GDoN Revisited by Hipchickindc – 931 7th 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: 931 7th ST NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Bedrooms: 4 Baths: 3.5 Parking: Street Ownership: Fee Simple Basement: Fully finished English
Original List Price: $768,500.
List Price at Contract: $768,500.
List Date: 2/13/2013
Days on Market: 6
Settled Sales Price: $826,000.
Seller Subsidy: $0.
Settlement Date: 3/7/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here. To see pics, click on the camera icon after opening the link.

In reading the comments from the original Good Deal or Not (GDoN) , it is interesting that nobody contested the advertised subdivision in this location. In the mid-2000’s…pre-H Street revival…this area was sometimes referred to as SoFlo. At this point, we might expect that proximity to H Street would encourage reference to “H Street” as a neighborhood (similar to “U Street” in NW).

Real estate stats for DC were released this week for February 2014 by Real Estate Business Intelligence (RBI), a subsidiary of MRIS. Condo prices remained fairly stable year-over-year (comparing February 2013 to February 2014). It is important to note that active inventory for condo listings was actually higher in February 2014 than the prior February. I mention that only because it significantly contrasts the story of what is going on with houses. Inventory for available houses for sales is down year-over-year by over 15%. Not surprisingly, supply and demand is in play as houses are getting bid up (like this one) and the median price for houses is concurrently up 15% from last February. This was the second highest sale for a house in this neighborhood over the past six months.

The listing agent was Tom Faison with RE/Max Allegiance and the buyer was represented by Crystal Crittenden of Coldwell Banker Residential Brokerage.

39 Comment

  • I would personally want some distance from the corner of H and 8th NE if I were buying in that neighborhood. When I lived around there, I always preferred L Street to I St.

    • Actually I St is pretty quiet. The corner of 8th and H itself is still pretty seedy, but once you get to I, that element isn’t really present. I live on 6th and I so when I’m walking to/from the east end of H I always take I rather than H because it’s quieter and there aren’t groups of people hanging around.

  • This house across the street from a recently mentioned house for rent on Kramer St. NE was on the market even less than the above mentioned.

  • Wow! Our house is extremely similar to this one and one block away. Pretty happy to see this. I knew they would get at least the asking price, but I had no idea it’d go for over $800K!

  • Wow. Does anything ever FAIL to appraise in this city?

    • The whole appraisal thing is kind of bullshit I think. I understand why it exists, but when I was buying a condo in Shaw 2 years ago my appraiser said “Wow, do condos really go for this much in this neighborhood?” and then continued to appraise me at exactly what my purchase price was, because that is what they get paid to do. It is kind of a racket in my opinion. If the appraisers don’t understand the market, how can they appraise?

      • Totally agree. There’s massive conflicts of interest in the appraisal realm and independence is totally compromised. It reminds me very much of the problems we had with credit ratings agencies in the lead up to the Crisis.
        Appraisals are also very pro-cyclical – in the boom times they will say yes to anything. In tough markets (like 2009) they were saying no to lots of people. They’re just chasing the money, IMHO.

        • brookland_rez

          Let’s not forget that during the housing bubble years, appraisers were signing off on artificial appraisal values right and left, all the way up until the bubble popped.

    • The buyers could pony up the extra cash if the house didn’t appraise. The bank will only loan up to the appraisal value. If it didn’t appraise- Im sure it wasn’t far off and will probably see appreciation soon. Plus they will have rental income to offsite it( I think it has a rental income- cant remember.)

    • Yes! A home we were purchasing didn’t appraise to the tune of $80K! The house was in Capital Hill and very nicely renovated, etc. However, this was during the slump in 2009 and appraisals were crazy all over the city. We obviously had to walk because we didn’t have an extra $80K hanging around considering you also had to put 20% down on a jumbo loan then as well. Walked away bc the owner was somewhat delusional.

    • Yes, but maybe the exception that confirms the rule…
      We lost a bid on a home by $25k+, even though our offer was $10k above asking. A month later, we saw it had sold for just its asking price. It turns out the buyers had selected a bank that used an appraiser from Richmond VA, who obviously didn’t know the DC market. Apparently it appraised below asking, and negotiations brought it back to asking, I would guess with the buyers putting more down. Good deal for the buyers I guess, except us! The prices for houses are so crazy high now we’re probably going to move to Maryland/Montgomery, it just makes more sense.

  • This place had some issues that weren’t obvious. It wasn’t clear if the developer was oblivious to the problems or just tried to cover them up.

    Good luck to the new owner.

    • What were the issues? I considered going to the open house just to check it out since it looked really nice in the pictures, but I never made it.

    • Such as? and why would you know about “said” issues and not the developer?

  • Could someone explain the difference between “List price at contract” and the actual sale price? It seems that once the house is under contract that price should be the same as the actual sale price.

