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GDoN Revisited by Hipchickindc


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: 1423 New Jersey Ave NW

Original List Price: $524,900.

List Price at Contract: $475,000.

List Date: 3/3/2009

Days on Market: 181

Settled Sales Price: $475,000.

Settlement Date:  10/15/2009

Seller Subsidy:  $15,000.

Bank Owned?: No

Type Of Financing: Conventional (loan amount not noted, but probably at least 10% down payment, since currently a less than 10% conventional loan is not likely to sell on the secondary market.)

Original GDoN Post is: Here.

Recent Listing is: Here. Virtual Tour is Here.

Commenters on the original Good Deal or Not (GDoN) post speculated that this house was worth anything from $300,000. To $400,000. One person thought $435,000 to $452,000. With the closing cost subsidy, the net price ended up at $450,000. I’m so glad to see PoP continuing to get around to different neighborhoods in the city. Several readers noted that they found this area of less interest than some more commercially populated spots. For someone who needs to zip onto 395, it’s a very convenient location. It’s also quite close in to downtown. The main objection I’ve had from clients when showing on New Jersey Avenue is primarily that it is a busy street. I showed this property when it was recently on the market and though not to my taste, I found the quality of the construction was actually pretty solid.

The research on this property was kind of fun for me since I learned that during the four transfers of ownership prior to this sale since 2002, I’ve known and previously done business with two of the parties who owned it. Both are cash investors with long family ties to the real estate investment business in DC. (Note that I was not involved with them on any of the transactions for this particular property.) Also kind of interesting was the frequent change of exterior color. In 2002, the house was blue. I guess someone felt the need to tone it down and painted it beige somewhere around 2003. The most recent listing features it painted olive green. You can see the pics by opening this link and scrolling through by clicking “next” after opening the first listing.

For anyone that needs a reminder of the insanity of the DC real estate market over the past seven years or so, here you go:

2002 Purchased as a shell for $135,000.

2003 Sold as a shell for $189,000.

2004 Sold as a shell AND a foreclosure, purchased with cash for $210,000.

2005 Sold as a shell for $315,000.

2009 Sold Renovated for $450,000. Net (Current Sale)

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