GDoN Revisited by Hipchickindc

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: 1113 Lamont St NW

Original List Price: $985,000.

List Price at Contract: $985,000.

List Date: 11/16/2009

Days on Market: 60

Settled Sales Price: $940,000.

Settlement Date: 03/10/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Conventional

Original GDoN Post is: here.

Recent Listing is: here. I’ve also included the 2001 listing.

Having focused the past three Good Deal or Not Revisted (GDoN-R) posts on cash deals and flips, I was happy to come across this owner-occupied, non-foreclosure, straight forward conventionally financed deal. Good Deal or Not (GDoN) commenters were skeptical of the $900k+ price tag in Columbia Heights, but it ultimately sold within less than a 5% differential from the original list price. Continues after the jump.

One point made by a GDoN commenter was that the listing agent identified the property as an “end unit”, which seems strange because there is a building attached to both sides of the property. Perhaps what the agent was attempting to describe was that the house was at one time an end unit, having been built in 1909 and the adjoining apartment building at 1111 Lamont having been built in 1922. This is actually significant since Victorian builders often punctuated the ends of rows with houses of larger scale and/or ornate detail.

This property is yet another testament to the recent sales history of the neighborhood. The earliest available public record of a sale of this property was in 2001. I’ve included that listing with the above current listing link. Although there are no interior pics, it’s clear from the exterior that it was in rough shape. All the same, in the ramp up to the renovation boom of the early 2000’s, the house was listed for $149,900. and sold significantly over list price to a cash buyer for $228,500. The next transfer is shown in public records, post-renovation to the recent Seller, at $590,000. in 2002. The 2002 sale was not listed through the multiple listing system.

One person mentioned on the GDoN comments that this price point was an anomaly for the area. I thought it might be interesting to poke around and check that out, so I did a comparative market analysis (cma) over $850k for Columbia Heights. While this property is in the upper ranges for the area, there have recently been several expensive sales over the past six months.