GDoN Revisited by Hipchickindc – 223 11th St SE

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: 223 11th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $1,278,999.
List Price at Contract: $1,199,500.

List Date: 06/20/2010
Days on Market: 125
Settled Sales Price: $1,195,000.
Settlement Date: 11/19/2010
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration (VA) loan

Original GDoN is: here.

The Listing from before the renovation and the recent sale of the renovated property can be seen: here. To see pics of each listing open the listing link, click on the main pic, and scroll through.

In the original Good Deal or Not (GDoN) post, the listing agent’s remarks for this property note that the house had been “vacant for thirty years”. You can see some images of the home in its un-renovated state on the link to the listing above. What is truly amazing to me is not so much the transformation of this particular home, but that it makes me think how compared to, say, ten years ago, the number of houses throughout the District of Columbia that have been vacant for many years has been so drastically reduced.

Continues after the jump.

Someone mentioned in the GDoN comments that the shell “sat on the market forever”. Listed in September of 2008 for a whopping $795,000. list price, the derelict property weathered 496 days on the market before finally selling to a cash buyer (the recent seller) for $560,000. It settled at that price on the 29th of January 2010 and hit the market as a full blown renovation six months later.

8 Comment

  • The thing I find the most interesting is that it was financed with a VA loan. I guess they’ve upped the maximum in the eight years since I looked into it.

  • Agreed on the VA loan. Unless the buyer’s put down a very large downpayment and just financed part of the purchase through the VA loan.

  • The VA max in DC is $768K.

  • I know the guys who did this house. They are very good and take the homes all the way back to the bones… in most cases talking out all the old joists… everything except the brick exterior.

  • what’s the name of the contractor?

  • Actually in this case the contractors didn’t have to do much demo at all. The house (and the one next door, 221 11th, which is on sale now or will be soon) was a TOTAL wreck. You can’t “take it back to the bones” if there are no floors or joists.

    Contractor: Connell & Schmidt

  • The VA loan limit can actually be higher than $768K. It depends on many factors. Also the interest rate is great. Many sellers can be scared about accepting an offer with a VA loan because it is not as easy to go through as a conventional loan but my experience in this sale was that it went through very smoothly.

    Chris Jordan with First Home Mortgage has done an excellent job with this VA loan and he is the best person to contact with any VA loan questions. He can be reached at 301-257-8080.

    This is one of the best homes I have seen remodeled. The contractor did an amazing job.

    The subsidy from the seller on this one was about $30K.

  • Veronica, Thanks so much for chiming in. Just to be clear, Veronica was the agent who represented the Purchaser in this transaction.

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