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GDoN Revisited by Hipchickindc

by Prince Of Petworth July 31, 2009 at 11:00 am 17 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: 1112 Monroe St NW

Original List Price: $574,900.

List Price at Contract: $574,900.

List Date: 6/25/2009

Days on Market: 6

Settled Sales Price: $574,900.

Settlement Date: 07/27/2009

Seller Subsidy: $0.

Bank Owned?: No.

Type Of Financing: Conventional loan with 20% down payment

Listing History: See below for listing history information

Original GDoN Post is: Here

Recent Listing is: Here. To see more pics, click here for the virtual tour.

Since 2006, people have been asking me how they will know when the real estate market in DC has hit bottom. The only good answer to that question is that you’ll know once we start coming up on the other side. In other words, you will have missed it. There have started to be some consistently positive numbers reported about housing in general lately, and I’m seeing good things personally in my business and that of my colleagues. I recently had a listing go under contract in one day (on Fourth of July weekend no less). Continues after the jump.

Why am I being all cheery and positive on the DC real estate market all of a sudden? Because I’ve been waiting for this “Good Deal or Not-Revisited” (GDoN-R). Sure, we’ve seen plenty of multiple offers on low-priced foreclosures that have gotten bid up over asking. Typically, however, in this price point we’ve been seeing some kind of negotiation, if not in price, then in a big chunk of closing costs paid for by the Seller. Here we have, for the first GDoN-R in maybe the history of GDoN-R, a house priced over $500,000. that went under contract fast and for full list price. Granted, the house was priced to move for the condition and location, and GDoN commenters on the original post seemed to think it was a good deal.

The property only recently changed hands back in September of 2007 for a sales price of $450,000. (from a list price of $550,000.) with a Seller subsidy of $13,500. It was described in that listing as “Strictly ‘AS IS’, Needs Some Work”. Unfortunately, that owner lost the property to foreclosure. It was listed as a Freddie Mac foreclosure in March 2009 for $248,900. and was under contract two days later. The Purchaser in April paid $278,900. in cash for the property. It was blue when they bought it. They painted it yellow and fancied it up some.

For those who share my optimism about the DC real estate market, I’d like to throw out there that my company is currently looking to hire licensed sales managers for new construction projects, as well as sales assistants.

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