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GDoN Revisited by Hipchickindc

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

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