GDoN Revisited by Hipchickindc – 1815 Otis Street, NE


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: 1815 Otis St NE
Legal Subdivision: Woodridge
Advertised Subdivision per Listing: Woodridge
Bedrooms: 3 Baths: 3 Parking: Paved Driveway Ownership: Fee Simple Basement: Fully Finished
Original List Price: $349,900.
List Price at Contract: $349,900.
Days on Market: 8
Settled Sales Price: $385,000.
Seller Subsidy: $11,500.
Settlement Date: 12/16/2013
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.

Over the past six months, there were a total of 72 settled fee simple sales in the NE DC neighborhoods of Brookland and Woodridge below $400,000. The condition, size, and locations of these homes vary considerably. In recent years, the renovation boom has shifted east of downtown as investors snap up homes that can be re-sold for a profit. Days on market can be low as owner occupant buyers that opt for more space (both inside and out) for the money are watching for new listings to show up.

A frequent question in the comments of Good Deal or Not Revisited (GDoN-R) posts is “why did the buyer pay more and get a subsidy back”. In this case, it was likely that there was significant interest in the house, which can result in an escalated sales price. Because there are comparable sales in the immediate area to support the appraisal value, the purchaser was able to write the price high enough for the seller to still net over asking and pay towards the buyer’s closing costs.

The listing agent was Olisa Akpati of Fairfax Realty, Inc. The purchaser was represented by Desmond McKenna with DC Home Buzz.

8 Comment

  • Did they pay extra for extra ugly?

  • Really fugly exterior, but the inside showed well and it’s spacious. The yard has a lot of potential.
    Though, I am surprised that it sold for effectively $25K over the asking price. Pretty nuts.

    • Been in DC long?

      • Long enough. The craziness of this last spring has definitely calmed down a bit. Homes are on the market for longer periods of time and houses like this one – which are pretty far from the Metro – are not being bid up by crazy amounts.

        • brookland_rez

          It’s winter. Things always slow down in the winter. We’ll have to see what kind of craziness next spring brings.

          • Agreed. My guess is that mortgage interest rates will definitely be moving higher as we move from a strong sellers market (spring of this year) to something more evenly balanced between buyers and sellers (2014).
            4.1% GDP growth for 3Q is gangbusters for the U.S. That doesn’t help sellers.

  • brookland_rez

    That’s about right for a fully renovated rowhouse in Brookland. The two sides being so dramatically different does result in an interesting exterior.

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