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GDoN Revisited by Hipchickindc – 1205 Morse St, NE

by Prince Of Petworth June 1, 2012 at 11:00 am 10 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: 1205 Morse St NE #3
Legal Subdivision: Trinidad
Advertised Subdivision per Listing: H Street Corridor
Original List Price: $475,000.
List Price at Contract: $450,000.
List Date: 01/17/2012
Days on Market: 93
Settled Sales Price: $475,000.
Settlement Date: 05/18/2012
Seller Subsidy: $1,000.
Bank Owned?: No Short Sale? No
Type Of Financing: VA
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.

This might be one of the better deals on the investor side that has ever been profiled as a Good Deal or Not Revisited (GDoN-R), since the developer paid $200,000. cash for the entire building in 2010. In addition to the subject property, there are three additional condo units in this building, all currently under contract, listed from $400,000 to $525,000. Having personally brokered numerous properties in the Trinidad neighborhood over the years (ranging from $65,000. in the early 2000s to $500,000. at the peak of the market for a four unit building), I have to say that I’m rather impressed at the sale of a condo unit at this price. As one of the commenters noted on the original GDoN post, “the times, they are-a-changing, my friend…”

Located on the west side of the neighborhood, and substantially larger than other condo units recently marketed in Trinidad, these are much more expensive than a typical condo unit in this location. Now that these are selling, however, I would not be surprised to see similar developments in the future.

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