GDoN Revisited by Hipchickindc – 1311 10th 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: 1311 10th St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $579,000.
List Price at Contract: $579,000.
List Date: 07/12/2012
Days on Market: 6
Settled Sales Price: $621,500.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 107.34%
Settlement Date: 08/17/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The pics can be seen by clicking on the camera icon after opening the link .

Comments on the original Good Deal or Not (GDoN) post were largely in the negative for this property located in (as described by the listing agent) “Logan Circle/Shaw Art District”. Sure, it’s a small house, but there’s a lot of cool stuff going on around there, not the least of which is the City Market at O. As for the “Shaw Art District”, it looks like the DC Arts District banners went up in 2010, but alas, the referenced website does not currently appear active. Still, one of my favorite galleries in the city, Long View Gallery is a block or so away from the subject property.

Continues after the jump.

GDoN commenters said things like: “ It’s a bit overpriced given the location”, “ I think the price is a bit high for a house with not many frills”, and “Someone will be able to save this cute house, maybe not at that price though”. To be fair, a few people who made comments actually did see some value in it. It looks like several people liked the house enough for it to apparently draw multiple offers that ultimately drew a final price $42,500. above asking.

For those who like to see Before pics, check out the HUD foreclosure listing from 2000. At that time, as a shell, the property was listed for $36,800. and sold following the HUD online auction process for $49,101. Taxes at that time (yes, for the entire year) were $737. Current taxes (based on an assessment of $532,540) are $4,527. In merely twelve years, the market value of the property, following quite a bit of renovation, increased 12 times over. The recent owner purchased the property in 2009 for $510,000.

Lisa posted this in the original GDoN post to describe the area in the 1990’s:
“Just to reminisce. This house was such a disaster in 1990′s. The back corner wall was falling down and neighborhood artist Michael Carr (RIP) rebuilt it on his own hoping to buy it. I think it was somewhere like $500,000 less than it is now and even then we thought he was crazy. He lived in the alley behind this house and used to throw water on the prostitutes from his balcony. He did projects like try to get DC to secede from the USA, and drew body outlines for every murder in DC one year. I was an outline but couldn’t bear to lay in the alley so I ‘died’ against a wall.” Thanks, Lisa!

The listing agent for 1311 10th St NW was Thomas Lewis with Redfin Corporation. Marty Hosking Jr. with Prudential PenFed Realty represented the purchaser.

11 Comment

  • So someone had more money than brains? Thats been true since the dawn of time.

    If someone WANTS to spend that kind of money to buy that small of a place, needing some kitchen and bathroom TLC, with no parking, in that location, they are more than welcome, but there was certainly no NEED to. There are far better deals to be had in town.

    • considering it went for list and was on the market for just 6 days, it’s fairly clear that you are completely wrong

      • Yeah! And the real estate boom of 2003-2007 was great for America!

        • Exactly…
          As the housing crash of 2007-2010 taught us, just because someone “pays” an amount for something, doesn’t make it worth it, or a good idea.

          So much RE out there on the market right now that is such a better deal.

          The 2/2 589K unit at 1341 Irving.

          Fine, don’t want a condo, how about the SFH at 1214 Delafield for 599K or 1812 10th St for 549K.

          Redfin is full of choices, this was a poor one.

          Not my money, say hello to the O street crews for me

  • I used to live around the corner from there. Those houses are cool beyond their size, and are some of the very few affordable (albeit not cheap) pre-civil wars residences available in the city.

  • The person who bought in 2009 is very lucky to have made such a great profit while doing nothing to increase the value of the home. The hideous colorful fan was a remnant from the previous owners as are many of the other half-baked “design” features of the home. You’re paying for one of the best-kept secret neighborhoods in DC.

  • Hey POP world! It was amazing to see the feedback when this post originally went up. It honestly had me scared. Although I didn’t panic too much because we had our first offer the day after we went live and we had a ton of showings over the weekend. Now that the deal is closed I can say that we ended up with 9 offers. A few were pretty unrealistic and a few were really great! What pushed the winning offer over the top was the financing, preferred closing date and the amazing price!

    This is a really great property and an awesome condo alternative. Some may say I am biased because I represented the seller. Sure that is true. However you also have to realize that we looked at the comps very closely when arriving at a price and selecting an offer. The comps definitely support the closed price.

    Though its not a condo think about how much a 2-bedroom condo is going for in this area. This is a great alternative, doesn’t have the monthly fees and it has a small backyard.

    -Tom Lewis
    [email protected]

  • Yes, they do. I am more in a supportive role in a major cocrammiel real estate firm for a team that sells shopping centers. I have been doing this for 12 years now. I do have my real estate license and all of that, but have not moved up to a sales postion because of the time it takes. At our company it is very similar to a law firm. Like in a law firm when you are an associate you are there until 8 every night and on weekends, you practically pee in your trash can, and you live on fruit roll ups the secretaries throw at you. Then once you make partner, you hand down all of the delegatable work to the associates, and you go to Bermuda for 3 weeks.The bottom line is yes, good money. yes, they work a lot. But by the time you are 40 the worst part of it is over and you should be set if you do it right. Bottom line is it is not a get rich quick career.

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