GDoN Revisited by Hipchickindc – 1206 T St 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: 1206 T St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan/U Street
Original List Price: $1,099,000.
List Price at Contract: $1,099,000.
List Date: 08/20/2010
Days on Market: 32
Settled Sales Price: $1,099,000.
Settlement Date: 10/28/2010
Seller Subsidy: $2,750.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional

Original GDoN is: here.

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

As the incoming president of the state level Realtor association for DC, I just spent five days at national meetings listening to other state leaders discuss the challenges within their real estate markets. To say that we, in the District of Columbia, are currently faring better than other parts of the country is an understatement. Whereas in the DC market we are occasionally dealing with foreclosures and short sales, some markets continue to struggle with inventory overwhelmed with both.

With interest rates for even jumbo mortgages at super lows, and lower and mid-range priced properties selling at a comfortable pace, we’re seeing the return of the “move up” buyer. Consider that in 2009, from January 1st until November 11th, there were a total of 359 sales of real property in the District that settled at a million dollars or more. Incidentally, 59 of those sales were condos or co-ops. This year, so far there have been 466 sales at a million dollars or more (84 of them condos or co-ops).

Continues after the jump.

This Good Deal or Not Revisited (GDoN-R) property is in a higher price range than homes that I typically profile in this feature, so for perspective it’s notable that the comments on the original Good Deal or Not (GDoN) post were overwhelmingly in favor of this house, priced over $1,000,000. being a good deal. In this instance, our GDON commenters were in the right, since the house sold at list price, with a small subsidy, in just over a month.

Back when the recent Sellers purchased the subject property in 2003, they ended up paying $97,500. above the list price of $479,000. At the time, the house was described as “in need of TLC”. Even considering that a substantial amount of renovation appears to have been completed, I suspect that the investment was well worth it.

3 Comment

  • I am closing on a condo next month and paid list price. The DC is very stable market and is defiently worth the investment. I am lookinng forward to gentification as my property value with increase because of it. It’s a fact deal with it.

  • This house is associated with Duke Ellington, NOT the one at 1212 T Street that repeatedly gets credit in various publications. It was built in 1894. The sister-in-law of Duke’s first manager Egbert Bowie, Evelyn Colden Bowie, taught Duke piano lessons in the house in the 1910s (when he lived at 1805 13th Street). Duke himself moved into 1306 T Street in 1918-1919. He eventually moved to NY in 1923.

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