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GDoN Revisited by Hipchickindc – 1420 Harvard St NW #406

by Prince Of Petworth March 30, 2012 at 11:00 am 9 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: 1420 Harvard St NW #406
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $239,900.
List Price at Contract: $239,900.
List Date: 02/07/2012
Days on Market: 7
Settled Sales Price: $239,900.
Settlement Date: 03/15/2012
Seller Subsidy: $3050.
Square Footage (per tax record): 686
Settled Price per Square Foot: $345. (possibly quite a bit lower, if tax record is inaccurate)
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. To see pics…sorry, no interior pics on this one. You’ll have to use your imagination.

This Good Deal or Not Revisited (GDoN-R) looks at a recent sale in an older 24 unit condo conversion in the Columbia Heights neighborhood. A commenter to the original Good Deal or Not (GDoN) post mentioned that this building was originally structured as an affordable housing option for first time buyers in the mid-1980’s.

Although the tax record reports square footage at 686, an earlier listing claims that the unit is actually over 900 square feet. The tax records indicate that units in the building range from 601 square feet to over 900 square feet. Tax records also show an investor ratio of over 50%, which can affect the ability to get financing. The settled listing information notes that this was a cash sale. It is not clear whether the new buyer is an investor or an owner occupant.

The earliest listing information found for this particular unit was an attempt to sell this 2 bedroom 1 bath property back in 1995. At that time, it was listed for $65,500. It remained on the market into 1997, ultimately priced at $59,900. Even at that low price, it expired and appears to have not sold. The current listing, which was under contract in a week, tells the story of a transformed neighborhood and a very different real estate market.

The building is located a short distance to Metro and DC USA shops and restaurants. Properties on the block include a new construction condo building, as well as a a recent GDoN-R subject that will likely be converted to new condos.

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