GDoN Revisited by Hipchickindc – 717 K 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 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: 717 K St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $693,750.
List Price at Contract: $693,750.
List Date: 05/30/2012
Days on Market: 7
Settled Sales Price: $693,750.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 100% (MRIS calculates based on the original list price of the final listing)
Settlement Date: 07/05/2012
Bank Owned?: No Short Sale? No
Type Of Financing: FHA

Original GDoN post is: here.

The listing can be seen: here . The photos can be seen by clicking on the listing link, then scrolling through the pictures starting with the main photo.

Despite over fifteen comments on the original Good Deal of Not (GDoN) post referring to the colorful wording of the listing narrative, this home still managed to go under contract in seven days and sold at 100% of list price. There were also quite a few comments related to the developer’s design choices. In the current fast paced real estate market with low active inventory in downtown DC, homes that have been significantly renovated are a huge draw for buyers.

Within the past three months, this was one of six settled sales over $600,000. in this location (north of H St NE, south of Florida Ave NE, west to about 2nd St NE, east to the triangle point created by the H St/Florida Ave intersection), including one, quite nearby at 815 8th St NE for $810,000. (The developer of that house was John Formant, whose work buyers often pay a premium for.) Were it up to me, I’d still like to see the area called “SoFlo”, but agents seem to be most likely to call it The Hill or H Street.

The first time a home sold over the $600,000. mark in this neighborhood was in 2005, when a total of four properties did the same. The subsequent years saw 7 over $600k in 2006, 9 in 2007, 5 in 2008, 8 in 2009, and 7 in 2010. Apparently, critical mass hit in 2011. That year there were 27 sales over $600,000. in this triangle shaped neighborhood.

The listing agent for the subject property was Tom Faison with Re/Max Allegiance . The agent that represented the buyer was Ned Kraemer with Keller Williams Capital Properties. The buyer’s agent is affiliated with the same brokerage company as the author of this post.

7 Comment

  • SoFlo is a terrible name. Your credibility is shot.

    • What do you call that area? Ain’t the hill. Ain’t Trinidad. Not near northeast. It’s not noma. Gallaudet Park? ; )
      Union Market?

  • With FHA financing, assuming 3.5% down, by my calculation that puts the monthly PITI above $4,400. Seems like renting in this neighborhood might have been a better deal for the buyer, until they could save enough to qualify for a traditional loan.

    • Agreed, 100%. I thought maybe there was a basement rental, which would have made the PITI more reasonable.

      • It’s probably a couple that had $120,000 for a downpayment and was planning to go conventional. Then their realtor said, “you know, with an FHA loan you can stretch a little further.” Could be 15 percent down and not make as little sense as 3.5 percent down.

  • As a native of South Florida, it would be SoFla…

Comments are closed.