GDoN Revisited by Hipchickindc – 2307 1st 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: 2307 1st St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: LeDroit Park
Bedrooms: 5 Baths: 4.5 Basement: Fully finished Parking: Garage Ownership: Fee Simple
Original List Price: $1,299,000.
List Price at Contract: $1,299,000.
List Date: 3/19/2014
Days on Market: 17
Settled Sales Price: $1,215,000.
Seller Subsidy: $0.
Settlement Date: 4/30/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here.

There were thirty one comments on the original Good Deal or Not (GDoN) post. Here is one of them:

“Bad deal. Sold for $750k in 2009 (which was before the neighborhood really took off, and based on the property history it seems like it was likely already renovated at that time). That’s almost a 35% increase PER YEAR if it sells at list. Plus I don’t think there are any comps anywhere near that, so there’s no way it would appraise even if it did sell for $1.3M.”

Seriously, that is a ridiculous rate of appreciation. That said, anybody who has been following the DC real estate market for the past few years knows that development has swiftly moved east and prices for housing have followed.

In January 2014, a home a few blocks away at 1938 2nd St NW, was the first property in the neighborhood with two (as opposed to three) floors above grade to sell over $1,000,000. (sold price was $1,025,000.) The subject property has a full additional floor and is a significantly larger property. The same week that the subject property went to settlement, another nearby home at 64 V St NW, which backs to Crispus Attucks Park, settled for net $1,007,875. Whether everybody is in agreement with the values or not, these sales have raised the bar in the Bloomingdale and Le Droit Park neighborhoods for large renovated properties.

The listing agents were Joe Reef and Pete Nguyen out of the Coldwell Banker Residential Brokerage in Fairfax. The buyer was represented by Sonia Ahmed of Ken Taylor Real Estate.

4 Comment

  • Gonna miss that sweet roof deck on July 4th, but happy they got so close to list.

  • I’m curious as to what that home would be worth in other neighborhoods if it’s worth $1m in Bloomingdale.
    $1.5m in the Shaw/U Street area?
    $2 – 2.5m in Dupont/Adams Morgan/Mt. Pleasant
    $3-4m in Georgetown.

    • Guesstimating here, but:
      – high $1m in Shaw/U
      – $2-2.5m in Dupont/AdMo
      – $1.5-2 in Mt. Pleasant
      – $2.5-3.5 in Georgetown

  • anyone who just looks at the history is not necessarily seeing the full picture. unless you know what improvements may have been made, it’s not a fair assessment. our house (purchased in 2009) has had a permitted deck added, new flagstone, new landscaping, new paver driveway, security system, renovated kitchen, redesigned some awkward walls/features. all of this translates into tangible market value improvement that you’d never be able to tell just by looking at the previous sold price.

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