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GDoN Revisited by Hipchickindc – 640 Q St, NW

by Prince Of Petworth January 6, 2012 at 11:00 am 5 Comments

Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a princeofpetworth.com advertiser. 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: 640 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Shaw
Original List Price: $699,990.
List Price at Contract: $699,990.
List Date: 11/18/2011
Days on Market: 6
Settled Sales Price: $679,000.
Settlement Date: 12/27/2011
Seller Subsidy: $1,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here.

Purchased for $300,000. less a $2500. subsidy (and $25,000. below the listed price) in late September 2011, 640 Q St NW was back on the market close to two months later and under contract again in less than a week. The property is located on the edge of significant retail development.

Continues after the jump.

In relation to recent comparable sales within a quarter mile, this home sold on the high side. The transaction may well reflect the trends reported this week at Time.com that are driving market activity and prices in DC. Per the article, inventory of homes available to buy is super tight, urban investing is hot, foreclosure rates are low, and lots of people in DC have good jobs.

One year ago, we looked at a sale of a renovated property a block east at 507 Q Street NW. That sale, one year ago, settled at $570,000., more than $100,000. less than the current subject property.

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