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: 3624 New Hampshire Ave NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $515,000.
List Price at Contract: $515,000.
List Date: 07/09/2011
Days on Market: 13
Settled Sales Price: $505,000.
Settlement Date: 08/19/2011
Seller Subsidy: $7,000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
The listing can be seen: here. Pics can be seen by clicking through the arrows on the main pic after opening the listing link.
I believe this may be our first example of a home that has withstood not one, but two go arounds as a Good Deal or Not (GDoN) subject*. PoP noted that the listing description on the 2008 listing was nearly identical to the 2011 listing, which makes some sense, since it was the same agent. Same agent, however, it’s important to note that 2011 is a much different real estate climate than 2008. Subsequently, what looks like pretty much the same listing in 2008 was withdrawn after 35 days on the market and a price reduction to $504,000. In 2011, it’s not a surprise that a house this close to Metro, busy street or not, was under contract in less than two weeks.
Not even taking into consideration the decrease in active listing inventory in downtown DC since 2008, the immediate area has seen a significant increase in commercial development between 2008 and 2011. There are few pockets of DC left that are relatively close in to downtown and on top of Metro. The Georgia Avenue corridor has recently seen quite a bit of property purchased by developers, with numerous moderately priced condo projects planned or in process.
Continues after the jump.
The market value of residential properties in the immediate area on the west side of Georgia Ave currently reflects a wide range of sizes and conditions. An overview of active, pending, and settled sales since the beginning of the year can be seen here.
Prior to the above mentioned 2008 listing for $504,000. that was withdrawn before a sale, the property had been purchased for $319,900. less a $6398. subsidy in July of that year. There was some confusion in the recent GDoN comments because the Redfin listing shows a transfer in 2009 for $319,900. That information comes from public records and it could have been a refinance, or it could be possible that for some reason the 2008 sale got officially recorded in 2009. A foreclosure (meaning it was likely bought back by the bank at that time) shows up in 2006 for the amount of $394,042. The last sale noted in public records preceding the foreclosure was in 2000 for $65,000.
*Not counting properties where we’ve looked sales at before AND after renovation.