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GDoN Revisited by Hipchickindc – 648 Morton Street, NW

by Prince Of Petworth October 26, 2012 at 11:30 am 25 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: 648 Morton St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $599,000.
List Price at Contract: $599,000.
List Date: 08/06/2012
Days on Market: 10
Settled Sales Price: $586,000.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 97.83%
Settlement Date: 09/19/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.

This post is a continuation of a theme that I’m seeing over and over as I profile settled sales in the District of Columbia for Good Deal or Not Revisted (GDoN-R) posts. Generally, the theme goes something like this: what happens when you have historically ridiculously low mortgage interest rates + good jobs and income + an influx of new residents every month who are coming for the good jobs and because they hate their suburban commutes + all the houses are getting snapped up pretty darn quick and in many cases with competing offers + developers are making money again buying houses (relatively) cheap, fixing them up, and selling them wherever they can find them. Add to that revitalized areas with good restaurants, yoga studios, accessible public transportation, a burgeoning local theater and arts scene… I could go on.

For those who have not been playing along, the last several GDoN-R posts have featured homes in locations that several commenters to the original Good Deal or Not post pooh poohed as being unworthy of the listed price of the property. In each case, the properties sold not only quickly, but within a close range of the listed price. In last week’s post I described how some areas of the District of Columbia are experiencing a rapid revival due to an availability of raw product (un-renovated houses) for builders, and buyer demand for the finished renovated houses (similar to the present subject property).

After last week’s GDoN-R post I did some poking around the new September numbers that were recently released. It was interesting to see that many of the neighborhoods with startlingly high year over year gains in median price were neighborhoods that may have been considered (and might still be considered by many) to be off the beaten track.

The zip code 20010, which includes the subject property (as well as Columbia Heights further west and Mount Pleasant) shows a 17.23% increase in median price when comparing September of 2012 with September 2011. The average number of days on market in 20010 decreased year over year by 55.88%, reflecting how rapid the market pace is right now.

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