GDoN Revisited by Hipchickindc – 1420 12th 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: 1420 12th St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan
Bedrooms: 3 Baths: 3.5 Parking: Driveway/ Off Street Ownership: Fee Simple
Original List Price: $1,199,900.
List Price at Contract: $1,199,900.
List Date: 10/24/2014
Days on Market: 32
Settled Sales Price: $1,181,000.
Seller Subsidy: $12,800.
Settlement Date: 3/06/2015
Bank Owned?: No Short Sale? No Estate: No

Original GDoN post is: here.

The original listing can be seen here: here.

Everybody gets that this area has changed drastically even in recent years. Changes in real estate values and market conditions provide tangible representations of transformation. Our local multiple listing service in its current form, which is called Metropolitan Regional Information Systems (MRIS) shows listings that go back to the mid 1990s, when we first began with a dial in computer-based service.

This property that sold nearly twenty years later for over a million dollars was listed for $42,000, in 1996 as an estate sale. (You can see a photo of what the exterior of the property looked like at the time on the link.)

Perhaps what is more interesting is that at that time, at that price, they could not give it away. The listing in 1996 was on the market for 142 days and expired without selling. Comments from the listing agent at the time (Pearl Dalley with Pardoe Real Estate ERA) state that it is “a cute little house (that) awaits an urban pioneer***lots of potential in this property with a detached garage.” I wonder if Ms. Dalley ever imagined the potential reaching quite this level.

The listing agents for this sale were Trent Heminger and Kevin Gray with Beasley Real Estate, LLC. Ben Roth with Washington Fine Properties, LLC represented the buyer in this transaction.

13 Comment

  • I hope the owners are at the top of the Scentsy pyramid because that joint is going to reek of melted cheese and pepperoni 24/7.

  • I just couldn’t imagine spending that much money to live NEXT to a pizza shop, and all that comes with living next to a food establishment (nevermind the people who got mugged there). But, inventory is so low for homes with more than 2 bedrooms, this is what you get.

    If it weren’t next to a pizza shop, my view would be different (as in, good deal)

  • Wasn’t there a problem with illegal construction on these units? I remember seeing an article about the property taking up more of the lot than permitted and that construction had been carried out without proper permits.

    • I think you’re right, but there’s nothing the city can do about it now.

      • Yeah but if they ever have to do repairs/enhancements and try to get a permit, the city could determine the structures are illegal and cause all sorts of permitting and legal problems later. (I watch a LOT of HGTV remodeling shows!)

    • I thought the lot occupancy seemed pretty high. Although to be honest allowing structures like that so close to downtown seems completely reasonable to me. Still seems like a lot of green beans for a small house. It has some cool features, but live just a few blocks from there and you get a lot more bang for your buck. I can’t imagine this will appreciate much from there.

      • It seems like there’s still a decent amount of lot left. I have an even higher lot occupancy in my house than this one. Is the back portion an addition or something put on by the developers?

        I think the issue would be if they ever wanted to permit anything with regard to the addition, that could be a problem if it was built illegally. But I don’t think they’d refuse permits if you wanted to do renovations elsewhere in the original structure. Besides, it’s fully renovated/brand new. I actually love it. I want that vanity in my bathroom.

        • Agree about the vanity. The room with the wet bar that opens up to the roof deck is also super cool. If you’re going to drop 1M on a house you want somewhere to entertain and this is a cool, creative space.

  • I don’t think I could logically buy any asset that has appreciated by 28x in 20 years.

  • The link to the original listing takes you to the original GDON post. I’d like to see photos of the inside of the house.

  • I haven’t seen the inside but it looks like they definitely put some work into this. Even assuming like 50-100k of work, short of Apple stock, this was a pretty damn good investment to appreciate. I guess houses that are only like 900 SF in this part of town can sell for a million+. It’s not that big.

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