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GDoN Revisited by Hipchickindc

by Prince Of Petworth July 10, 2009 at 11:00 am 34 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: 1816 Irving St NW

Original List Price: $499,999.

List Price at Contract: $365,000.

List Date: 10/22/2008

Days on Market: 155

Settled Sales Price: $310,000.

Settlement Date:  07/06/2009

Seller Subsidy:  $9,300.

Bank Owned?: No. 

Type Of Financing: Cash

Listing History: No sales history info on MRIS, so was possibly an estate.  Tax records show a transfer with no price in April 2009, which also suggests that it was part of an estate.

Original GDoN Post is: Here.

Recent Listing is: Here.  To see pics, click the arrows on the main picture.

Despite the “needs some work” condition of this property, commenters on the original Good Deal or Not (GDoN) post for this property thought it was an okay deal for the neighborhood when it was listed at $499,999. One person noted that, “this is the kind of listing that has me worried about home values. when was the last time a house in any condition sold for less than 500k in mount pleasant? I certainly haven’t seen anything this low in mount pleasant since I have been paying attention to listings.”

Given the comments and the number of my own buyer clients who inquired about the house, it surprises me that it stayed on the market for as long as it did. As some of the GDoN posters mentioned, it is small and needed a lot of work. Even being small and in crappy condition, at a net a tad over $300,000., I’d say the buyer got a pretty good deal. Just to reassure everybody that the values in Mount Pleasant are not totally taking a nose dive, here are the two and three bedroom sold comps since the beginning of 2009. You’ll see that the next lowest sold price to this sale is greater by more than $150,000.

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