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GDoN Revisited by Hipchickindc – 2812 26th St, NE

by Prince Of Petworth November 30, 2012 at 11:00 am 14 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: 2812 26th St NE
Legal Subdivision: Woodridge
Advertised Subdivision per Listing: Woodridge
Original List Price: $319,900.
List Price at Contract: $319,900.
List Date: 09/27/2012
Days on Market: 9
Settled Sales Price: $329,900.
Seller Subsidy: $11,000.
List to Net Sales Price Ratio: 99.69%
Settlement Date: 11/21/2012
Bank Owned?: YES Short Sale? No
Type Of Financing: FHA
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.

This is the first foreclosure property that has been featured on Good Deal or Not Revisited (GDoN-R) for some time. There are certainly fewer foreclosures available because when the prices and market activity picked up, it became possible for some sellers to sell properties before they became a financial burden. The other reason we have not seen many foreclosure sales is because of a city ordinance that passed in November 2010 that quite effectively brought foreclosures to a halt in DC.

In prior GDoN-R posts, commenters have noted that it has become a challenge to even buy properties in affordable price ranges (and, yes, sorry, but in DC, this is considered an “affordable” price range) because they are competing with cash investors. This property was owned by Fannie Mae, which has a policy of considering offers only from owner occupants within an initial offering period. We know that that the financing used by the buyer is FHA, so this property did go to an owner occupant.

Every once in a while I have clients who really prefer to purchase a detached single family house in a city largely populated with rowhomes. There actually are several neighborhoods where you can still buy a detached house in the District of Columbia for under $350,000. Here’s a list of the detached houses that are currently active and priced under $350,000 I’ve ordered them in reverse alphabetically, so Woodridge (the neighborhood of the subject property) appears up at the top.

The listing agent for 2812 26th St NE was Sonya Abney with Cosmopolitan Properties Real Estate Brokerage. Noel Sesay with W.C. & A.N. Miller, Realtors, A Long and Foster Company, represented the buyer.

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