GDoN Revisited by Hipchickindc – 976 Florida 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: 976 Florida Ave NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: U Street
Original List Price: $515,000.
List Price at Contract: $515,000.
List Date: 05/03/2012
Days on Market: 4
Settled Sales Price: $515,000.
Seller Subsidy: $0.
Original List to Net Sales Price Ratio: 100%
Settlement Date: 06/13/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here.

The even side of the 900 block of Florida Avenue NW is comprised of mostly two story rowhomes without basements, which are quite tiny and usually no more than two bedrooms and one full bath. Those who drive or bike in DC will know this as the block that you face when Sherman Ave NW turns left into Florida Avenue NW. I mention this only because Florida changes names and directions at odd and sometimes unexpected places.

Ten years ago it was still possible to purchase one of these properties in need of renovation for under $50,000. Livable properties on this block in 2002 were selling under $200,000. From 2003, the prices for these small homes increased into the $300,000’s, increased for a bit during the peak market years in the mid-2000’s, then came back down into the $300’s again in 2009 and 2010.

Until this most recent sale, the subject property had been the highest sale on the block for a two bedroom one bath property at $449,000. in 2006. This current price, which surpassed the half million dollar mark, is now the highest sale for a home this size on the block. The next highest price ever paid for a home this size on the block was Number 968, which sold for $401,500. in 2005.

Georgetown still wins the prize for high prices for teeny homes in 2012. A similarly sized two bedroom one bath attached rowhome at 1033 30th St NW settled on the 20th of June for $750,000.

5 Comment

  • Unbelievable! I wonder if this is a high water mark considering all the Condo construction on 14th street…

    • I doubt it. If anything, it is going to go higher. There is a huge demand for fee-simple houses, and the supply of these units is not growing. Also many of the projects on 14th are rental units, not condos.

  • This area has become much more desirable in the past few years as there are actual restaurants and amenities popping up. The development potential here is ridiculous – possibly more absurd that 14th St – and it looks like JBG will be the developer to pull the trigger on it all. You’ve got numerous vacant lots within a quarter mile of a metro station in an area that has an abundance of almost annoyingly hip restaurants and bars. It’s a developer’s dream.

  • So essentially you’re saying these people are idiots and spent way too much money for a tiny, tiny place.

    • I think they are saying that commercial development in this area is going to continue to prosper in the next 5 years, leading to increased value in homes. This area is only going up in value.

Comments are closed.