    • If the offer includes an escalation clause, it’s invoked after the contract is accepted. Hence the higher price (I think).

    • JS’s response is one scenario, but list at contract just reflects what the public listed price was when the property goes under contract. The original list price is what it was when it went on the market, and the list at contract might be lower if the property has sat on the market. And then the settled sales price could be lower still, if the owner accepted a below-list offer. (I guess the same logic works for above-list too). The contract price isn’t made public until the property is actually sold.

      Not sure that makes any sense, bot hope it’s helpful!

  • $826k in this neighborhood seems a bit high to me. It looks like a lovely home but I think the value in that area is getting something cheaper (I’m thinking in the $600ks) for a home like this. This neighborhood still has a little of a ways to go. Not that I wouldn’t buy here, but it would need to be cheaper than this.

    • Well if houses in Carver-Langston are going for $500K, then it doesn’t seem all that far off. In the past year most renovated houses have been going for $700s in this area so it’s not all that surprising.

      • Oh, and a house in need of renovation just sold for $645K a couple of blocks away. So the days of getting a house like this one for $600K are long gone- especially once the Whole Foods opens.

    • 600k in that neighborhood will get you two bedrooms, not four. If you need cheaper, then you need to buy somewhere else.

    • uhh we got our similar home in the area for 600 almost 2 yrs ago and it was NOT nicely renovated yet, and this one is. And prices have risen a lot since then. So…..

    • Huh? Obviously don’t have knowledge in this area. Homes have been selling in 750K for the past 3 years now in this area. Me is thinking you and an earlier poster is NOT aware of this location between K street and I street.

      • Actually I just bought a home in DC in September. I looked at least 3-4 places in this neighborhood that where similar in the high 600s. I this is a great area just not in the 800s. I realize the prices may have increased from September but probably not by $150k.

        • Caveat: thoses places may have been priced low to get into a bidding war. I don’t know. I didn’t take the places seriously becuase it wasn’t my top neighborhood option at the time.

        • I’m not going to argue with you. I live in the area. Houses South of Florida Ave and North of H street have been selling in the 700’s before last year. Houses South of H street have been selling in the 800’s before last year.

  • This sold for about the going rate. A similar house later last year sold for 819k. And I just got a mailer about a similar one for sale at 11th and I for 840k.

  • jim_ed

    I know they’re all the rage with flipped houses, but I can’t for the life of me understand the trend of a glass front door. Especially in open floor plan rowhomes (not this one necessarily), it basically puts you and your family on display for anyone walking past the house.

    • I agree. Plus it makes it that much easier for someone to break in when there’s no security door. We have a half-glass door with a roman shade on it plus a security door. Even when all my neighbors are taking their bars down, I am not. I think anything you can do to make your house a less attractive target is key.

      • I think it’s mostly a privacy issue. The glass in these doors is not easily broken and honestly, if you live somewhere you would worry about somebody smashing the glass in your door, you should probably have ADT.

    • Amen, and the flipper beige too. I assume that a) they painted the brick instead of repointing, and b) the first time the wind blows my door shut, I’ll have to buy new glass for the front door.

    • Agreed. When I was putting my english basement condo up for sale, I had an agent try to convince me to replace my solid front door with glass. I refused, because to my mind having a glass door would be a negative if I was looking to purchase.

      When the property sold, after closing I asked the purchaser what he thought about glass doors. He said he would not have found the property as appealing if it had a glass door.

      There seems to be a real disconnect between what’s trendy and what purchasers actually want.

      • Walk away from a deal because of a front door? that can be replace from as low as $500 bucks for a door and installation?

        • Anonymous 2:25 didn’t say the buyer would have walked away from the deal if it had been a glass door — just that he would have found it less appealing.
          And depending on the dimensions of the door, replacing it might be a LOT more than $500 for the door and installation. I was planning on replacing my front door after I bought my house, but held off when the estimates I got were for multiple thousands of dollars.

    • You can get glass that can’t be broken, actually. Or, there is a film that you can put over the glass that makes it incredibly hard to break. Most doors commonly used as entry doors can easily be kicked in. The concern with glass is more one of privacy than actual security.

      • I was thinking about using that film on my newly installed windows instead of security bars. Do you know if it actually works?

    • We have a similar row house, open floor plan and I wish we had a glass door. That corner of the house byt the front door is so dark, the transom doesn’t allow enough natural light to light that corner of the house nor the stairs.

      • Plus 1. i love ours. We have bamboo window treatments so no one can see in. And, that’s heavy glass. It won’t easily be broken.

        The other point is that as houses are improved, both in and out, the value of properties increase, absent any appreciation. In addition, improving the exterior helps slightly improve all other houses nearby.

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