although, I think it is a good idea to develop quality basement apartments, I’s always want control over what was happening above or below me. The difference between a condo building and one of these is that a condo building has a board (usually filled with Nazis, but better than nothing) that enforces rules and sets policy. You have a dispute with the person below or above you in one of these, there’s nobody to advocate for you, no board. That means it’s you and an attorney and a $5,000 check to try to resolve a matter that has just upset the other owner you see everyday. Worse case scenario.

    Agree with other statements. These aren’t designed for people who are going to be deeply established in the neighborhood. These are starter homes for young professionals. Something to cut teeth on. Likely lots of turnover.

  • The legal subdivision for 17th and Euclid is “Mt. Pleasant.” The legal subdivision for the Woodley Park Metro is “Garfield.” There is no legal subdividision called “Adams Morgan” or “Dupont Circle.”

    The legal subdivisions are not at all in line with the commonly used neighborhood names and boundaries.

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