GDoN Revisited by Hipchickindc – 1730 S 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 the Principal Broker (DC) for Urban Pace, LLC. 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: 1730 S St NW

Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Dupont
Original List Price: $2,350,000.
List Price at Contract: $2,350,000.
List Date: 09/30/2010
Days on Market: 74
Settled Sales Price: $2,000,000.
Settlement Date: 03/16/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional

Original Good Deal or Not post is: here.

The listing can be seen: here. To see pics, open the listing link, click on the listing then scroll through from the main pic.

The average settled sale price of a home in Washington, DC (only DC, all four quadrants, including condos and co-ops) in March 2011 was $505,008. Of the 555 sales last month, 43 were over $1,000,000. Of those 43 sales, only 2 were in Capitol Hill, while the rest were in NW DC.

Continues after the jump.

There was only one comment on the original Good Deal or Not (GDoN) post for this property. Jessica said, “This is a gorgeous home, I don’t care what the price is (since I can’t afford it!).” It’s understandable that it’s a challenge to relate to a purchase price four times the average sale price. It’s interesting to consider, however, that fourteen years ago, this property conveyed for $550,000. To be fair, when adjusted for inflation, that would be the equivalent of spending about $743,709. today.

The 1997 price actually reflects a loss, since it was previously purchased in 1992 for $569,000. The 1997 listing reports that the home had numerous upgrades in 1994. In 2000, it appears that there was another round of updating. At that point it was listed for $819,000. and escalated to sell at $886,000. The current listing describes a renovation completed in 2006. (This history is a good lesson to those of us who think we’ll ever be done renovating our century old houses.)