GDoN Revisited by Hipchickindc – 1480 Harvard 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: 1480 Harvard St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $549,000.
List Price at Contract: Looks like it was increased post settlement first to $560,000., then to $660,000.
List Date: 12/09/2011
Days on Market: 2
Settled Sales Price: $700,000.
Settlement Date: 01/27/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the main pic after opening the link and scroll through. In this case, there are more pictures than usual for a property in this condition.

I think everything I’ve written about the real estate market in DC over the past few months has read something like this…“blah blah blah SCARCITY blah blah blah LACK OF ACTIVE INVENTORY blah blah blah FOUR PERCENT (and lower) MORTGAGE INTEREST RATES.” For better or worse, that’s pretty much how it goes right now.

Continues after the jump.

In this situation, we’re (probably) looking at raw product for a developer. The outcome of this story is not unlike another recent Good Deal or Not Revisited (GDoN-R). On the back end of this deal, in this Columbia Heights location, a large renovated house might sell for a million dollars. Boutique condos are also likely to be desirable .

Per the tax records, it appears that this rather large house last transferred as a sale in 1994 for $105,000. In 2011, a family member took possession, possibly as part of an estate.

Thanks to commenter “Sir Douchy” on the original GDoN post for mentioning the cameo of this block in “The Day the Earth Stood Still.” I haven’t had a chance to check it out yet, but I’ll take your word for it. My personal favorite movie featuring DC residential neighborhoods (and aliens) is “Mars Attacks”.

8 Comment

  • Wow, even realtors are getting disgusted with the situation in DC. It’s such a bummer to be looking for a place to buy these days.

  • There is a lot of money to be made in these row home projects in DC, especially with the housing market the way it is.

    Buy it for 700K. Put 250-300K into gutting it and carving it into 4 condos.

    Sell each condo for an average ~375K (more for bigger ones, less for small ones/basement units).

    1 million in
    1.5 million out.

    500K payday for 8-10 months worth of work.

    • Joker- good luck building 4 units for $250k. Try $150/SF for construction- that would be about $750,000.00 on this project- plus financing costs, sales commissions and taxes. That adds about another $200,000.00. That puts this building at $1.65 million in costs with resales of $1.5 mil. Not exactly the “payday” you’ve suggested.

  • I don’t get this post. It was listed for $549K, how can it increase post-settlement to $660K, then to $700K?? Please clarify.

    The “no inventory” line I get — we’re looking, with a decent budget, and have found very little lately. Good stuff is snapped up in a week.

    • I’ve heard of realtors sometimes fiddling with the list price after the fact in the hope that it will help the property to appraise at (or above) the settled sales price.

      • Although doing this after settlement seems like it wouldn’t have any effect on an appraisal, since presumably the appraisal is taking place _before_ settlement. Weird.

    • This was a cash deal, so not done to appease an appraiser or a bank. Some of these listings are a total crap shoot with regard to final pricing. The price is ultimately set by the market, essentially through auction. Not sure why the listed price was changed after the fact.

  • I can’t imagine that this house will be able to be renovated and turn a profit. So, I see it basically being a tear-down for the lot. I don’t think this will be very profitable, but that’s what they’ll have to do to make it profitable. It’s a corner unit, so only one neighbor to worry about, and it allows for a three sided exposure. The lot is too small for parking, and parking is hard to come by there. And, 1466 Harvard has not had people chomping at the bit to buy those units since the first one was listed for sale a year and a half ago…it will be interesting to see what happens with this property.

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