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 popville.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: 1923 Bennett Place NE
Legal Subdivision: Trinidad
Advertised Subdivision per Listing: Trinidad
Bedrooms: 2 Baths: 2.5
Original List Price: $299,000
List Price at Contract: $299,000
List Date: 2/14/13
Days on Market: 4
Settled Sales Price: $375,000
Seller Subsidy: $0
Settlement Date: 3/1/13
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the camera icon after opening the link.
The listing agent, Tom Lewis, was kind enough to chime in on the original Good Deal or Not (GDoN) comments. I am hoping he comes back to tell us how many offers they ended up with. Given the list to sale price ratio, which is a whopping 25% increase, let’s assume there was some competition.
In previous GDoN-Revisited posts, we’ve looked at sales in Trinidad west of Bladensburg Road. This property is located east of Bladensburg Road and north of Benning Road, in a triangular parcel that is geographically somewhat sectioned off from the rest of the neighborhood. Similar to most neighborhoods in DC, prices rose in this area from the early to mid 2000’s. In 2005, this home sold for net $355,000. In 2011, it sold as a foreclosure at net $208,081. Currently, there are no actively listed houses in this immediate area. There are four under contract, though, ranging from list prices of $174,917 to $452,000.
Although the tight inventory and high demand are driving prices up throughout the city, current prices actually seem to be on track for where they would have been if there had been steady incremental appreciation. Personally, I expect to see the current momentum continue for a while, but not indefinitely. I had my first Sequestration-related listing appointment with someone who expects to have less income in the near future and is thinking about retiring early, and then a conversation later the same day with someone else who is bracing for a decrease in income.
Thomas Lewis with Redfin Corporation represented the seller. Ashton Vessali with Weichert, Realtors represented the buyer.