GDoN Revisited by Hipchickindc – 1208 Gallatin Street, NW

DC8471088 - Exterior (Front)

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: 1208 Gallatin St NW
Legal Subdivision: 16th Street Heights
Advertised Subdivision per Listing: 16th Street Heights
Bedrooms: 4 Baths: 3.5 Parking: Concrete Driveway Basement: Fully Finished Ownership: Fee Simple
Original List Price: $779,900.
List Price at Contract: $749,900.
List Date: 10/2/2014
Days on Market: 13
Settled Sales Price: $737,500.
Seller Subsidy: $0.
Settlement Date: 11/14/2014
Bank Owned?: No Short Sale? No Estate: No
Original GDoN post is: here.
The original listing can be seen here: here.

There were some comments in the original Good Deal or Not (GDoN) post about the sales history of this property, so here is are the links with pics:

The earliest listed sale of this property that we have access to data on is this 2011 listing, which shows the property condition as not fancy and staged, but definitely livable. You can see pics on that link (click the camera icon to the left once you open the link). So, in 2011, in livable condition the home sold for $315,000. Three years ago.

A little over six months later, the home was updated and sold for $640,000. and you can see those pics on this link.

A little more than two years later, the current sale occurred (see subject link above) in basically the same condition as the previous sale and very close to $100,000. in added market value.

On the original GDoN post, one commenter expressed concern at this ascent in price. According to Real Estate Business Intelligence, the median price for detached homes in the 16th Street Heights neighborhood during the third quarter of 2009 was $519,900. In the third quarter of 2014, that median price had gone up to $777,000. As we’ve seen in other Good Deal or Not reviews of neighborhood value history, this type of increase is not unusual for neighborhoods in the District of Columbia.

The listing agents were Melinda Estridge and Scott Sachs of Long and Foster. Chris Fries of McInearney Associates, Inc. represented the buyer in this transaction.

9 Comment

  • Any way to determine whether the sale for $315K in 2011 was listed or pre-market?

  • Sorry, nevermind, I see now. Looks like it was a short sale back in 2011, originally listed in December 2010 at a little over $400K, then lowered to $390K, when it ultimately sold for $315K.

  • This house was a steal in the 700’s. Great back yard, deck, interior. 1200 block Gallatin is a little far from a metro but that house is in a good neighborhood. If you don’t mind riding the bus for few minutes or not taking metro at all it’s not even an issue. I’d have paid that in a heart beat.

    • gotryit

      I agree – I think that’s a pretty good price for the neighborhood.

      • I was actually in the market back when this sold for $315K. While I can’t help but kick myself for not going for it back then, it was a listed for over $400K (more than I could afford then…or now) and as a short-sale threatened to be a long and frustrating process, so I’m only kicking myself lightly.

        • gotryit

          I remember trying for some fixer-uppers on Ingraham street around that time for about $300K, and just got whooped by all-cash developers.
          A couple of years late I finally got something a few blocks further south, but not really the same.

      • The 315 prices also reflects that it was a short sale. Plus a remodel can be a lot more complex in a single family home than a row house. Given those factors, plus the prices increases in the neighborhood in the last few years, this seems completely reasonable.

  • This is a really nice block of detached homes – similar to Hamilton and Ingraham. There’s a terrific new playground on Hamilton Street and this is not far from EL Haynes. Homes near Grant and Sherman have been skyrocketing in price the last few years. There are still issues (“shooty”) I can hardly believe it went for 315K in 2011, but we got our house a little further south for under 400K in late 2008 and the block is now in the 6-700K range. It’s a 25 minute walk from Metro but a lot of people prefer the bus where you can see the sunshine or are driving anyway.

  • Dormer is way too big.

Comments are closed.