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 princeofpetworth.com 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: 1909 Randolph St NE
Legal Subdivision: Michigan Park
Advertised Subdivision per Listing: Brookland
Original List Price: $450,000.
List Price at Contract: $429,000.
List Date: 09/08/2011
Days on Market: 45
Settled Sales Price: $429,000.
Settlement Date: 04/27/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link and scroll through the arrows on the main photo.
Many Good Deal or Not (GDoN) properties that are reviewed for this feature happen to be in neighborhoods that have seen a recent surge in pricing. Lack of inventory and sub-4% mortgage interest rates are driving many buyers to the brink of frustration. Hence, it is somewhat refreshing to be able to present a property that was on the market for over a month before going to contract, possibly because it was identified as a potential short sale (the current market price was less than what the seller owed).
This area saw quite the activity during the housing bubble years such that in 2005 the subject property sold for $630,000. net. The recent listing states that there was a professional short sale negotiator involved (a good thing). Short sales often require much patience by all parties involved. There appears to have been an early contract that fell through, however, the process for the contract that ultimately went to closing started in late February, reflecting a two month time period between contract and closing, which is not exceptionally long for a short sale.
Although identified by the agent as “Brookland”, this property located in the NE quadrant of DC is a tad further east in Michigan Park. Both Brookland and Michigan Park are off of Rhode Island Avenue. Although many city buyers might generally dismiss Brookland and Michigan Park as “too far away from everything”, Rhode Island Avenue is a quick route both in and out of DC. A few minutes into Maryland finds you close to Community Forklift, the Arts Districts of Mount Rainier and Hyattsville, Franklins (an easy place to park and have a sit down dinner), and downtown College Park. For those who like their space, it’s not impossible to find a detached home with a real yard and a garage for an otherwise townhouse price.