GDoN Revisited by Hipchickindc – 1956 2nd St, NW

Prince Of Petworth July 27, 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: 1956 2nd St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: LeDroit Park
Original List Price: $899,500. (2010 listing) & $875,000. (2012 listing)
List Price at Contract: $799,999.
List Date: 06/08/2010 & again 01/19/12
Days on Market: 86 (In 2010, before being withdrawn) & 84 (until under contract in 2012)
Settled Sales Price: $772,000.
Seller Subsidy: $1,850.
List to Net Sales Price Ratio: 88.02% (MRIS calculates based on the original list price of the final listing)
Settlement Date: 05/21/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here for the 2010 version and here for the 2012 version.
The listings from both 2010 and 2012 can be seen: here . The photos can be seen by clicking on the listing links, then scrolling through the pictures starting with the main photo.

Despite the Good Deal or Not-Revisited Palooza, where I attempted to catch up on all the May GDoN closings, there were so many Spring closings, it doesn’t surprise me that I probably missed a few. Many thanks to the reader who e-mailed and requested the profile of this May closing, as I think it shows a very nice contrast between the 2010 DC real estate market, and the 2012 conditions, not to mention the recent significant increase in property values in the LeDroit Park and Bloomingdale neighborhoods. (Note that I am happy to take requests for GDoN-R. Keep in mind that there are as many as five GDoN properties per week and I only Revisit one per week, so if there is a property you would like to see followed up, please ask).

So, yah, at $899,500., it was way out there, but I’m going to guess that based on even the 2012 comments, that the final net price of $770,150. will surely surprise some folks.

To give a little history, the house looked like this when it was a shell. (These are the February 2000 listing and the June 2000 listing). Although from the photos it looks like it was sold in February for $102,000. as a shell, and then re-sold as a shell in June for $275,000., it was actually sold fully renovated. That’s just the way rehabs were listed old school circa 2000. The renovation was done by members of the Koutromanos family, a multi-generational business responsible for numerous updates throughout the city and particularly in this area at that time.

Continues after the jump.

Just to clarify the difference in the market in this location between 2012 and 2010, here are some numbers:

For the first half of 2010, there were a total 36 fee simple sales in Bloomingdale and LeDroit Park. The highest sale during that time was at $715,000. for a four level row home. The next highest sale in the area during that time was at $680,000.

During the same time period in 2012 (from 01/01-06/01), there were 44 fee simple sales in the Bloomingdale and LeDroit Park neighborhoods. The highest sale was at $970,000. for a detached renovated single family house. The next highest sale was an interior three level rowhome at $800,000., listed by yours truly, and profiled here as a GDoN-R. From January to June, there were four sales over $700,000., including the subject property. From June to present, less than two months, there have already been three settled sales over $700,000. Based on the current pending sales information, there will be plenty more for the rest of the year in and above that range.

The listing agents for the subject property were Bill Hounshell and Michael Fowler with TTR Sothebys. The agent that represented the buyer was Julia Tillman with Long and Foster Real Estate.