GDoN Revisited by Hipchickindc – 748 Princeton Place NW

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: 748 Princeton Place NW
Legal Subdivision: Columbia Heights
Original List Price: $598,000.
List Price at Contract: $569,000.
List Date: 09/18/2010
Days on Market: 48
Settled Sales Price: $575,000.
Settlement Date: 11/30/2010
Seller Subsidy: $20,000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional

Original GDoN is: here.

The Listing can be seen: here. To see pics of each listing open the listing link, click on the main pic, and scroll through.

Purchased as a foreclosure in May for $324,000., this property was back on the market completely renovated by September. Although it hung around for over a month on the market, it sold at a net of $555,000.

The recent owners of 748 Princeton Place NW travel under the name of Superior Properties, LLC. In 2010 alone, they show up on record as having purchased a total of six properties (including the subject), all located in Petworth and Columbia Heights. Of those six properties, one is active, one has not yet hit the market, one is under contract, and three have sold. If you’re interested in other examples of their work, you can see those listings here.

Continues after the jump.

Recently there has been scrutiny of the foreclosure processes all across the country. DC is no exception and recent legislation, as well as a statement of enforcement issued by DC Attorney General Peter Nickles could bring foreclosure sales to a screeching halt. Whereas it is extremely important to address consumer protections with regard to the foreclosure process, concerns are being raised by both lenders and title insurers that procedures have not been put in place to adequately comply with the new legislation and statement by the Attorney General.

I am raising this issue because it could potentially affect the supply of available renovated homes for the 2011 Spring market in DC. It will also affect anybody, regular homeowner or investor, who is in the process of trying to settle or is considering purchasing a home that has already been through a foreclosure.