GDoN Revisited by Hipchickindc – 1457 Park Road, NW #205


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: 1457 Park Rd NW #205
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 0 Baths: 1 Parking: Street Ownership: Condo Monthly fee: $143.80.
Square Footage per listing: 278
Original List Price: $99,000
List Price at Contract: $99,000.
List Date: 1/15/2014
Days on Market: 26
Settled Sales Price: $99,000.
Seller Subsidy: $0.
Settlement Date: 3/28/2014
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The original listing can be seen here: here.

In a quadrant where a parking space can sell for $65,000, any living space that is available for $99,000. should seem like a good deal. In the past year, there have been a total of five other condo units that have settled under $100,000. in NW DC. (One of those units had the language, “NOTE: MOLD IS PRESENT IN THE UNIT. PURCHASE & ENTER AT YOUR OWN RISK. Will need new drywall on the outside walls and the root cause of the problem will need to be fixed.” in the listing.)

The listing for the subject property explains that there is a high investor ratio. This is significant in relation to lending guidelines such that it may be impossible or very difficult to secure financing under this condition. The listing agent also clarifies that the unit is available to owner occupants only. Many condos have proactively amended by laws to restrict the number of units that can be rented at any one time, specifically because the inability to obtain financing ultimately affects the potential market value of units in the building.

The listing agent was Hans Wydler of Long and Foster. Christine McGuinness of Weichert Realtors represented the buyer.

6 Comment

  • Note that this listing says “FHA or cash welcome.” Another unit on the market right now in the same building says “FHA or cash only.” Probably because they know conventional financing will be hard to get.

    Also, with a building like this, with a high investor ratio and very low sales prices for units, I would be very concerned about owners not keeping current on their maintenance fees and thus the building falling into disrepair due to lack of needed maintenance. (At least look into the HOA’s financials. Do they have any reserve? Are they spending down their reserve for routine expenses that they shouldn’t need to tap the reserve for?)

    Honestly, despite the low price, I would be seriously concerned that the building would fall into disrepair, I wouldn’t be able to rent the unit, and I wouldn’t be able to sell the unit, so I’d end up stuck with it in a few years.

  • Yikes! 278 sq ft.. Tiny efficiency. If that is what the rest of the building is filled with, you have low-commitment folks living there.

    I wouldn’t touch it.

    Also — a street with essentially no parking.

    Only reason to buy this — pied-a-terre close to a metro.

  • The photos of the kitchen–sans any appliances–are pretty funny. I wonder why they decided to pull everything out and leave it that way.

    • You must’ve missed the (tiny) sink/one-burner stove/mini-fridge combo.
      I’m not clear that this was a case where the appliances had been “pulled out” — it looked like that was all there was.
      What I was wondering on the original GDoN was whether there was room (and the appropriate 240V hookup, for an oven) to install larger appliances.

  • What’s the deal with this building? Did it used to be apartments? They have recently been renovating it and started selling units for very cheap. It appears that the units are all being sold by the same entity and they are being put on the market as they get “renovated”. Is this an affordable housing building or a building where large swaths of it are owned by several slum lords who have now decided to cash out?

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