GDoN Revisited by Hipchickindc – 1614 Newton Street, NW

1614-Newton-Street-Northwest-e1365432730692

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 popville.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: 1614 Newton St NW
Legal Subdivision: Mount Pleasant
Advertised Subdivision per Listing: Mount Pleasant
Bedrooms: 3 Baths: 2 Basement: Yes Parking: Off Street
Original List Price: $615,000.
List Price at Contract: $615,000.
List Date: 04/04/2013
Days on Market: 11
Settled Sales Price: $650,000.
Seller Subsidy: $0
Settlement Date: 05/10/2013
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the link above and click on the camera icon to scroll through pics.

This property was listed and went under contract in the month of April, which is pretty much the height of the Spring real estate market. Given that the price escalated above list and the language in the listing reads (all caps direct quote): “OFFERS DUE BY 1PM ON FRIDAY”, let’s assume more than one person wanted to buy this house.

For would be buyers who are sick and tired of tripping over competing buyers at open houses, it might be good news that in April 2013 the Washington, DC real estate market overall saw a 17.39%* increase in listings compared to April 2012. In the zip code 20010, which includes the subject property, there was a massive 37.4% increase in active listings compared to last April. That should mean some relief, right?

In April 2012 there were 27 new listings in zip 20010, and April 2013 jumped up to 37. In reality, that’s not a whole lot more listings. The number to look at in relation are whether the number of pending sales changed. In DC overall, comparing year over year April numbers for 2012 and 2013, the numbers of new pendings increased by 13.19% (remember inventory went up 17.39%). In zip 20010, the number of pendings remained exactly the same, suggesting that some of the new inventory was not absorbed as quickly. So, frustrated buyers…hang in there! Your new house may be out there yet.

The listing agent was Linda Low of Long and Foster. Rod Rochowiak of Stages Premier represented the buyer.

*Stats courtesy of Real Estate Business Intelligence, a subsidiary of MRIS.

16 Comment

  • I was stunned to see what this house sold for..it’s a nice house but the fact that it went for much more than asking price – wow.

    • Everything on my street (20010) this year has gone for over asking. In some cases, WELL over asking…

      So glad we bought when MtP was a shithole.

  • I wonder whether it was bought by a flipper, or someone with plans to live there (or rent it out) and do any renovations piecemeal.

    • bought by someone with intention to live there. s/he may have roommates to help w/mortgage

      • Thanks for the info!

      • This may just be me, but if you can’t comfortably afford your mortgage without roommates, you probably overleveraged yourself. Now, this just may be someone looking to save money, but I still think it’s not a good sign.

        • Eh, it’s so easy to find renters in DC it’s probably not ever going to be a problem (unless the new owner is crazy hard to live with).

        • It’s definitely just you! Having people contribute to your mortgage each month is a much better investment than anything. While you certainly should be able to cover your mortgage for a few months with no roommates, it makes no sense to have empty rooms sitting around as long as it fits your lifestyle.

          Roommate income has allowed me to go, in 23 years from an initial investment of $57,000 to owning 2 properties worth at least $1.3 million, which produce enough income to live on.

          • That probably has to do more with the fact that your initial investment happened at the nadir of DC house values, but I’m glad it worked out for you.

        • OK – appreciation aside, look at it this way – for 17 years I had a yearly cash profit from my $57,000 investment of between 10-15%. 20% when you consider I lived rent-free.

        • The buyer wouldn’t have qualified for the loan if she couldn’t afford the mortgage. Believe me, lenders are really strict these days, and the promise that you’ll get a roommate isn’t going to fly with them.

          We’re renting out a room this summer. We’ve had no trouble making our mortgage payments, but the extra income will be nice, and we’ll be providing an intern with an affordable place to live.

  • Are there any other realtors working in MtP beside Linda Low? I don’t know anything about her, but am not familiar with any other neighborhoods in DC where a single realtor is on nearly every listing.

  • That’s a stupid price for such a ho-hum house. Oof.

    In further MtP news, a renovated house just sold on Ingelside Terrace for $1.2 million. All cash deal, the house wasn’t even listed. The buyers knew the owners were holding onto the property for rental income and made an unsolicited bid. Nuts!

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