GDoN Revisited by Hipchickindc – 711 S Street, 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: 711 S St NW #1
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 3 Baths: 3.5 Basement: No Parking: Off Street/Driveway Ownership: Condo
Square Footage per Listing: 1700
Original List Price for this listing: $950,000. ($559. per square foot)
List Price at Contract: $899,900.
List Date: 05/16/2015
Days on Market for this listing: 155
Settled Sales Price: $865,000.
Settled Price per Square Foot: $509. per square foot
Seller Subsidy: $0.
Settlement Date: 11/30/2015
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

Noted in the comments to the original Good Deal or Not (GDoN) post, this two unit condo ownership property is new construction built on a formerly vacant lot. Whereas typically new construction condos on lots this size are subdivided into a couple of units of two levels each, this was designed with three levels above grade (subject unit) and a basement unit. Commenter Shawsome! shared the following in the original post: “I live in the neighborhood and have heard that the property owner (i.e., when it was essentially a rubble-filled basement with weeds and a mural) wanted to be able to stay at that address on occasion (e.g., church days) so the 1 basement unit + 1 3 story unit format was part of the deal allowing development.”

Located right at the Shaw/Howard Metro, this is a large place in relation to other condo units in the immediate area. A few blocks east in Bloomingdale, three bedroom condos, usually converted from previously existing single family rowhomes, are more common. In this location and westward, the majority of condos sold in the past six months are one and two bedroom units.

Although for valuation purposes, only condos are relevant, for space comparison three bedroom houses recently sold in the immediate area ranged in price from $685,000. to $1,539,000. Fee simple houses are likely to vary more significantly in terms of size and condition than recently built condos.

The listing agent for this sale was Barbara Williams with Exit Landmark Realty. Allen Pierce with Coldwell Banker Residential Brokerage represented the buyer in this transaction.

One Comment

  • No (covered) parking at this price would be a deal killer – normally. Perhaps they found some parking in a nearby garage? That’s becoming more common as people use their cars less and only for out-of-beltway jaunts. Long-term play would be to get control of the basement unit as well otherwise I’d be reluctant to pay a whole-house price for something with a tenant below me I don’t control.

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