GDoN Revisited by Hipchickindc – 1000 Monroe St, 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: 1000 Monroe St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 4 Baths: 2.5 Parking: Street
Finished Square Footage per tax record: 1890
Type of Ownership: Fee Simple
List Price at Contract: $650,000.
List Date: 05/11/2013
Days on Market: 3
Settled Sales Price: $750,000.
List to Settled Sales Price Ratio: 113.08%
Seller Subsidy: $15,000.
Settlement Date: 06/14/2013
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.

Despite rising mortgage interest rates and the steam bath-like DC summer weather, buyers remain out in full force. One might even speculate that the rise in interest rates is contributing to the frantic demand, with buyers intent upon locking in at what are still considered historically low rates. Although listing inventory appears to be ticking up, the market remains extremely fast paced.

The subject house did not have central air conditioning, a finished basement, or off street parking, yet the downtown location and historic charm of the property apparently attracted a lot of interest. The ultimate net settled sales price was 13% above the list price; a high percentage even in a zip code that is used to seeing prices bid over list. Since February 2013, the average sale in zip 20010 was bid up 2%.

The listing agent was Sue Jin Song of Century 21 New Millenium Real Estate. Amit Magdieli of Fairfax Realty represented the buyer.

12 Comment

  • “…the downtown location…” relative to Bowie I suppose.

    • Seems like a rather nitpicky remark. OK, so it’s not “downtown D.C.” in terms of the Central Business District, but it’s in a walkable, busy area of central D.C.

  • As a neighbor, I’m pleasantly surprised by the price. I was thinking $710-715. At over 1800 sq ft this place is larger than most DC row houses, but people complained in the original posting that the bedrooms were small and devoid of closet space and there was no “yard” – all of which are true. So, I am curious what folks think that the sale price is out.

    • I recently bought 2 blocks from here and given what I paid, I’m very satisfied with what this house went for.

  • Holy moly! I can’t wait to put my place on the market. The prices in this neighborhood are ridiculous… time for me to cash out.

    • You really need to move quickly, if that’s your plan. Rates are going up, up, up and buyers are scrambling.

      This time next year, the market will be in stall mode. Two or three years? I think price/sq ft will have softened from the current frothy levels.

      • Thanks. I’m shooting for <1 month.

        It seems like the small rate hikes are creating even more panicky buying, which would work in my favor for the short term.

        • Yep, I agree with your assessment about the panicky buying. Great time to be a seller, awful if you’re a buyer. Herd behavior at its worst right now.

      • No, you don’t. DC may not remain as white-hot as it is right now, but limited space, low inventory, and alot of people with money wanting to buy are three factors which will remain in the D.C. market for a long time.

        • I do see prices stalling in this area. Probably not falling because of all the development going on up and down Georgia Ave, but not going crazy like this.

  • justinbc

    Wow, they sure fooled us!

  • With all due respect, I’m seeing properties in nearby Petworth stay on the market longer, and prices being reduced to attract offers. I think the observations of the “Hip Chick” In DC aren’t very nuanced. Prime properties in good location still going fast. But market seems a bit more ‘normal’ in other parts of the city.

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