GDoN Revisited by Hipchickindc – 3024 Cambridge Place, NW


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: 3024 Cambridge Pl NW
Legal Subdivision: Georgetown
Advertised Subdivision per Listing: Georgetown
Bedrooms: 4 Baths: 3 Basement: Yes, Fully Finishes Parking: Street Ownership: Fee simple
Original List Price: $2,095,000.
List Price at Contract: $2,095,000.
List Date: 04/17/2015
Days on Market: 11
Settled Sales Price: $2,050,000.
Seller Subsidy: $25,000.
Settlement Date: 07/10/2015
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

In reviewing past sales of properties for Good Deal or Not Revisited (GDON-R) posts, most of our subjects have seen significant appreciation in value through the years, reflecting the changes to DC neighborhoods. The renovation boom that began in DC in the late 1990’s/early 2000’s attracted amenities, such as new supermarkets and restaurants that spurred continued development and economic growth activity in formerly distressed neighborhoods.

What about a neighborhood like Georgetown, which was already desirable in the 1990’s? This property has a significant transaction history over the past fifteen years, with frequent sales.

The 2000 listing notes “Totally renovated in 1989 with finest craftmanship throughout”. At that time, the home was listed at $815,000. and sold in May for $797,000. The handy dandy internet inflation calculator tells us that this was $1,104,497.60 in 2015 money, and actually more if you consider that mortgage interest rates were higher.

Only a month later, in June 2000, the home listed for $849,000., and sold for $851,500. Listing comments suggest that granite counters were added. There were no interior pics in the multiple listing system back then, so we can’t see the changes made from one listing to the other.

A few short months later, in January 2001, the home transferred again. It was listed at $899,000. and sold at $910,000. Again, the granite countertops were specifically mentioned in the listing comments (because granite was the new thing fourteen/fifteen years ago…)

There was an attempt to sell in 2008 and then the home sold in 2009, listed at $1,795,000., and sold for $1,750,000.

There was another unsuccessful attempt to sell the home in 2010. It was listed again in 2013 at $1,750,000., and sold for $1,650,000.

The additional interesting piece of this history is that, after settling earlier this month, the home is now back on the market, listed for $2,175,000.

The listing agents for this sale were Carrie Carter and Elizabeth D’Angio with Washington Fine Properties. Janet Whitman with Long and Foster Real Estate represented the buyer in this transaction.

9 Comment

  • I wonder what’s happened to make the owner want to sell so quickly at a loss. Assuming they sell at $2,175,000, they’ll have made $125k over what they paid which I doubt would cover the amount of the transfer and recordation taxes or the agent’s fees.

    • 1.45% of the original $2,050,000 = $29,725.00
      1.45% of the new $2,175,000 = $31,537.50
      5% Agents Fees (assuming 3% to buyers agent, discounted 2% to sellers) = $108,750.00
      6% Agents Fees (assuming 3% to both buyers and sellers agents) = $130,500.00

      Excluding any other miscellaneous carrying costs, the cost to buy and sell probably ran between $170,012.50 and $191,762.50. So unless they’re hoping for a bidding war, I see them out a decent chunk of change.

    • HaileUnlikely

      Must be haunted.

  • Don’t have a clue about this house, but the usual suspects are common, and include divorce, a failing business, relocation by job, illness or disability and attendant expenses, death…. it isn’t really anything major to wonder about.

  • What a weird sales history, especially in the early 00’s. This house seems cursed.

    • Funny – some go to haunted, while my mind goes to problem with the house – excessively noisy neighbors, flooding or other structural problem requiring a lot of money to fix, etc. (Not that I don’t believe there are houses that are haunted.)

      • +1. I was wondering if there’s a problem with the foundation, the roof, or mold. Or maybe one of the long-time neighbors is a real terror. This can’t just be a coincidence, can it?

      • Wow, seems a shame if the neighbors are a that much of a nightmare since the house is gorgeous. If there is some sort of structural issue, it seems the people who have turned the place over in a matter of months would be required by law to disclose such or risk a big lawsuit from the subsequent owners. People who buy $2M houses generally aren’t the type to say forget about all that money down the drain….

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