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GDoN Revisited by Hipchickindc

by Prince Of Petworth April 2, 2009 at 11:32 pm 10 Comments

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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: 1025 Kenyon St NW

Original List Price: $425,000. prior to completion of full gut renovation

List Price at Contract: $420,000.

List Date: 11/16/2008

Days on Market: 73

Settled Sales Price: $420,000.

Settlement Date: 03/23/2009

Seller Subsidy: 10,000.

Bank Owned?: No

Type Of Financing: Conventional

Recent Purchase and Re-Sale?: Not according to MRIS or Public Records. Reader comments suggest that the property may have been an estate-owned property

Original GDoN Post is: Here

Pics and details: Click here.

Based on comments to the original Good Deal or Not? (GDoN) post, I’m guessing that a few people are going to be shocked to see that this sold at list price less a subsidy toward closing costs. Continues after the jump.

From my recent experiences with buyers in the $400k-$500k range, it doesn’t surprise me all that much, given that fully renovated properties, with a garage no less, close in to downtown in this price range are hard to come by.

The Seller apparently chose to list prior to completion of the renovation. While I understand the interest in pre-marketing, I find that most people who are interested in a completely renovated property, really need to see the finished product (otherwise they’d be looking at trashed houses and getting an FHA 203(k) loan). It looks like the contract was ratified post-renovation.

Unfortunately, the only pics I have access to are from the period during the renovation process. I know that the agent who represented the Seller has a strong interest in being environmentally friendly, and the listing does mention energy efficiency and Low VOC paints. Michael, I’m hoping you are around and might comment on some of the finishes or even post some updated pics. Thanks!

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