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GDoN Revisited by Hipchickindc – 71 P St, NW

by Prince Of Petworth November 18, 2011 at 11:00 am 4 Comments

Hipchickindc is a licensed real estate broker. Her latest business venture can be seen 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: 71 P St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $499,900.
List Price at Contract: $499,900.
List Date: 09/14/2011
Days on Market: 17
Settled Sales Price: $489,000.
Settlement Date: 10/28/2011
Seller Subsidy: $5000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see the photos, after opening the listing link, scroll through the arrows on the main pic. Or, if you really want to see the virtual tour mentioned in the GDoN comments, you can click here. Or, if you are curious what it looked like when it was for sale following the 2005/2006 renovation, you can see that virtual tour here.

Although the listing agent of the subject property for today’s Good Deal of Not Revisted (GDoN-R) did not identify the neighborhood as Truxton Circle, I would have placed it there. P Street is a few short blocks south of where the original Truxton Circle” once existed. In October, I profiled a GDoN-R property on New Jersey Avenue located just a bit south and west of the Truxton Circle neighborhood. I made mention that Truxton Circle is certainly picking up, to which an anonymous commenter responded, “Truxton Circle is not ‘picking up’”.

Continues after the jump.

For an urban neighborhood with that good old Victorian housing stock, relatively close in to downtown, and within easy access to public transportation, Truxton Circle remains relatively affordable compared to neighboring Bloomingdale and Shaw. Whereas Bloomingdale and Shaw saw surges of renovation in the early 2000s that continue at an aggressive pace, both developers and home buyers are making their way to formerly overlooked and perhaps less competitive (as in not as many multiple offer competitions) neighborhoods like Truxton Circle. In this specific case, the buyer was able to negotiate both a lower than list price and cash towards closing costs.

The subject property was renovated in 2005/2006 following a $300,000. purchase by an investor. In March 2006, when this area was beginning to feel the bursting of the DC real estate bubble, it sold for $410,000. Here are currently active listings in Truxton Circle and nearby, as well as under contract and settled sales since the beginning or 2011.

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