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 princeofpetworth.com 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: 1328 F St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $779,000.
List Price at Contract: $779,000.
List Date: 08/07/2012
Days on Market: 8
Settled Sales Price: $765,000.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 98.20%
Settlement Date: 09/28/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.
As I’ve mentioned in other Good Deal or Not Revisited (GDoN-R) posts, the extremely low interest rates are pushing the monthly affordability of mortgages down while allowing a larger pool of buyers to qualify at higher price points. Buyers are paying increased prices in DC than they were a year ago, and a large part of the demand is focused upon properties that have been renovated with all new systems, fixtures, floors, walls, etc. Although raw product (i.e. un-renovated houses) is scarce, business is good again for area developers.
There are renovated properties to be found all over the city. It’s worth noting, however, that areas that did not previously see a lot of this type of sales activity during the early and mid 2000’s boom market are experiencing a current revival. There tends to be a larger availability of houses that are good candidates for rehab at prices that make sense for investors.
When buyers begin paying hearty prices for the finished product, they start to comp each other out, and voila…the market prices and demand in that area can change quite dramatically in what seems like a short period of time. One of the comments on the original GDoN post was “That will never sell for that price. Maybe in 5 years”. The mentality of buyers (and appraisers, and real estate agents, and tax assessors) is more like “if the houses down the street were of similar size and condition and sold for x, then that’s current market value for the location, size, and condition.”
This immediate area (within 1/5th of a mile of the subject property) saw no sold prices for houses over $700,000. in 2011. There have been three sales in addition to the subject over $700,000. so far in 2012.
The listing agent for 1328 F St NE was Lala Ragimov with Fairfax Realty, Inc. Connie Carter with Long and Foster real Estate, Inc. represented the buyer.