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GDoN Revisited by Hipchickindc

by Prince Of Petworth May 14, 2010 at 11:00 am 10 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 Property: 804 East Capitol St NE

Original List Price: $2,100,000.

List Price at Contract: $2,100,000.

List Date: 09/26/2009

Days on Market: 160

Settled Sales Price: $1,800,000.

Settlement Date: 04/28/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Conventional

Original GDoN (it was a “Wednesday” House Porn Post) is: here.

Listing is: here. Catch the virtual tour here.

I well remember the article in the Washington Post Real Estate Section in 2000 that made a big deal out of the first house in the Capitol Hill neighborhood to sell for over a million dollars. (Incidentally, that first sale on The Hill over a million was located just a block away from this house and had a similarly sized lot, but was an attached end unit, whereas this is a detached house.) Now, nearly ten years out, 7% of the fee simple houses that sold in Capitol Hill over the past year, settled in the seven figures (four of those properties sold over two million dollars).

This property was particularly unique for its 5000+ square foot lot. While teensy by suburban standards, 5000+ square feet this close to the Capitol, Lincoln Park, and Eastern Market, is veritable farmland. In this case, however, they’ve gone the route of formal garden space.

Available sales data shows a transfer of this property in July of 2000 for $897,500. Three years later, in October 2003, it sold for $1,350,000., which was an increase in value of nearly 50%. This current sale saw an additional $450,000. increase in market value. If you’re playing along here, this is where you realize that this house gained just shy of a million dollars in value over the relatively short period of ten years, and more than doubled its Turn of the Millennium value.

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