GDoN Revisited by Hipchickindc – 4130 Arkansas Ave, NW

4130 Arkansas Ave NW_sold

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: 4130 Arkansas Ave NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 2 Baths: 2 Parking: Carport Ownership: Fee Simple
Original List Price: $725,000.
List Price at Contract: $699,000.
List Date: 5/1/2014
Days on Market: 18
Settled Sales Price: $710,000.
Seller Subsidy: $10,000.
Settlement Date: 6/27/2014
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The original listing can be seen here: here.

The last time we revisited a house on Arkansas Ave NW was back in December 2011. That house was a block away, on the same side of the street as the current subject property, and not furnished with the appropriate Mid Century Modern furniture. That home sold in late 2011 for net $449,000. You can see that Good Deal or Not Revisited here along with additional background on the architect. The listing links in the old post are expired, so here’s a link to that 2011 listing, on which you can see pics.

There was some debate on the original Good Deal or Not (GDoN) post regarding the desirability of these rowhomes that have a different feel from bay front Victorians and the thousands of porch front homes built in DC during the 1920’s and 30’s. Within the past year, this was one of only two of this modern style of home that was available for sale in this location. The other sale was across the street, sounds nicely renovated, and went for $685,000.

These blocks saw their first sale over $600,000. in 2006. Over the next several years, not unlike other areas of the city, the values declined significantly and there was not another sale over $600,000. until 2012.

The listing agent was Michael Shapiro of Long and Foster. Harry Moore, also of Long and Foster, was the designated representative of the buyer.

16 Comment

  • Loved this house and what they did with the inside & backyard. Their decor was drool worthy.
    Great place for a DINK couple or a couple with only one kid.

  • Really nice house. Liked the furnishings but I don’t think having a midcentury modern place means that every single stick of furniture needs to be from that era. And I say that as a fan of midcentury modern furniture.
    I am curious about the sale. Why sell (or buy) for $710K with a $10k seller subsidy, i.e., $700k right?, instead of just selling or buying at the $699k price at contract?

    • A seller subsidy provides the buyer with cash upon settlement. Sometimes the buyer will need that money to cover closing costs when they have just put down all of their savings for the downpayment.

    • From the buyer’s perspective, they may have figured that an extra $10k on the sales price did not raise their monthly mortgage payment by very much, and they wanted to keep more cash on hand now, as opposed to having to put that cash towards closing costs.

    • They needed $10K in cash for closing costs or minor fixes to the house. My guess is that all of their savings were just spent to just get into the house.

    • Somewhere along that row, maybe in this house, lived the guy who opened a mcm furniture store in Bethesda, Cantilever.
      My mom bought some Bertoia chairs from him at his house on this block some years ago. So maybe he just stores pieces at his house, or he used them to stage it.

    • Accountering

      Remember, transfer taxes are applied to the buyer as well. That is 1.65%, so another 11,500 or so.

    • tt

      Also, once the property is under contract, this might be the easier way of getting a price concession. For example, if your inspection reveals something or if the appraisal doesn’t come in at the purchase price.

    • Seller subsidies are a great way to address fixes that the seller doesn’t want to deal with, as well as cover closing costs, improvement projects, etc. The extra 10k in your mortgage payments is a blip. As long as it appraises (which is kind of a pseudoscience anyway), it’s a good way to go.

  • The location is great for someone who is carbound–a little far out for someone who likes walking everywhere, like me. Nice quiet street, though with plenty of mature trees. The simple, functional architecture isn’t for everyone but will work with many kinds of furnishings (not just stuff from Miss Pixies or real expensive “updates” on those themes). The block is unlikely to attract popups or people cutting these into condos, so the integrity of the area is unlikely to be threatened.

    • I don’t think I’d describe Arkansas as a “quiet street.” It’s a main commuting route in/out of the park.

    • tt

      I’d have to agree with JS. Although, the single significant upgrade made by the last owners was the installation of beautiful, custom, multi-paned windows (see comment below). With those windows closed, you wouldn’t know you were on Arkansas. But in the spring and fall, when it might be nice to have them open, you’d definitely know, at least during the day. Not sure what the noise is like into the evening hours once the commuters are through.

  • Looks like it was well priced.

  • tt

    I’m pretty familiar with this property–we visited it multiple times. It has some great features. The layout is unique and versatile. It essentially has three large floors above ground and the previous owners did a great job of maintaining the original character (which can’t be said for other or even the majority of the houses on that block).

    It also had several reasons for pause, which ultimately tempered our interest. The biggest to us was a pronounced sloping of the floors that became more and more noticeable as you went higher in the house. Second, aside from some very nice custom windows, it appeared that nothing was updated by the most reason owners–the furnace, water heater, and air condition unit all seemed to be at the end or beyond their expected life. Similarly, the plumbing was older galvanized and the electric was on older wiring with a non heavy-upped 150 amp panel. Finally, the parking space is dubious. It’s very, very tight, and while it might work in a pinch, it’s not something you’d likely want to deal with on a daily basis.

    These aren’t necessarily reasons to overlook the property for the right person and price. The right person is likely someone that really values being able to hop on Rock Creek Parkway and doesn’t care that much about metro access (0.8 from Petworth).

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