GDoN Revisited by Hipchickindc – 1420 Harvard St NW #406

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: 1420 Harvard St NW #406
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $239,900.
List Price at Contract: $239,900.
List Date: 02/07/2012
Days on Market: 7
Settled Sales Price: $239,900.
Settlement Date: 03/15/2012
Seller Subsidy: $3050.
Square Footage (per tax record): 686
Settled Price per Square Foot: $345. (possibly quite a bit lower, if tax record is inaccurate)
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. To see pics…sorry, no interior pics on this one. You’ll have to use your imagination.

This Good Deal or Not Revisited (GDoN-R) looks at a recent sale in an older 24 unit condo conversion in the Columbia Heights neighborhood. A commenter to the original Good Deal or Not (GDoN) post mentioned that this building was originally structured as an affordable housing option for first time buyers in the mid-1980’s.

Although the tax record reports square footage at 686, an earlier listing claims that the unit is actually over 900 square feet. The tax records indicate that units in the building range from 601 square feet to over 900 square feet. Tax records also show an investor ratio of over 50%, which can affect the ability to get financing. The settled listing information notes that this was a cash sale. It is not clear whether the new buyer is an investor or an owner occupant.

The earliest listing information found for this particular unit was an attempt to sell this 2 bedroom 1 bath property back in 1995. At that time, it was listed for $65,500. It remained on the market into 1997, ultimately priced at $59,900. Even at that low price, it expired and appears to have not sold. The current listing, which was under contract in a week, tells the story of a transformed neighborhood and a very different real estate market.

The building is located a short distance to Metro and DC USA shops and restaurants. Properties on the block include a new construction condo building, as well as a a recent GDoN-R subject that will likely be converted to new condos.

9 Comment

  • Good Deal. Don’t need to see the inside. Anything on the inside can be fixed. If that is truly a 900 sq foot space in that location, than 239k is a good deal for the right buyer.

    If it is 686 — I still actually think its a good deal. We’re talking two blocks south of CoHi metro for 240k? And the seller kicked in 3k in closing costs? Seems like it would be a great investor purchase.

  • I lived in this building and it’s a total nightmare. You get what you pay for!

  • I used to live in the house right next door, 1422 Harvard St. NW. Just sayin’.

  • It would be helpful if we knew if there was an income restriction on this unit. Its just not feasible that 900 sq foot unit sold for that price if its a market rate unit. I think another GDN at 1101 Fairmont just went under contract for over 400k (older building as well, no parking, further from metro).

    • Since the buyer paid over $200,000. in cash, according to the multiple listing system, my guess is that the income restrictions have been lifted.

  • I lived in that building as well and was in one of the ’06 units – same footprint as this one. It is not 900 sq ft, it is 686. There are some larger units in the building, but this not one of them. I think the building has significant issues with owners and renters who do not take care of it. You also have issues with the drug dealers on Girard and some of the tenants of the low income housing that surrounds that building. Having said that, the location is really convenient to everything I wanted at the time. I think this is a fair price, but not necessarily a good deal.

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