Good Deal or Not Revisited by Hipchickindc

DSCN3887, originally uploaded by Prince of Petworth.

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, and as a real estate salesperson in Maryland. 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: 1406 Corcoran St NW #C

Original List Price: $765,000.

List Price at Contract: $649,000.

List Date: 04/24/2008

Days on Market: 239

Settled Sales Price: $635,000.

Settlement Date: 02/18/2009

Seller Subsidy: $0

Bank Owned?: No

Recent Purchase and Re-Sale: No. Last reported transaction was in 2000 for $301,500.

Original GDoN Post is here.

Recent listing can be found here.

To see pics, click the filmstrip icon at top left of that listing.

After a hefty 239 days on the market, this duplex condo unit finally went to contract, following a few rounds of price reductions. PoP readers commented a bit on not liking the ubiquitous tile throughout the unit, but the 17 foot ceilings, roof deck, garage, and location might even qualify this as good condo porn.

This property falls into a tricky price range for conventional financing of late. With second trusts a notion of the past, minimum down on something like this going conventional is 10%. Given that many folks might rely on equity from another property or cash out from a stock portfolio to make that happen, it considerably narrows down the pool of ready and able buyers. Still, the buyer of a property in this price range is within the “super conforming” interest rate range, which means the low cost of borrowing is very attractive for those who can do it right now.

Good deal? Considering that the last Penthouse unit (#D, albeit with hardwood instead of all that tile) sold in July of 2007 for $676,000., I’ll say “yes”.


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