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GDoN Revisited by Hipchickindc – 1413 Swann Street, NW

by Prince Of Petworth September 28, 2012 at 11:00 am 23 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: 1413 Swann St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan
Original List Price: $735,000.
List Price at Contract: $735,000.
List Date: 09/05/2012
Days on Market: 7
Settled Sales Price: $895,000.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 121.77%
Settlement Date: 09/25/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here.

So by now you may have already heard that this property sold for $160,000. above the asking price. It was reported that there were a total of eight offers and that the winning contract to purchase was a cash deal with no contingencies. The purchaser was also able to get to the settlement table less than two weeks after ratifying the contract.

Comments to the original Good Deal or Not (GDoN) post were decidedly mixed, which is not surprising. The same uniqueness that appealed to some, made others question the price in relation to more typical properties in the area. Unique properties are notoriously difficult to price, appraise, and often are difficult to finance.

In this case, the recent sellers started with an alley property that literally had been a garage, although it was described in the 2006 listing as a “modest but efficient apartment”. You can see what it looked like in the old listing (click on the listing link after opening to see the image). At that time, the property was offered for sale at $649,000. and settled for $495,000. I have no idea of the specifics for this particular property, but I’ve had clients with considerable development experience approach properties that were not originally zoned for residential use with much caution. In this case, there was apparently some precedent for residential use of the space.

Carriage houses as residences can offer possibilities of interesting loft-like space that is not otherwise seen in DC, since DC lacks much in the way of true industrial-turned-residential properties. In August 2011, I profiled the sale of 1225 10th St NW. One of my favorite carriage houses ever is this one on Bloomingdale Court.

The listing agents for 1413 Swann St NW were Martin Toews and Jeff Brier with Colwell Banker Residential Brokerage. The buyer was represented by Nathan Guggenheim, an agent with Washington Fine Properties, LLC.

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