GDoN Revisited by Hipchickindc – 1333 1st Street, NW

Exterior (Front) -

Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. 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: 1333 1st St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 4 Baths: 3.5 Basement: No Parking: Street Ownership: Fee simple
Original List Price: $899,000.
List Price at Contract: $740,000.
List Date: 11/24/2014
Days on Market: 190
Settled Sales Price: $735,000.
Seller Subsidy: $0.
Settlement Date: 06/30/2015
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here
: here.

Despite being well into the swampy DC summer, the downtown real estate market continues to move at a fast and aggressive pace. Many listings are seeing multiple pre-inspections, followed by escalated prices on multiple offers with minimal, if any, contingencies. On the surface, it all seems so easy…for sellers.

The down side of a market like this is that it makes pricing (which is already tricky in DC) extremely challenging. On the flip side of the escalating, non-contingent offers, are listings that have been priced a bit (or maybe a lot) over optimistically. For buyers who are not in a position to compete, or who simply can not bring themselves to get involved in all that, it might be useful to consider searching properties above the intended price range that have more than 30 days on market. A seller may not always be in a position to take an offer negotiated below list price, but it is an alternative way of approaching rather than waiting to pounce on the next newest open house.

This particular home is located in the Truxton Circle neighborhood, in close proximity to NOMA, Shaw, and Bloomingdale. It is near the newly built Dunbar High School. This is an area that was largely ignored during the previous renovation boom of the early and mid-2000’s, and is beginning to see some significant development and sales activity.

The listing agent for this sale was Jasmyen Porter with Exit Bennett Realty. Jocelyn Vas with American Realty Group represented the buyer in this transaction.

8 Comment

  • I think for the space, that is ultimately a great sales price/investment. What I think depressed the sales price is that one block has a high loitering rate (and rarely do I not smell weed when walking by) and is just around the corner from the shady unit block of N Street where there has been a high incident of violent robbery and even a recent assault leading to death. The no parking probably didn’t help much either. That block of 1st Street fills up pretty quickly because of the school. I do hate that pop up though. It’s not terribly shocking to the eye in terms of the streetscape because that block has a lot of trees, but it is just really very generic.

    That said, this block has great potential and several homes have flipped recently. I think the buyer probably made a pretty good investment.

    • Oh, and also, I’m unsure what the back yard here looks like, but based on where it is, I’m guessing it doesn’t have much of one, if one at all.

  • It isn’t often all of popville agrees on something, but everyone who weighed in on this gdon last fall all said the same thing…”massively overpriced”, and it was. It is nice to see some level of common sense occasionally revel itself in home sales in dc.

  • Yeah, I think two things really kept the price down: no basement at all, and not only no parking but I believe no alley access to the property at all. Don’t think you can ask the same price as other properties just up the street are commanding when you are missing those two very important features.

    • True, although for 2200 square feet, the ultimate sales price is a bit of a deal for Truxton. $336/square foot is kind of low. I think it’s all about the proximity to N Street. Although several places even closer to North Cap sold for more per square foot than this. Truxton has a pretty wild variation in price/square foot because of how comfort levels change literally from block to block. This block is not nearly as “nice” as just one block north of it or one block west.

      • Well outdoor space and parking access do not count towards $/sq ft, and neither does unfinished basement storage/laundry space unless the listing agent is cheating. Would you pay more per square foot for something with an unfinished basement with tons of storage and room for mechanicals/laundry plus parking out back than for a place like this which has neither but the same finished square footage? I think that is the biggest driver on price here.

  • I’ll second the advice above. Underpriced houses tend to lead to a feeding frenzy and I get the impression sometimes people overpay. Overpricing leads to few visits, and once things languish on the market nobody looks anymore. Offering well under the ask for houses that have sat on the market can be a good strategy.
    Also, while I have trouble pricing above 1M, things like this is the city should be easy to price. I don’t see how some agents get pricing so wrong.

  • How does a house with a pop up on it, already look like crap? Just from the outside, the paint is peeling on the pop up and the molding is breaking away…. ?!

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