GDoN Revisited by Hipchickindc – 1219 I St NE

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: 1219 I St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Old City #1
Original List Price: $480,000.
List Price at Contract: $458,000.
List Date: 08/17/2010
Days on Market: 212
Settled Sales Price: $460,000.
Settlement Date: 05/05/2011
Seller Subsidy: $11,500.
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.

When this burned out shell of a then siding covered house sold for $25,000, who woulda thought you could play indoor miniature golf within a couple of blocks a mere ten years later? Subsequent sales occurred in 2004 post-renovation for $320,000., and then again in 2006 for $449,000. less a $5000. subsidy.

Continues after the jump.

The consensus of the commenters to the original Good Deal or Not (GDoN) post was that it was unlikely that this home would sell close to the list price (which, at the time of the GDoN post was $458,000.) Sales of single family homes in the immediate neighborhood since November 2010 have been plenty and at substantially higher prices than some might expect.

8 Comment

  • Looks from the links as though this is actually 1219 _I_ Street NE, not _11th_ Street NE.

  • Thanks for the update! Your comps spreadsheet missed a ton of recent higher sales in the neighborhood such as

    1122 6TH St NORTHEAST 690k

    823 6th St NE 799k

    722 7th St NE 743k

    1011 7TH St NORTHEAST 742k

    1201 6th St NE 730k

    716 3RD St NORTHEAST 711k

    658 L St NE 645k

    Etc a ton more but I’m tired of cutting and pasting.

    • Except most of the ones you listed are substantially closer to Union Station/and the Noma development, so it makes sense they’d be priced higher. I mean, 3rd street? It’s steps to Union Station and isn’t really comparable at all to a house at 12th and I NE. Ditto for 1201 6th, except it’s the NY Ave metro. I’d be more interested on things on east end of H St.

      • True, after I posted I realized she was using east of 9th or so. I’m more interested in the areas I posted… And I don’t think there is a huge difference from say 7th st to 12th. Although, 7th is much closer to metro.

        I didn’t even mention the ones on say G st NE, those are quite high as well. Thanks for the response!

  • There was a carjacking on that block last week. Welcome to the neighborhood! 🙁

  • “The consensus of the commenters to the original Good Deal or Not (GDoN) post was that it was unlikely that this home would sell close to the list price.”

    To be fair, there is a $11.5k subsidy. So the net is $448.5K, but it’s still closer to list than the PoP audience’s predictions. On the other hand, it took over 7 months and a 6.5% price drop to sell.

    On the issue of seller subsidies, I noticed that most of the property sales in the MRS report attached to the post involved seller subsidies. Trend?

    • Color me shocked that PoP commenters — who are unparalleled in their ability to completely and comically mis-read the DC real estate market, especially when it’s a property east of North Capitol Street — once again failed to accurately predict how much a house would sell for.

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