GDoN Revisited by Hipchickindc – 3600 13th St NW

by Prince Of Petworth April 23, 2010 at 11:00 am 6 Comments

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: 3600 13th St NW

Original List Price: $1,195,000.

List Price at Contract: $1,075,000.

List Date: 05/01/2009

Days on Market: 321

Settled Sales Price: $975,000.

Settlement Date: 04/16/2010

Seller Subsidy: $5,000.

Bank Owned?: No

Type Of Financing: FHA…Super Conforming. Until the end of this year, the upper limit for FHA loans remains at $729,000. A “Super Conforming” or “Jumbo Conforming” is a loan that is above the conforming loan limit of $417,000. yet below the current upper limit. There are lobbying efforts in place to make the higher limits permanent, which is significant for a high dollar market area like DC.

Original GDoN Post is: here. Note that the original GDoN was from back in late July 2009.

Listing is: here.

There have been several requests from readers to profile this home, which has finally, finally gone to successful settlement this week. Denise Champion-Jones, a most awesome agent with Long and Foster, represented the Seller and reported that there were a few contracts along the way that did not work out. The property was on the market for nearly a year. Continues after the jump.

As noted by commenters to the original Good Deal or Not (GDoN) post, this was an unusual house for this part of the city. Specifically, this is a very large (over 4,000 square feet) wood frame detached single family home in a neighborhood landscape that is dominated by brick Victorian rowhomes. The home was built in 1905 and is situated on a corner lot that is over 6,000 square feet. (A typical rowhouse lot in DC is about 1500-1800 square feet.) In addition to a legal separately metered basement apartment, the upper part of the house is three levels above grade. The detached garage is apparently large enough for four cars.

The recent owners completed an extensive renovation after purchasing the property in March of 2007. While many readers may still be boggling at the almost seven figure price tag of the current sale, I am most impressed that an investor (actually, a family of investors, that I happen to know) purchased the property back in February of 2007 for $315,000. and sold it less than two weeks later for $512,500.

  • ZCF

    I’m a bit disturbed that you can get a million dollar FHA loan. But then again, maybe I shouldn’t be complaning because rich people pay the majority of the taxes!

    (Crunching numbers… 3.5% of $1M loan means $35K down payment + maybe $20K in closing costs?? wow. You only need $55K to buy million dollar property?)

    • Isotopor

      An FHA loan doesn’t necessarily have to be for only 3.5% down, and it looks like this buyer put about 25% down. And since the biggest FHA loan you can get is $729k, you’d still need a fair chunk of change to buy a million dollar house, basically as much as this buyer. Though I suppose you might be able to qualify for a maxed out FHA loan with 3.5% down for a $750k or so house, you’d need a lot more than just the down payment and closing cost cash, you’d need a job that can support a $729k mortgage, which I think would probably be a bigger hurdle than the up front cash.

  • MK

    Whoever paid this for this part of the hood is a f-ing idiot.

    • x

      i’d agree with you if the rent in our house within eyeshot hadn’t just gone up ~33%.

  • dreas

    The basement rental is on Craigslist for $2100/month, which will take a huge chunk out of their mortgage payment. If they put down $250k to meet the FHA Super Conforming requirements, making the mortgage $720k, at an interest rate of 5.5% they’re paying $4200/month before taxes and escrow. Say $5000/month total. Less the apartment income, their mortgage payment (~$3000) is less than mine for a house that’s twice the price, twice the size, and in far better condition.

    I thought I was jealous before. Now I kind of hate the owners. (Not really. We’re your neighbors and love your house. Please invite us over sometime so I can drool. Thanks.)

  • MK

    And people wonder why the average person cannot afford a decent home. I still think they’re idiots.


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