GDoN Revisited by Hipchickindc – 1871 3rd 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: 1871 3rd St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: LeDroit Park
Bedrooms: 4 Baths: 4 (Actually two units…3BR/3BA in the upper unit & 1BR/1BA in the basement unit)
Original List Price: $849,650 (Previously listed in 2012 for $879,900)
List Price at Contract: $850,000
List Date: 1/11/13 Originally listed 03/29/2012
Days on Market: 187
Settled Sales Price: $850,000
Seller Subsidy: $26,661
Settlement Date: 3/18/13
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.

There was some confusion evident from the original Good Deal or Not (GDoN) comments. Although this two unit property is built in the style of a carriage house, it is not located in an alley. The land that this new construction property sits on was subdivided from the lot belonging to 1873 3rd St NW, which is one of the original LeDroit Park detached homes designed by James McGill.

As mentioned in the comments, the property was assembled quickly using modular construction. Whereas “assembled quickly” does not sound all that sturdy when it relates to a structure that someone might live in, I’ve known several architects over the years who thought modular construction could produce very effective buildings.

Continues after the jump.

As mentioned above in the overview, the seller of this property was persistent. Originally listed last Spring for $879,900, the seller held out on price at $850,000 until inventory had dwindled to less than two months supply (below six months of supply is considered to be moving in the direction of a market favoring sellers). The purchaser has the benefit of a potentially income-producing unit and they were able to get $26,661 toward closing costs, which is almost unheard of under current market conditions.

Regarding the long history of days on market, I think current buyers would be wise to consider properties that may have been on the market for a while. In this crazy super fast paced market, I am finding that my own buyers are thinking “there must be something wrong” with a property if it doesn’t sell the first weekend.

The listing agent for 1871 3rd St NW was Gerard DiRuggiero with Urban Land Company. Matt McHugh with Lindsay Reishman Real Estate represented the buyer.

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