GDoN Revisited by Hipchickindc – 3115 13th Street, NE (reader request)


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: 3115 13th St NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Bedrooms: 3 Baths: 2.5 Parking: Street Ownership: Fee Simple
Original List Price: $475,000.
List Price at Contract: $475,000.
List Date: 02/11/2015
Days on Market: 7
Settled Sales Price: $580,000.
Seller Subsidy: $0.
Settlement Date: 3/16/2015
Bank Owned?: No Short Sale? No Estate: No

Original GDoN post is: here.

The original listing can be seen here: here.

Brookland is a NE DC neighborhood known for large yards and an abundance of fee simple properties including rowhomes like the subject property, as well as detached farm houses and bungalows. The main commercial area is 12th Street NE, near Metro, with several recent and ongoing development projects in the vicinity.

Commenters to the original Good Deal or Not (GDoN) post called this one. Several folks predicted that it would sell above list. One person even noted that their agent said to “expect it to go for $575,000.”

As with other neighborhoods in DC, Brookland is experiencing a very tight market for active listing inventory. Stats from Real Estate Business Intelligence (RBI) show that in February 2015, there were about half the number of homes listed as compared to the five year average for the month of February. With less than one months supply of inventory (a balanced market is generally considered a six month absorption rate), Brookland is definitely a sellers market right now.

There are currently a total of 18 fee simpleactive listings in Brookland, ranging from $284,900. to over $1 million.

The listing agent for this sale was Shelley Gold with Long and Foster Real Estate, Inc. Susan McNeill with Coldwell Banker Residential Brokerage represented the buyer in this transaction.

16 Comment

  • Wow. Just wow. Can’t believe how this neighborhood has blown up.

    • Brookland has been underperforming a lot of areas for many, many years, despite many good fundamentals. The real question is why it has taken so long.

      • brookland_rez

        I agree. I think people coming from NW hit the RIA NE corridor just turn around because it looks so ugly. Really, once you get off RIA, the neighborhood is really nice. What I want to know is how long is it going to take to get RIA cleaned up? Brookland is looking nice these days, 12th St is looking good. With the exception of Brookland Manor, Brentwood/Langdon/Woodridge to the south are looking pretty good. I want to see large scale redevelopment of RIA. It’s ripe for dense construction. Hopefully the Brookland Manor redevelopment will spur something.

  • I’m always of the belief that its worth whatever someone is willing to pay for it. Obviously the market right now is saying that a house like this in this location is worth in the mid-high 500ks. That may not have been the case 6 months or a year ago, and may not be the case 6 months or a year from now, but right now that’s what its worth.

  • No parking, the kitchen is so-so, and it’s on a busier street (albeit not a bus line). But, it is a very nice home and is in excellent condition. So, we bid on this home — well above asking and waived contingencies. Ughh… lost. Apparently, there were a ton of offers (20?) and I suspect the buyer paid all cash with no strings. It’s a very tough market right now and, while the buyer certainly paid a premium, I think they’ll do fine in the long run. Brookland is nice and has a unique vibe, but it’s definitely slipping into the “silly” territory of inflated price to value. As we head into the spring buying season with low rates, I think the silliness will only get sillier. Lots of people will make decisions they live to regret… but, probably not on this one.

    • This spring is going to be bananas. With the Fed already hinting at a rate hike in June, the herd will be throwing good money after bad in order to lock in a low rate. Great time to be a seller. Horrible to be a buyer.
      I’m sitting this out, as following the herd never ends well.

    • I don’t know. I have been thinking the same thing about “silliness” for years now. But when you compare D.C. prices to other large cities’ housing markets, a fee simple 3br house 1/2 mile from the Metro at under $600k really doesn’t seem unreasonable.
      Sorry that you lost out on this one – I understand that they wanted to start a bidding war, but listing it this far below comps is kind of a jerky move on the realtor’s part.

      • “There will be others,” said my realtor. Hence, the “ughhhhhhh.” And, yes, I hate when homes are listed ridiculously low in order to drive many offers with whopping escalations and with folks brushing home inspection and appraisal contingencies aside like $1000 chips at a casino.

        • I think the point is that it’s frustrating because it’s harder to guess what a realistic bid would be.

        • I can see why one hates that. I hated it so much as a buyer in an overheated market that I refused to enter bidding wars – I made my offer, no going up in price. I got a great place that hit the market in a week with some scary financial news, so no one else bid, and my offer was accepted. And when I sold, I set a price right at comps for a quick sale, and while I could have had a bidding war for sure and gone higher, I didn’t do it – I didn’t want to do to others what I didn’t like as a buyer myself.

    • I am going to say this flat out. Keep an eye out for houses and townhomes in Takoma. Nothing that interesting right now, but the neighborhood has had some great deals creep up. I am also going to be flat out, I like it more than Brookland, if only because of access to both Silver Spring, Old Takoma Park, and what will eventually be Walter Reed Redevelopment (where a Wegmans is becoming increasingly likely).

      But I agree with you, the good neighborhoods west of the river are becoming increasingly rare in the $400k-$600k range. I am glad I bought a couple of years ago. The insanity seems like it is returning in full force.

  • I hope they saved some money to add some counter space to that weird kitchen corner!

    We recently bought a bit further north in Brookland (though for significantly less) and hope this bodes well for our house’s value.

  • west_egg

    Any thoughts on why inventory is so tight right now? Given that (1) spring has officially sprung and (2) the Fed is almost certainly going to raise rates this year, I’d think sellers would want to jump in now. Perhaps some are sitting on properties until prices push a little higher in the coming months?

    • Because sellers still need a place to live after they sell. Say you sell, bag all that equity because you bought in Petworth back in 2008, and then…..?
      It’s rough out there and we still need more housing stock to be built. The only way you should be selling is because you want to get out of the DC Metro area for cheaper pastures.

  • brookland_rez

    Wow. I went to this open house because this house was almost identical to mine and I wanted to see what they did with it. I can’t believe it went for so much. I actually thought $475 was a fair price. Looks like I was wrong.

  • Just bought in Brookland and I am very happy. Although I was not to hot on the area before. Great neighborhood that is still getting better. Though this sale price did surprise me. Not complaining though:)

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