GDoN Revisited by Hipchickindc – 506 7th St SE

Hipchickindc is a licensed real estate broker. Her latest business venture can be seen here. 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: 506 7th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $390,000.
List Price at Contract: $390,000.
List Date: 09/09/2011
Days on Market: 12
Settled Sales Price: $450,000.
Settlement Date: 10/26/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see the photos, after opening the listing link, scroll through the arrows on the main pic.

It was pretty clear that commenters to the original Good Deal or Not (GDoN) post expected the price of this home to get bid up. And bid up it did, to $60,000. over the listed price.

The home was not very large, but there’s definitely an appeal to many people for being in the heart of Capitol Hill (and this is in the actual subdivision of Capitol Hill, rather than in Old City). Since November 2010, in addition to the sale of the subject property, the subdivision of Capitol has seen exactly three fee simple sales under half a million dollars.

Continues after the jump.

In total, there have been one hundred sixteen transfers of fee simple houses over the past year. The average net price of all of these sales is $803,009. Activity was similar during same time frame of the previous year with one hundred fourteen sales and average net price of $799,088. This is actually higher than during what most real estate agents would consider the peak of the market in other parts of the city, from November 2004 to November 2005. During that time frame, there were a total of 170 fee simple sales in this location, and the average net price was $795,074.

Although I would have described the location then as at a premium for proximity to Eastern Market and Metro, the development of Barracks Row has certainly added to the desirability. The residential streets in this location maintain a historic charm and residential feel, while being within such a short distance to these amenities.