GDoN Revisited by Hipchickindc – 2010 1st Street, 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: 2010 1st St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: Bloomingdale
Original List Price: $759,900.
List Price at Contract: $759,900.
List Date: 04/12/2012
Days on Market: 5
Settled Sales Price: $800,000.
Settlement Date: 05/30/2012
Seller Subsidy: $1,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The virtual tour is here.

In full disclosure, this was my listing and it happens to be on the same street just a few blocks south of the other listing that I represented and profiled back in late December 2011.

I had sold this property to the recent sellers back when there actually were foreclosures to sell in DC in 2009. At that time they lived across the country but had come to DC several times for intensive house hunting trips. They had a very specific type of home that they were searching for (ideally Victorian style, with some historic details remaining, and in need of restoration/renovation).

They were on the west coast when this home came on the market in 2009, so I took lots of photos and they ended up making an offer without actually getting into the house. Given that it was a foreclosure, there were several other offers in and there were a bunch of hoops to be jumped through. I recall driving out to Sandy Spring, Maryland to the listing agent’s office to hand deliver the contract. Then we waited. From listing to acceptance of the contract took several weeks, which allowed the then-buyers plenty of time to fly in and check out the house in person. Here’s the listing link to the “Before” picture.

What I love about this listing is that it was restored and renovated by owner occupants rather than investors. They addressed details that are often obliterated by developers due to cost. For example, they had the historic tiles in the fireplace mantels and the vestibule custom matched by an artisan. The skylight was restored as they are rarely seen anymore, with colored glass bordering the clear central piece. Anybody with a turning staircase will appreciate this one…the interior stair railing to the second floor was designed to be simply dismantled to make it much easier to move furniture upstairs. Other unusual details not likely seen in an investor renovation include the European stove, attic storage, tankless hot water heater, the elevated deck with parking for two cars underneath, and (one of my favorite things about this house) extensively restored heart of pine floors throughout both the main and the second floor.

We ended up with two contracts in hand by midnight of the Thursday the property was listed. Per the owners’ request, there was no open house. By the time we reviewed contracts on Monday, there were four offers, hence the strong escalation above the listed price.

15 Comment

  • I think I saw this on the last revisited posts. I’ve read “list price at contract” to mean that that was the contract offer price. However, with these last 2 revisits, with the final price listed a good bit higher with no explanation explaining why the increase, I’m now reading “list price at contract” to mean that that is still the sale list price, meaning that no reduction in the pricing was listed for the property at the time of the contract submitted. I am now assuming the explanation for the higher final sales price is due to a bidding war. Could someone please confirm if my thinking is correct? Otherwise, again, I think it is odd to have a higher final sales prices than the one submitted at contract, unless there is a bidding war going on.

    • “List price at contract” is probably just a specification that in the time the house was on market, the price was not lowered. Kind of a moot point here because it was only on the market for 5 days and they had people willing to pay over asking…

      “We ended up with two contracts in hand by midnight of the Thursday the property was listed. Per the owners’ request, there was no open house. By the time we reviewed contracts on Monday, there were four offers, hence the strong escalation above the listed price.”

  • I apologise. I didn’t read the entire entry before posting my comment. I see that in the write-up, it does describe an escalation cause, which is a bidding war, which explains the higher final sales price. This reason is not explained for the other revisited listing (GDoN Revisited by Hipchickindc – 1205 Morse St, NE) and I’d still very much like to know the explanation for the higher final sales price. Thanks.

    • There are generally two reasons that a property would settle above list price. If the purchaser is getting a significant portion of closing costs back, it is often written into the price so that it impacts the seller less.

      The other reason (that we are seeing with more frequency in this market than we have in the past few years)…that there were competing offers driving the price. I know how many offers there were on this property because I represented the seller, but whether there was more than one offer is not communicated via the multiple listing system.

      • Thanks, hipchickindc, for coming to help clarify things for me. I understand the bidding wars/escalation clause as one reason. Could you expand on your first reason. I am not getting that one. Or let me see if I am. Are you saying that the final sales price will reflect higher because it factors in closing costs. In reality, the offered contract price is lower because that is what potential buyers are offering but during the negotiation time (prior to closing) what is negotiated is that the seller wants the final price to reflect higher (better for the agents and for the market/property values) but in reality the buyer will be paying the contract price offer because that includes the calculations removing or refunding the closing costs (or some of them)? I just want to understand this.

        I know that during negotiations before a closing, that a seller subsidy behaves sort of in that refund way, essentially what it does is let the buyer come to the table with less cash in hand and it doesn’t negatively impact the final price of the sale of the house. But to see a house where the final price increases from a contract price offered (without an escalation clause or allowing the contract to be open to multiple bids), it’s hard for me to understand how the final sales price can end up higher.

  • Beautiful house and great long-term investment. $800,000 today but most likely worth a lot more than that in 10 years. Welcome to the neighborhood!

    Only tiny flaw is the nasty tree box in front. Hopefully, the new owners will beautify it so it doesn’t detract from an otherwise gorgeous place.

  • What a beautiful renovation/restoration. Cheers to the recent sellers and those who did the work!

  • Great house, great price!

  • This is a really nice house with character

  • why is this tagged to ledroit park, not bloomingdale?

    • anon, I always include the legal subdivision in the GDoN-R info, as well as the advertised (what the agent chooses to market it as) subdivision.

      Years ago, I always marketed as LeDroit Park for almost everything in the general vicinity, now I most definitely advertise Bloomingdale since more people are familiar with it as a location and neighborhood.

  • novadancer

    I loved this house… this has been the first listing that made me a little jealous (especially the kitchen)!

    although I was baffled by the 4% down. When we bought two years ago there was no way you could get away with that on a jumbo…

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