GDoN Revisited by Hipchickindc – 350 9th St SE #15

by Prince Of Petworth August 10, 2012 at 11:00 am 3 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: 350 9th St SE #15

Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $439,999.
List Price at Contract: $424,000.
List Date: 04/19/2012
Days on Market: 60
Settled Sales Price: $410,000.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 93.18% (MRIS calculates based on the original list price of the final listing)
Price per Square Foot: $601.
Settlement Date: 07/20/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The photos can be seen by clicking on the listing link, then scrolling through the pictures starting with the main photo.

“Built in 1891, Grace Church was reincarnated in the 1950s as Faith Baptist Church. As that flock dwindled, the building fell into severe disrepair. Herrema Associates, a Capitol Hill-based development group, converted the shell and bare bones of the church into 24 units ranging from 570 to 1,375 square feet, with one to three bedrooms, many with loft space.” From a 2009 article in the Washington Post about the subject property, which was converted to condos in 1988.

What is it worth to live in an amazing example of historic architecture? What is it worth to live steps from Metro, Eastern Market, and the abundant restaurant choices of Barracks Row? In this case, it was worth $601 per square foot.

Looking at comparable sales of similarly sized condo units within one third of a mile sold since the beginning of 2012, other re-sale units averaged $504 per square foot. Units at the new construction condo conversion at 626 Independence Ave SE, known as “The Evelyn”, settled at an average of $627 per square foot.

For perspective, here are some links to condo sales in other parts of the city that were profiled for Good Deal or Not Revisited posts. A 7th floor unit in the highrise section of Union Row, new in 2007, located in the U Street neighborhood went for $543 per square foot. Up the hill from Union Row, we looked at a late 1990’s conversion in a classic Columbia Heights rowhome that sold at $436 per square foot. This mid-1990’s unit in a former mansion in Dupont Circle conveyed at $486 per square foot, while this classic World War II era garden style condo in Cleveland Park captured $455 per square foot.

The listing agent for this property was Stacey Barton with Long and Foster Real Estate, Inc. Tom Kelly from Re/Max Allegiance represented the purchaser.


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