GDoN Revisited by Hipchickindc – 3815 New Hamphire Ave, 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: 3815 New Hamphire Ave NW
Legal Subdivision: Petworth
Advertised Subdivision per Listing: Petworth
Original List Price: $639,500.
List Price at Contract: $639,500.
List Date: 01/06/2012
Days on Market: 5
Settled Sales Price: $629,500.
Settlement Date: 02/28/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA loan
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here

From the original Good Deal or Not (GDoN) comments: “I hope it goes for asking (as I said, I live near by) but think it will go for below. I imagine upper 500′s, but I’ll treat myself to some bubbly if they get over 600.” Go for it, blazing sun.

This property was renovated by John Formant, real estate broker and experienced developer (of both fee simple homes and entire condo projects). I am a fan of his work, which is a pleasure to show and to sell. He tends to use higher quality materials than some builders who renovate specifically with re-sale in mind, and he thinks carefully through the space.

Continues after the jump.

While there have been several sales over the past year that surpassed $600,000, this was the highest price paid in Petworth since 2007. Location was definitely a factor in the price heading over the $600,000. mark. According to Google maps, the house is located 2/10ths of a mile from Metro or a three minute walk. That’s three minutes plus one Metro stop to Target, IHoP, etc., or a short trek to Meridian Pint or Red Rocks. Plop in the second largest Safeway down the street ( eventually) and you’re golden.

Overall, there were a total of 99 fee simple homes sold in Petworth within the past six months. Including both renovated properties and the many houses that were not in good shape but probably will be renovated, the average price is currently $349,079.

Like the idea of being so close to Metro? There are four houses listed right now that are within a quarter mile of the Petworth Metro.

21 Comment

  • That little loft is sweet.

  • Wow, this is awesome!! I also think you can take from this if your home is very close to metro AND you’re on a quiet street, the price could go even higher. Petworth has arrived! I agree with what Hipchickindc says about John Formant renovations and using good quality materials – his renovations consistently sell for higher prices because the finishes are so much better than most.

    • Petworth has arrived– more accurately, the bubble has arrived in Petworth. $640k, FHA financing… yikes. As a homeowner I hope I’m wrong, but lending hasn’t tightened up nearly as much as some people would have you believe, and this is starting to look quite a bit like 2007.

      • Actually, one could argue that FHA financing means conventional has tightened up a lot. Bubble in Petworth? Not so sure. But with prices up in Columbia Heights more people will likely be looking in Petworth.

      • bfinpetworth

        I think lending is much tighter right now for prople who are borderline qualified based on income and downpayment. But if you have at least 10% to put down, plenty of documented income, and good credit, you can pretty much get whatever the market is asking.

    • I haven’t seen any real difference in price on New Hampshire vs. a quieter street. It doesn’t seem to matter.

  • I think Formant is doing a house on Randolph between 5th and 4th NW right around the corner too.

    • 434 Randolph St NW is now for sale by Formant- but I can’t find the listing anywhere. Anyone know the asking price?

  • It’s also interesting to me that this place sold in five days. That’s so 2007, as well. Wow.

  • Seller subsidy of 9,500 actually.

    • Anon, if you were involved in the sale, you may want to e-mail the agent to add that. The current listing does not show a subsidy at settlement.

  • Didn’t Formant also buy a long-vacant corner parcel on the east side of New Hampshire, about a block or so up? Anyone know what he’s planning to do with that space?

    (Or maybe it’s for sale and I’ve gotten confused.)

  • Its only a bubbled it pops. If it doesn’t pop, its just rapid appreciation.

  • It is greener up here in the hills of Petworth.

    Once we get all the violent crews to stop robbing and shooting, it actually might be truly livable.

    So happy I bought below $400k.

  • John Formant can always buy properties below market value–which is quite a mystery to me as to how he did it.

    • A developer’s first full time job is identifying and buying property and John has many years of experience finding and buying property.

      • True. But if any of his properties were bought from the market, the prices he would have paid will be much higher. He’s the envy of all small/medium sized developers in DC, who have to pay high prices that lead to paltry margin nowadays, whether they do good work or not because their purchase prices are typically twice as much.

  • It was built along with 3817 and 3819 NH beginning in August of 1914. Designed by JW Powell. Each cost just $3,300 to build!

  • Very nice! Especially the kitchen.

    Why shouldn’t a beautiful house like this right near the metro in a close in location cost this much?

Comments are closed.