GDoN Revisited by Hipchickindc – 1376 F St, NE

by Prince Of Petworth April 6, 2012 at 11:30 am 12 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: 1376 F St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $598,750.
List Price at Contract: $600,000.
List Date: 02/01/2012
Days on Market: 9
Settled Sales Price: $600,000.
Settlement Date: 03/30/2012
Seller Subsidy: $5000.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link, click on the main pic and scroll through.

I don’t normally do this, but just couldn’t resist. Here are some quotes from the comments on the original “Good Deal or Not” (GDoN) post:

“I can understand prices like this in this neighborhood (though still something of a gamble) if you’re planning on staying for 20 years, but to me it’s way overpriced.”

“We looked at this house this weekend at an open house on Saturday. Place was packed. Our realtor told us that two offers were already on the table, before we even walked into the house. He also told us that the house was underpriced and will likely start a bidding war. He thought it’d end up going for upwards of $725-750.”

“I’d say your realtor is right on the money with that guess. And good luck with your house hunt– it’s really competitive on the Hill but it will be worth it!”

“Let us know your realtors name when this doesn’t go for 725-750. Then we will know who not to hire.” (It’s probably better if you don’t).

“I think it’s quite a nice looking place. I’d only pay $200K for it though.”

“I would like to throw my hat into the ring as well. This place will sell for no less than $650k. I am betting on it closing higher, but I just want to be able to laugh at all the people on here who say this is overpriced. You are all very out of touch. If this place goes for anything less than $650k I hereby give you permission to scoff at and humiliate me.” That was from Jordan. S/he gives you permission to scoff.

The earliest available reported sale of this property was in 2003 when it was listed for $299,000. and sold for a net of $275,900. In 2007 it was listed for $587,550. and sold at that price. Unfortunately, it was later foreclosed upon. The recent sellers purchased the home for a net of $573,728. in 2010.

Here are settled sales of Victorian style homes, with basements, in renovated condition, in that area, sold within the past year. There are sales into the $700,000’s, but they are for larger units and a few blocks to the west.

  • Ha…I do believe I was the one who made the comment to Househunter of ““Let us know your realtors name when this doesn’t go for 725-750. Then we will know who not to hire.”

    Seriously, I am curious who it is because being so fundamentally wrong about your bread and butter is pretty funny.

    • Anonymous

      Well, that agent probably new it was wrong and said it anyway.

      Buyer’s agents also get a % of settled sales price so they like a good bidding war just as much as the seller’s agent.

      I’m very thankful that my first rodeo was not for a $600K property in DC. The intensity of the pressure here from agents, other buyers, neighborhood naysayers and apologists is crazy and accounts for the wide discrepancies that hipchick cited.

      It looks like the agents, buyers and sellers ultimately involved did a good job. It sold for what they asked. Will definitely appraise. Nothing wrong with that.

    • Absolutely hilarious. Well done.

      • um

        Not really.

  • SF

    Somebody got a good deal.

    • Caroline

      I agree. I still stand by my original comment and think the sellers could have gotten more for this.

      • Anonymous

        I just don’t think so. I like this block and everything, but it is a little far east. Surely one day it will command those prices, but I see this price as about right at the current moment.

  • Anonymous

    The sellers definitely could have made out better. Looks like they were desperate to sell quickly.

  • whoa

    Half of the comps were only on the market for less than a week. That indicates they were exceptionally good deals and someone who was really on top of things made an offer (that was accepted) before anyone else could. Looks like the same thing happened here. It definitely is a competitive market!

  • I’m shocked – SHOCKED – to find out that the PoP commentariat would overvalue a property! The next thing you’re going to tell me is that I can’t cut through the parking garage at DCUSA.

  • anon

    i wish there were a voting button – overpriced/underpriced. each commentator would have to vote. this would add alot to the GDON review

  • Jordan

    Ok, ok, may the scoffing of me begin. I was wrong. But it seems I am not alone on here in my thinking that this place could have, and should have gone for more. Any seller who held out for more than a day or so could have let bidding wars continue and made more.

    That being said, I will humbly begin to remove foot from mouth.


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