GDoN Revisited by Hipchickindc – 103 8th St NE

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 the Principal Broker (DC) for Urban Pace, LLC. 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: 103 8th St NE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $489,500.
List Price at Contract: $489,500.
List Date: 03/16/2011
Days on Market: 14
Settled Sales Price: $625,000.
Settlement Date: 04/28/2011
Seller Subsidy: $18,253.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA-apparently proving that FHA does allow a main kitchen at below grade (see original comments)

Original Good Deal or Not post is: here

The listing can be seen: here. To see pics, open the listing link, click on the listing then scroll through from the main pic.

Only a couple of weeks ago, we looked at similar multiple offer escalating craziness in this same area. Note to anybody new to the DC real estate market: If the price is looking too good to be true, it might just be. Veteran listing agent with Coldwell Banker and Hill maven Bob Williams knows his market and priced this one to move.

Continues after the jump.

Even with the intense bidding war in 2011, this home sold more than $40,000. below what the most recent owner paid in 2008 (which was a net of $684,000). After figuring in closing costs and brokerage commission, that ends up being an even more significant hit. Prior sales were at $599,000. in 2006, $428,950. in 2003, and $229,000. with a $945. subsidy in 1999.

All this week I have the honor of representing DC Realtors at the National Association of Realtors annual Mid Year meetings. (If you work on the Hill, my sympathies, because I know you’re tired of seeing Realtors.) To provide some perspective, all week long I have been hearing from other state presidents about short sales, foreclosures, strategic defaults, tumbling values, double dips, fears of shadow inventories, and generally still struggling markets. We are extremely fortunate right now in DC to have one of the healthiest real estate markets in the country. Extremely.