GDoN Revisited by Hipchickindc – 1927 2nd St NW

Hipchickindc is a licensed real estate broker and a professional artist. Her official real estate bio is here and her art website is here. 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: 1927 2nd St NW
Legal Subdivision: Ledroit Park
Advertised Subdivision per Listing: LeDroit Park
Original List Price: $629,900.
List Price at Contract: $629,900.
List Date: 04/08/2011
Days on Market: 13
Settled Sales Price: $689,900. $629,900
Settlement Date: 06/07/2011
Seller Subsidy: $11,000.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA

Original Good Deal or Not post is: here

Both the before and after renovation listings can be seen: here. The virtual tour for the most recent renovated sale can be seen here.

Many neighborhoods in the city continue to see an active wave of renovations. There are clearly both cash investors able and willing to close quickly on properties that are in disrepair, as well as buyers on the back end, willing to spend on revived housing stock. This LeDroit Park home (which, in this case, could have also been appropriately advertised as Bloomingdale) is a classic example. In February 2011, a cash buyer paid $315,050, which was above the listed price of $299,995. and closed a mere sixteen days following the contract date.

Continues after the jump.

Inventory for available homes for sale in LeDroit Park and Bloomingdale is tight, so it’s not a total surprise that there’s a rise in sale prices. There are currently only twenty six active listings in the neighborhood. Since the beginning of 2011, there have been 57 settled sales of fee simple homes, with a median marketing time of 24 days, and an average sale price of $531,294. Comparing to the same time period last year (1/1/10-7/7/10), there were 44 settled sales of fee simple homes, with a median days on market of 20, and an average sale price of $461,058.