GDoN Revisited by Hipchickindc – 2125 14th St NW #706

Prince Of Petworth May 11, 2012 at 11:00am

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: 2125 14th St NW #706
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: U Street
Original List Price: $460,000.
List Price at Contract: $449,000.
List Date: 01/13/2012
Days on Market: 50
Settled Sales Price: $435,000.
Settled Price per Square Foot: $543.00 (based on 801 sq feet per tax record)
Settlement Date: 04/06/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link and scroll through the arrows on the main photo.

In addition to this unit, one of the Warehouse units (now under contract) was also recently the subject of a Good Deal or Not post. For whatever reason, both posts drew a whole lot of comments. Given that mortgage interest rates are literally lower than they have ever been and active inventory is flying off the shelves, it’s not surprising that there has been a tremendous amount of sales activity in this condominium.

This condo unit is located in the rather large community of Union Row, which was developed by builder P.N. Hoffman in 2007. The current subject is located in the new construction high rise elevator building, referred to as “The Flats”. This building also includes ground floor retail spaces. Additionally, there are units and a courtyard directly behind the new construction high rise that are in a former warehouse. Given the limited number of warehouse and manufacturing properties in the District, the warehouse condos are some of the few actual loft spaces in the area. The units in the new construction building carry this theme of being a “loft style” with exposed duct work, high ceilings, and lots of concrete.

Large properties like this were all the rage during the development boom of the mid-2000s. Realtors sometimes refer to them as “high amenity” buildings as they include such features as a staffed front desk, elevators, and a fitness room. The most expensive unit sold to date appears to be a 2046 square foot Warehouse unit, which settled at $1,050,000. The smallest units in The Flats are around 500 square feet.

As with all recent large development projects in the District, Union Row was subject to inclusionary zoning, which means that a percentage of the units were sold subject to income restrictions. Subsequently, a hand full of units show in the tax record as having transferred below $200,000.