GDoN Revisited by Hipchickindc – 640 Q St, NW

Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a advertiser. 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: 640 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Shaw
Original List Price: $699,990.
List Price at Contract: $699,990.
List Date: 11/18/2011
Days on Market: 6
Settled Sales Price: $679,000.
Settlement Date: 12/27/2011
Seller Subsidy: $1,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here.

Purchased for $300,000. less a $2500. subsidy (and $25,000. below the listed price) in late September 2011, 640 Q St NW was back on the market close to two months later and under contract again in less than a week. The property is located on the edge of significant retail development.

Continues after the jump.

In relation to recent comparable sales within a quarter mile, this home sold on the high side. The transaction may well reflect the trends reported this week at that are driving market activity and prices in DC. Per the article, inventory of homes available to buy is super tight, urban investing is hot, foreclosure rates are low, and lots of people in DC have good jobs.

One year ago, we looked at a sale of a renovated property a block east at 507 Q Street NW. That sale, one year ago, settled at $570,000., more than $100,000. less than the current subject property.

5 Comment

  • Always fun to look back at the original GDoN posts and see the naysayers proven wrong. Yeah it sold for $20K under list but it was also $379K over the purchase price.

  • All I can say is wow. I like the upstairs and basement, but think the first floor is ghastly with the kitchen being the central feature. It also looks like the finishes aren’t particularly fancy.

    One thing that I often look at is how the heat and AC are vented. In some, such as this, the vents are in the floor, whereas in others (mine, very unfortunately) they are in the ceiling. I’m even thinking of moving mine because having them in the ceiling really makes it hard to heat my downstairs. Anyone else have thoughts on this?

  • I think that’s a phenomenal spot to invest in, but I wonder whether the future appreciation isn’t already priced in this one…

  • The buyer is absolutely nuts. They could had this or a similar unit for less then $599.

  • I live right across the street from this house, and that’s an insane price given the adjacent neighborhood. Perhaps once Market at O is done the price will be justified.

Comments are closed.