Update On DC’s Home Auction

Here’s hipchickindc’s original post on DC’s liquidation of vacant properties. The Post did a small write up on it. But I got a few updates from some readers that I thought I’d share:

“Several weeks ago I came across a post about the D.C. Government auction. Several members posted comments pertaining to what they thought the “going prices” would be for several of the homes listed. Well I attended the auction and to my dismay the properties went for well over the $50,000 – $75,000 some of your members estimated. I thought they might be interested in learning the “hammer price” for several of the “hot” properties included in the auction. The prices listed below do not include the 5% buyer’s premium that will be included in the final purchase price.

2305 1st street NW Washington, DC 20001 – $320,000
3004 13th street NW Washington, DC 20009 – $380,000
57 Bryant street NW Washington, DC 20001- $320,000
100 Bryant street NW Washington, DC 20001 – $380,000
475 Florida Avenue NW Washington, DC 20001 – $300,000

If you recall most of these properties appeared to be little more than shells. Good Deal or Not? You tell me.

I would be interested in finding out what your readers think of these prices.”

Another great reader’s take after the jump.

“For the record the WP article has some incorrect facts regarding pricing – 3004 13th St sold for 380,000 – not 304 13th St NW for 300,000 as they printed. Also, no property sold for more than 380,000 and it says 400,000. With the buyers prem of 5 percent the 380 properties may be close to 400,000, but not quite.

So here is my account of the even and the titles they could fall under…

– Good Deal or Not / Watch for this house on HGTV / Crappy Renovations / Foreclosure Feature / House Porn – depending on what the new owners will do with the property.

As previously mentioned on this blog the DC gov had an auction of approximately 30 properties on January 30th. Overall the properties seemed to go for close to or above market value (I am not an agent). It appeared as if the primary buyers were developers as the same people were buying multiple properties. Keep in mind many of these properties will require complete gut jobs. The auction attendance was high enough that the fire Marshall showed up and allegedly many people were left standing outside unable to enter and bid on the properties. I did not see how many were outside, but I can confirm that there was a line of people who had not gone through security when the bidding started.

A couple of notable properties for POP readers were sold.

3004 13th St NW – 380,000.

100 Bryant St. NW – 380,000.

2305 1st St NW – 320,000.

57 Bryant St. NW – 320,000.

1504 6th St. NW – 220,000.

475 Florida Ave NW – 300,000.

333 K St. NE – 180,000. (NOMA BID area) – There is a foreclosed home right next the DC property (335 K St NE) is listed for 160,000 and it is the exact same row home the only difference is the opposite floor plan – so they over paid by 20k?

Here is the Redfin link for the foreclosure – http://www.redfin.com/DC/Washington/335-K-St-NE-20002/home/12134130/bankOwned-3048506

Here is a Google Maps link -the red house in next to the pink house is the foreclosure – the pink house on the right was the DC property.

http://maps.google.com/maps?f=q&source=s_q&hl=en&geocode=&q=333+k+st+ne+washington+dc&sll=37.0625,-95.677068&sspn=36.315864,87.451172&ie=UTF8&ll=38.902489,-77.000899&spn=0.008717,0.02135&t=h&z=16&iwloc=addr&layer=c&cbll=38.902497,-77.000799&panoid=tFrSCXXrhZ5abVddbW7Tfw&cbp=12,172.52973341939136,,0,6.166697176574059

646 I St NE – 230,000. (NOMA / H St)

1001 Quebec Pl NW – 210,000.

1713 New Jersey Ave NW – 260,000

756 Park Road NW – $160,000.

510 Newton Pl NW – $170,000.

3620 Rock Creek Church Rd NW – $170,000.

627 Keefer Place NW – Pulled from the auction – no explanation.

709 Kenyon St NW – Pulled from the auction – no explanation.”