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GDoN Revisited by Hipchickindc

by Prince Of Petworth November 13, 2009 at 11:00 am 10 Comments


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: 2905 Sherman Ave NW

Original List Price: $345,000.

List Price at Contract: $325,000.

List Date: 06/27/2009

Days on Market: 88

Settled Sales Price: $315,000.

Settlement Date:  10/22/2009

Seller Subsidy:  $12,600.

Bank Owned?: No

Type Of Financing: FHA loan with a loan amount of $303,975., so maybe these folks financed the upfront MIP (as noted in comments as a possibility in last week’s GDoN-R)

Original GDoN Post is:  Here

Recent Listing is: Here .  To see pics, click on the main picture after opening the link.

Perusing the original Good Deal or Not (GDoN) post of this property, it struck me that an overwhelming majority called “good deal”.  Frequent GDoN readers know that this, indeed, is a rarity.  That was at the original list price of $345,000., so $315,000. plus $12,600. toward closing costs should look pretty sweet.  For reference, recently converted condos down the street (the last one I listed at 2608 Sherman, 2BR, nicely upgraded and staged, sold in May 2009 for $299,990. with a $7500. subsidy) are selling in a similar price range.

Some mentioned that Sherman is a busy street to be on, and for sure, that was the major objection I heard when I had my client’s condo on the market.  The lot size is a mere 869, but includes a bit of outdoor space.  Love it or hate it, as one reader mentioned, the new owners should never have trouble giving directions to their very yellow house.  I admire the listing agent’s optimism in noting that one of the conveniences of the property is that it is “close to Schools”.

The recent Seller purchased the property back in January 2009 when it was a foreclosure.  The listing from that time period shows that it was priced at $189,000., and settled at $180,000.  It was purchased with cash.

  • Anonymous

    I cant see the pictures. Was the house updated? Or did the previous owner manage to buy, do nothing to, and then sell for 120k profit less than a year later? seems pretty remarkable to me in this day in age.

  • Hmmm. Not sure why that link was bad but try this for pics:

    And alas, posting while watching “Real Housewives of OC” is really bad for my math skills. The loan amount represents a full 3.5% down, so no financing of upfront MIP in this case.

  • Looks like it got a home depot renovation. Nothing special but definitely updated.

  • Hoodrat

    Nice. I liked this house, and I’m glad the property sold, since it is around the corner from me. I always figured the biggest downside was not the busy street but the busy liquor store next door. But I think its a fantastic deal.

  • PetworthRes

    Yes, they got a great deal on the house and even if some of the finishes are a bit ho-hum, it’s great to have the renovations done to the bones of the house (electric, heat, AC) at a great price, and then personalize it yourself. I saw a moving truck in front of the house recently – congrats to the new owners!

  • Anonymous

    Not a good enough deal. I toured this house and it was cramped and not in good condition, plus the basement was unusable, not to mention the really busy street. The only good feature was the high ceiling in the master bedroom.

  • I think the fact that it has central air is a big plus. That doesn’t happen often. I would have gone for this too probably.

  • bogfrog

    Looks like a win-win

  • aaron-anonymous

    Not a good deal. We toured this house, it has a tiny cramped kitchen. Very cramped bedrooms a basement that lacks a washer and dryer hook up and is poorly renovated. Plus it shares a wall with a convenience store which means drunks and people hanging outside at all hours of the night…not to mention the busy street.

    The master bedroom has nice light but it is just a very cramped house. Someone would be foolish to pay more than $275k for this.

  • bogfrog

    Welcome, neighbors!


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