GDoN Revisited by Hipchickindc – 1114 Lamont 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 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: 1114 Lamont St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $1,250,000.
List Price at Contract: $1,250,000.
List Date: 08/02/2012
Days on Market: 36
Settled Sales Price: $1,150,000.
Seller Subsidy: $1000.
List to Net Sales Price Ratio: 91.92%
Settlement Date: 10/11/2012
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.

This one is actually a double Good Deal or Not (GDoN). In addition to the recent GDoN post above, the Popville squad of GDoN commenters had a go back in 2008. In 2008, newly renovated, this property started on the market at $1,100,000., and stayed on the market for 89 days, with a final (2008) net sale price of $915,000. Interest rates at the time were 6.85% for a thirty year fixed mortgage product.

Fast forward to a very different real estate world where interest rates continuously hit deeper historic lows (and are currently greater than 50% lower than the prevailing mortgage interest rates of 2008). This is the first seven figure sale of a residential property (that was not more than two units) for Columbia Heights east of 13th Street. Check out this map of residential properties that have ever sold over a million dollars in Columbia Heights.

Prior to the 2008 sale, the property sold, unrenovated, in 2007 for $575,000.

The listing agent for 1114 Lamont St NW was Jeremias Alvarez with Coldwell Banker Residential Brokerage. The same agent represented the buyer as a Disclosed Dual Agent.

One Comment

  • Thanks for giving the context of the interest rates. I just plugged in the #’s into the calculator at Redfin, and ignoring downpayments, a $915,000 mortgage @ 6.85% is $6,000/month, while a $1,150,000 mortgage @ 4% is $5,500/month.

    I don’t know if those are the real numbers, obviously there are a lot of factors but it’s interesting that the current owners could have a lower payment despite paying more than $100,000 more for the house.

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