GDoN Revisited by Hipchickindc – 1205 Morse St, NE

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: 1205 Morse St NE #3
Legal Subdivision: Trinidad
Advertised Subdivision per Listing: H Street Corridor
Original List Price: $475,000.
List Price at Contract: $450,000.
List Date: 01/17/2012
Days on Market: 93
Settled Sales Price: $475,000.
Settlement Date: 05/18/2012
Seller Subsidy: $1,000.
Bank Owned?: No Short Sale? No
Type Of Financing: VA
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.

This might be one of the better deals on the investor side that has ever been profiled as a Good Deal or Not Revisited (GDoN-R), since the developer paid $200,000. cash for the entire building in 2010. In addition to the subject property, there are three additional condo units in this building, all currently under contract, listed from $400,000 to $525,000. Having personally brokered numerous properties in the Trinidad neighborhood over the years (ranging from $65,000. in the early 2000s to $500,000. at the peak of the market for a four unit building), I have to say that I’m rather impressed at the sale of a condo unit at this price. As one of the commenters noted on the original GDoN post, “the times, they are-a-changing, my friend…”

Located on the west side of the neighborhood, and substantially larger than other condo units recently marketed in Trinidad, these are much more expensive than a typical condo unit in this location. Now that these are selling, however, I would not be surprised to see similar developments in the future.

10 Comment

  • The seller must be thrilled with that price. I think they overpaid, but hey, the market is insane. I’m also more of a single family homeowner than a condo person, so I’m predisposed to think it’s overpriced.

    Also, if Union Market turns out to be as great as they are making it out to be, this is going to be a great location. Good news for Trinidad, regardless. One thing that’s been clear for a while, the people who like to slam Trinidad are the same people who will shake their head in wonder five years from now about how lucky people were to get in early.

    • maybe good news for us newbies and moneyed folk coming into trinidad. long-time residents (especially the elderly) on a fixed income? union market isn’t for them.

      • Why not? Long term residents don’t like access to good food? Elderly folks on a fixed income can’t afford a splurge every now and then?

        There was very little in the old DC Farmers Market that can’t be found a block away in the same complex. The offerings there were neither especially cheap nor high quality. If this development starts pushing out the other low-cost vendors, I’ll agree with you, but for the time being there’s no shortage at all.

        • I hear you, and I’d generally agree with you, but the older folks I speak with on a regular basis talk about how the new things in town aren’t for them. H Street, for example. I know it’s not necessarily true, but it’s how things are perceived. These new places need to actively reach out to the long-term and elderly population to make them feel welcomed. It’s just like the retail-level politics that are necessary to get elected around here.

          My guess is that, while places like Union Market might be just fine for someone on a fixed income to splurge at now and again, those places haven’t figured on marketing themselves to that population, nor do they need to in order to be viable or profitable.

          • as harsh as this sounds(and believe me, I KNOW how harsh this is going to sound), senior citizens on a fixed income are not the future of this neighborhood, or the city in general. What can be done to fix that? Who knows…

  • I wonder if this price/sale was driven more by lack of inventory than anything else. Redfin doesn’t show too much for sale in the neighborhood right now, and the price is about what you’d pay for a renovated SFH a little bit further north in the neighborhood.

  • I’m a bit baffled at this. A totally gutted and renovated 1700 sf ft rowhouse with a huge backyard sold on the same block for 375K just a couple months ago. These sale prices seem steep considering.

  • Could someone explain how the list price was 475, the contract price was 450 and then final settled price went back up to 475 (not including the 1,000 seller subsidy). Usually a final sales price would be less due to haggling or negotiating problems. Why would the submitted contract price be 450 and then somehow during the month of negotiations before closing it would creep its way back up to the original list price of 475 to be finally settled on?

    • that is really strange. maybe something else conveyed that was not in the original listing, like a parking spot?

    • Since we are re-visiting this one, do you think either PoP or Hipchickindc could come and explain the pricing question, the contract price and then then final sales price. It is unusual that it would be great to have an explanation so we understand the sale of this house. Thanks.

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