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 popville.com 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: 1125 7th St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Bedrooms: 3 Baths: 1.5 Parking: Street per listing (there appears to be a garage in the pics) Basement: Yes, Full, Unfinishes Ownership: Fee Simple
Original List Price: $500,000.
List Price at Contract: $500,000.
List Date: 10/01/2014
Days on Market: 18
Settled Sales Price: $600,000.
Seller Subsidy: $12,500.
Settlement Date: 11/19/2014
Bank Owned?: No Short Sale? No Estate: No
There was some interesting discussion in the comments on the original Good Deal or Not (GDoN) post regarding thoughts about a “flipper tax”.
The District of Columbia actually already has the highest recordation and transfer tax rate in the nation, as confirmed by the Tax Revision Commission’s research. Currently, both buyer and seller respectively pay at settlement the rate of 1.1% of the purchase price if the sale is below $400,000., or 1.45% if the sale is $400,000. or above. Investors who buy property, renovate, and then sell again pay the tax on the acquisition, and then again at the next settlement based upon the increased re-sale price. Investors also already pay taxes on their profits.
On the flip side of a flipper tax, there are efforts under way at the DC Council to incentivize non-investor first time buyers in the District by creating a tax credit. This might sound familiar, as we used to have a Federal $5000. tax credit that is not currently in place.
The listing agent was John Smith with Prudential PenFed Realty. Trent Heminger with Beasley Real Estate, LLC. represented the buyer in this transaction.