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GDoN Revisited by Hipchickindc – 1731 1st St NW #2

by Prince Of Petworth October 15, 2010 at 11:30 am 29 Comments

Voted one of the best real estate agents in DC by the Washington City Paper Readers’ Choice Poll in 2009, hipchickindc aka the not-so-hip Suzanne Des Marais is an Associate Broker with Urban Pace. She lives (and sells a lot of houses) in Bloomingdale, but works all over DC, with everyone from first time buyers to highly regarded developers. 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: 1731 1st St NW #2

Legal Subdivision: Eckington
Advertised Subdivision per Listing: LeDroit Park (LeDroit Park is actually north of Rhode Island Ave. It used to be common to advertise this spot as LeDroit because it was considered a more recognized neighborhood. In recent years, however, Bloomingdale has become increasingly familiar).

Original List Price: $495,000.
List Price at Contract: $495,000.

List Date: 07/07/2010
Days on Market: 6

Settled Sales Price: $495,000.

Settled Price Per Square Foot: no tax record yet & no sq footage listed
Settlement Date: 09/03/2010
Seller Subsidy: $15,000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional

Original GDoN is: here.

The Listings for both units 1 (under contract) and unit 2 (settled sale profiled) can be seen: here. To see pics, after opening the listing link, click on the film strip icon to see the virtual tour.

I make it no secret that Bloomingdale is my favorite ‘hood in DC. Given that we’re at the lowest level of active listing inventory in the neighborhood since I’ve been tracking stats for over nine years, it looks like a lot of people are in agreement.

Continues after the jump.

I spent Thursday evening at the grand opening of Rustik Tavern, surrounded by my neighbors, old and new. On Sunday, I’ll walk to the Farmer’s Market before my open house. I love being able to patronize businesses where I know the owners by name and they know me. These include the local coffee shop, the yoga studio, organic market, and several shops. I can easily walk to Metro, or even to my office downtown. I could go on and on, but I’m sure there will still be people who don’t see it.

In 2002, I toured an investor client in this particular house when it was listed for $230,000. It wasn’t in great shape but the house was enormous, with great bones, as we say. At the time, I ventured that soon that renovated house would possibly be worth over $400,000. That investor thought I was insane.

Only a few months ago, I showed the house again when it was on the market post renovation and divided into two units. Apparently, whomever bought it in 2002 and put a lot of time and money into it, lost it to foreclosure. Bank-owned, it was on the market for $499,900. and ended up receiving multiple offers, ultimately selling for $550,000. back in May of this year. The folks who bought it cleaned it up and went through the legal process of subdividing it into two condo units. The top level duplex just settled at $495,000. less a $15,000. closing cost subsidy. The lower duplex unit is under contract and was listed at $447,000. (We won’t know what it sold for until after settlement.)

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