GDoN Revisited by Hipchickindc – 34 Sherman Circle 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: 34 Sherman Circle NW
Legal Subdivision: Petworth
Advertised Subdivision per Listing: Petworth
Original List Price: $639,900.
List Price at Contract: $639,900.
List Date: 07/27/2012
Days on Market: 16
Settled Sales Price: $639,900.
Seller Subsidy: $12,798.
List to Net Sales Price Ratio: 98%
Settlement Date: 09/19/2012
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.

In 2011, Walnut Street Development (WSD), an experienced developer known for skillfully rebuilding a property inside, completed the renovation of 27 Sherman Circle NW. In November 2011, that property sold below the listed price for a net of $463,000. That was the highest sale price (ever) on Sherman Circle until the sale of the subject property.

In relation, it is quite a hardy leap to a September 2012 settlement of the subject property at a net of $627,102.

For some arbitrary reason, the number $600,000. strikes me as a pivotal point in the perception of a particular sub-market’s value. Petworth has seen $600,000.+ prices before, starting in 2005, when there were a total of five sales over $600k. That number dropped back to three in 2006, then one in 2007. There were no sales above $600,000. in all of Petworth in 2008, 2009, and 2010. In 2011, there were four. Since the beginning of 2012, including the subject property, there have been a total of 17 sales above $600,000. in the Petworth neighborhood.

As I mentioned in a recent post, there are still homes to be purchased in Petworth for fairly reasonable prices. The average sold price in the neighborhood for September 2012 was actually $332,657 (which is even lower than the September 2011 average of $378,048.)

The listing agent for 34 Sherman Circle NW was Mark Meyerdirk with Urban Brokers, LLC. Nelson Marban with Washington Fine Properties represented the buyer.

2 Comment

  • “Walnut Street Development (WSD), an experienced developer known for skillfully rebuilding a property inside…”

    I bought a house from them a year ago – adequate, yes, skillful, no. Small stuff has been breaking down on me left and right. Not that I wouldn’t recommend them, just don’t expect top of the line craftsmanship!

  • It is interesting that there are still affordable houses in P’worth (under 300k) but at the same time it is pretty clear that these are all going to be cash sales to investors who will charge 5-600k when the house is renovated. The closer the price gets to 300k the more likely it will be listed at over 600, no? A few years ago investors were paying 190, it seemed to creep up last year to the 230 mark and now 270-290 seems to be a regular sale price.

    So, Petworth not affordable to the average homebuyer anymore?

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