GDoN Revisited by Hipchickindc – 2337 17th 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: 2337 17th St NW
Legal Subdivision: Mount Pleasant
Advertised Subdivision per Listing: Adams Morgan
Bedrooms: 2 Baths: 1 Parking: Street Ownership: Fee Simple Basement: No
Living Area Square Footage Per Tax Record: 920
Original List Price: $585,000.
List Price at Contract: $585,000.
Days on Market: 13
Settled Sales Price: $595,000.
Seller Subsidy: $13,500.
Settlement Date: 11/27/2013
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.

The discussion on the original Good Deal or Not (GDoN) post included this reflective comment from Soulshadow55:

“In the 1960′s my family lived in one of these row houses. We lived there during the Viet Nam war and the 1968 riots after King’s assassination. I went to Morgan Annex Elementary up the street, which is now a condo. So amazing to see what time and money can do to a house. My father’s cousin owned the house and wanted to sell it to our family but my father didn’t want to buy it. My mother hated the neighborhood anyway so we moved into an apartment on 17th & T. I missed falling asleep by the organ music from the skating ring and how quiet and insular the neighborhood was. They were small for our family then, and even with the renovation it still seems really small. But it’s a great neighborhood and great location.”

Other comments on the original post focused on the challenge of the high cost of real estate in the District of Columbia. Within a half mile of the subject property, there were five sales (including the subject) of small two bedroom fee simple homes without basements. Considering the seller subsidy, this property was the lowest net settled sales price of the five, and the lowest net settled sales price in this area for a fee simple home since the beginning of 2013. Two bedroom condo sales in the same area since the beginning of the year ranged from $287,282. to $1,525,000.

The October numbers recently released by Real Estate Business Intelligence (RBI) show that while new listings are up slightly in this neighborhood, the absorption rate (how many new contracts are burning through that inventory) is also up, keeping inventory low. Industry predictions for 2014 are focused on the expectation that mortgage interest rates will rise and whether or not that may slow sales, and thus have an effect on prices.

The listing agent was Brandon Green of Keller Williams Capital Properties (in full disclosure per statement above, Brandon Green is the principal broker for the company that I am affiliated with). The purchaser was represented by Nathan Julian Guggenheim with Washington Fine Properties.

5 Comment

  • Just curious – why sell for $10k over asking and give the buyer a $13.5K subsidy?

    • I may be wrong, but it usually means that the buyer pays less up front but has a larger mortgage. And the seller technically gets only 3K less than asking price.

      • Yeah, it is almost like “cash back” that is being wrapped into your mortgage. In many cases it is to cover closing costs or perhaps for needed improvements to the property.

  • Correct – going through this now – buyer asked for closing credit – so we negotiated to have them include the closing costs in the sale price so they could pay for it over the life of the mortgage rather than have to come up with the cash up front.

  • Yeah, this place actually went for $3.5K BELOW asking price. I’m assuming there was probably $10K for closing costs and probably $3.5K for repairs found during the inspection.

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