GDoN Revisited by Hipchickindc – 819 Q St, 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: 819 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan Shaw
Original List Price: $639,900.
List Price at Contract: $639,900.
List Date: 06/08/2012
Days on Market: 18
Settled Sales Price: $639,900.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 100%
Settlement Date: 08/02/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration
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.

During the real estate boom years in DC, between around 2000 and late 2005, investors and developers worked over most neighborhoods close in to the center of the center. For various reasons, certain pockets remained largely untouched during that time. Despite being located solidly between Logan Circle to the west and the LeDroit Park and Bloomingdale neighborhoods to the east, both which saw extensive activity during that time period, parts of Shaw saw numerous vacant properties stuck in limbo.

The subject property had been part of a parcel of four attached buildings located at the intersection of Rhode Island Avenue NW, 9th Street NW, and Q Street NW, with a mixture of commercial and residential zoning. The former owner attempted to market the property for sale over the years, with and without help from real estate professionals. A listing from 2004 shows a list price of $1,300,000. It appears that the properties finally changed hands in 2010. It is unclear from the tax record if this sale only refers to the two buildings facing Q Street NW (at 819 and 821), but the recorded sale price was $750,000.

Around that time the city was aggressively targeting blighted properties with a humongous 10% tax rate (compared to the regular .85 per $100. of assessed value for owner occupied residential property). In this case, the property owner would have received an annual tax bill of around $30,000., which may have been a good incentive to sell.

Now that we are seeing another wave of prolific development in DC, developers are back combing areas like this. Recent changes in the neighborhood include the demolition of the Kelsey Gardens apartments, and the progression of the construction of the City Market at O.

The listing agent for 819 Q St NW was Paul Sliwka with Central Properties. Christopher Bulka from Coldwell Banker Residential Brokerage represented the purchaser.

5 Comment

  • I went to see this house while it was listed. It looked like a nice rehab, good use of space for a small house. One minus was the basement BR and bath, I would liked to have seen a in-law suite/apt there, but maybe the developers couldn’t fit a kitchen in the space. If this house were closer to $600,000, I would vote it a good deal. There was a accepted offer on this place prior to the one above, I’m curious as to why it fell through (e.g. financing or an inspection).

    • The original buyer posted in the comments to the original PoP post about this property, saying he backed out because of construction issues. The other side of the story I heard was that buyer regretted buying a place with no parking. I also visited this place and thought it was a great use of small space, and the finishes were top notch. The price per SF is a little high but this summer has seen record low listings, especially for rowhouses in hot neighborhoods like Shaw. The house is priced at what it will be worth Fall 2013 when the O street market opens up a block away, owners could buy parking at the K gardens or O market and walk home from the grocery store and Restaurants that will surely open there. One need only read the RBI reports or real estate blogs to understand that more than ever it’s a seller’s market in DC. Buyers were VA financed and didn’t have to pay above asking price and beat another offer, so they made out well IMO. The 820 Q corner property was being sold at 750K, and it was only slightly larger plus a small roofdeck.

  • Looks like a pretty great deal. Nice place in a great neighborhood, with O St market practically around the corner.

  • I visited the open house and was pretty impressed with the finishings. Regarding price per square foot, I didn’t see the square footage listed (could have missed it). What is average price for sq ft in Shaw these days?

  • Who did the renovation?

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