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GDoN Revisited by Hipchickindc – 819 Q St, NW

by Prince Of Petworth August 17, 2012 at 11:00 am 5 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: 819 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan Shaw
Original List Price: $639,900.
List Price at Contract: $639,900.
List Date: 06/08/2012
Days on Market: 18
Settled Sales Price: $639,900.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 100%
Settlement Date: 08/02/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration
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.

During the real estate boom years in DC, between around 2000 and late 2005, investors and developers worked over most neighborhoods close in to the center of the center. For various reasons, certain pockets remained largely untouched during that time. Despite being located solidly between Logan Circle to the west and the LeDroit Park and Bloomingdale neighborhoods to the east, both which saw extensive activity during that time period, parts of Shaw saw numerous vacant properties stuck in limbo.

The subject property had been part of a parcel of four attached buildings located at the intersection of Rhode Island Avenue NW, 9th Street NW, and Q Street NW, with a mixture of commercial and residential zoning. The former owner attempted to market the property for sale over the years, with and without help from real estate professionals. A listing from 2004 shows a list price of $1,300,000. It appears that the properties finally changed hands in 2010. It is unclear from the tax record if this sale only refers to the two buildings facing Q Street NW (at 819 and 821), but the recorded sale price was $750,000.

Around that time the city was aggressively targeting blighted properties with a humongous 10% tax rate (compared to the regular .85 per $100. of assessed value for owner occupied residential property). In this case, the property owner would have received an annual tax bill of around $30,000., which may have been a good incentive to sell.

Now that we are seeing another wave of prolific development in DC, developers are back combing areas like this. Recent changes in the neighborhood include the demolition of the Kelsey Gardens apartments, and the progression of the construction of the City Market at O.

The listing agent for 819 Q St NW was Paul Sliwka with Central Properties. Christopher Bulka from Coldwell Banker Residential Brokerage represented the purchaser.

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