GDoN Revisited by Hipchickindc

by Prince Of Petworth February 19, 2010 at 11:00 am 2 Comments

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In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, 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 Properties: 1835 North Capitol St NE

Original List Price: $450,000.

List Price at Contract: $430,000.

List Date: 11/14/2009

Days on Market: 57

Settled Sales Price: $399,000.

Settlement Date: 2/12/2010

Seller Subsidy: $4000.

Bank Owned?: No

Type Of Financing: Conventional

Original GDoN Post is: here.

Recent Listing is: here.

Commenters to the original Good Deal or Not (GDoN) post were quite vocal in their objections to the busy, busy street that is North Capitol. I live a block off of North Cap on the Bloomingdale side, so I know first hand how active it is during commuting hours. Historically, prices for comparable sales located on North Capitol reflect this concession. Similar homes on east-west streets, even very close to North Capitol typically sell quite a bit higher. North Capitol also serves as a physical boundary between Bloomingdale and the NE side of Eckington. Again, very similar houses within a short distance of each other can show a significant price differential with homes on the NE side selling for less than their NW counterparts.

With all that said, I actually think that the net sales price of $395,000. was a good deal. Given that I live in and do much of my business in Bloomingdale, I often have buyer clients who specifically want to purchase a bay front brick Victorian rowhome. As prices have steadily risen in the neighborhood over the past several years, it can be a challenge for first time homebuyers to find this type of property in their price range. Over the years, I have had numerous buyers willing to live on a busy street or to make some other compromise in order to buy the kind of home that they really want at a price that they can afford. Continues after the jump.

On another note, I wanted to make mention of the recently released 2009 statistics on home sales in the District which are compiled and presented by Metropolitan Regional Information Systems (MRIS). Hopefully some of you have noticed that I’ve been providing specific sales information for individual neighborhoods around DC. There are clearly differences from neighborhood to neighborhood with regard to home values, inventory, and demand, however, I think it is also very useful to get a city-wide perspective.

Total Sold Dollar Volume went up 4.01% from 2008 to 2009. Anybody concerned that DC is a depressed marketplace should consider that over three BILLION dollars worth of property changed hands in both 2008 and 2009.

The average sold price went down 10.13% from $539,621 in 2008 to $484,957 in 2009. I believe that this decrease is not representative of individual property values decreasing, because generally I’m seeing healthy prices for my listings. I think that the increase in foreclosure sales in our market has significantly affected the average.

The total number of units sold increased 15.71% from 2008 to 2009.

Average days on market increased from 80 to 90 from 2008 to 2009.

The average list to sale ratio in 2009 was 92.05% compared to 93.26% in 2008.


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