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GDoN Revisited by Hipchickindc – 1311 10th Street, NW

by Prince Of Petworth September 7, 2012 at 11:00 am 11 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: 1311 10th St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $579,000.
List Price at Contract: $579,000.
List Date: 07/12/2012
Days on Market: 6
Settled Sales Price: $621,500.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 107.34%
Settlement Date: 08/17/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The pics can be seen by clicking on the camera icon after opening the link .

Comments on the original Good Deal or Not (GDoN) post were largely in the negative for this property located in (as described by the listing agent) “Logan Circle/Shaw Art District”. Sure, it’s a small house, but there’s a lot of cool stuff going on around there, not the least of which is the City Market at O. As for the “Shaw Art District”, it looks like the DC Arts District banners went up in 2010, but alas, the referenced website does not currently appear active. Still, one of my favorite galleries in the city, Long View Gallery is a block or so away from the subject property.

Continues after the jump.

GDoN commenters said things like: “ It’s a bit overpriced given the location”, “ I think the price is a bit high for a house with not many frills”, and “Someone will be able to save this cute house, maybe not at that price though”. To be fair, a few people who made comments actually did see some value in it. It looks like several people liked the house enough for it to apparently draw multiple offers that ultimately drew a final price $42,500. above asking.

For those who like to see Before pics, check out the HUD foreclosure listing from 2000. At that time, as a shell, the property was listed for $36,800. and sold following the HUD online auction process for $49,101. Taxes at that time (yes, for the entire year) were $737. Current taxes (based on an assessment of $532,540) are $4,527. In merely twelve years, the market value of the property, following quite a bit of renovation, increased 12 times over. The recent owner purchased the property in 2009 for $510,000.

Lisa posted this in the original GDoN post to describe the area in the 1990’s:
“Just to reminisce. This house was such a disaster in 1990′s. The back corner wall was falling down and neighborhood artist Michael Carr (RIP) rebuilt it on his own hoping to buy it. I think it was somewhere like $500,000 less than it is now and even then we thought he was crazy. He lived in the alley behind this house and used to throw water on the prostitutes from his balcony. He did projects like try to get DC to secede from the USA, and drew body outlines for every murder in DC one year. I was an outline but couldn’t bear to lay in the alley so I ‘died’ against a wall.” Thanks, Lisa!

The listing agent for 1311 10th St NW was Thomas Lewis with Redfin Corporation. Marty Hosking Jr. with Prudential PenFed Realty represented the purchaser.

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