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GDoN Revisited by Hipchickindc

by Prince Of Petworth December 18, 2009 at 11:00 am 11 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: 613 Upshur St NW

Original List Price: $549,000.

List Price at Contract: $549,000.

List Date: 10/23/2009

Days on Market: 4

Settled Sales Price: $549,000.

Settlement Date: 11/30/2009

Seller Subsidy: $0.

Bank Owned?: No. Tax records indicate that it was sold by an investor (non-owner occupant).

Type Of Financing: Conventional with $137,250. down payment

Original GDoN Post is: here.

Recent Listing is:
here. Virtual tour is here.

Full price sale. $549,000. Under contract in four days…Fantastic.

This one drew a lot of comments for a Good Deal or Not (GDoN) post. Most readers seemed to like the renovation, although some pondered when we shall see an end to the granite/stainless trend of the 2000s. Located on Upshur, just a few blocks from Metro, Domku, and the organic market, this nicely done rehab featured the unusual amenity of a loft in the owners’ suite.

The recent sellers were investors out of McLean, VA and acquired the property for $181,000. in July 2009. I did not find a prior listing or any foreclosure records for the property, so my guess is that it was a direct buy from an estate. Someone mentioned that investors paying cash for the lower priced homes is frustrating for home buyers attempting to purchase for themselves. As an agent, I agree that it can be tough on owner occupant buyers, however, in my opinion, tougher lending standards for investors have led to a better quality of renovations. The lower prices have brought back the investors and subsequently areas like Petworth are seeing a surge in stunning rehabs. This is great for Petworth homeowners, as the values and desirability of the neighborhood are strong. Given that available inventory has dwindled over the past six months or so, prospective buyers are, in some cases, surprised to find themselves competing in what they expected to be a Buyers market.

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