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GDoN Revisited (Again) by Hipchickindc

by Prince Of Petworth September 11, 2009 at 11:00 am 12 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: 529 Newton Pl NW

Original List Price: $329,955.

List Price at Contract: $249,955.

List Date: 04/04/2009

Days on Market: 86 days

Settled Sales Price: $230,000.

Settlement Date:  08/24/2009

Seller Subsidy:  $8,500.

Bank Owned?: No

Type Of Financing: FHA with 3.5% down payment

1st GDoN Post is:  Here.

1st GDoN Revisited Post is: Here.

2nd GDoN Post is: Here.

All three listings of this property since 2005: Here.

If this house looks familiar, it might be because we’ve looked it over a few times already (see links above.)  A poster child for the changes in the DC real estate market over the past few years, this property has been through a foreclosure and two renovations since 2005.  In reviewing the listings, note that in 2005, it was listed as having three bedrooms and one bath.  By 2008, it was reconfigured to two bedrooms and two full baths.  In 2009, it took on a new life as a two bedroom, one bath home.

When we looked at the March 2009 sale of this property, I noted that it was a cash purchase and speculated that it was likely bought by an investor.  I learned later that it had been acquired by a group of investors that I’ve done a few deals with. 

The recent buyer of the newly renovated property paid (net) almost $30,000. less than the property changed hands for as a shell in 2005.

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