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GDoN Revisited by Hipchickindc – 2219 2nd Street, NW

by Prince Of Petworth March 8, 2013 at 11:00 am 9 Comments

2219-2nd-Street-Northwest

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: 2219 2nd St NW
Legal Subdivision: Ledroit Park
Advertised Subdivision per Listing: Bloomingdale
Original List Price: $539,000
List Price at Contract: $539,000
List Date: 1/25/13
Days on Market: 5
Settled Sales Price: $590,000
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 first buyer that I represented in the Bloomingdale neighborhood paid below $200,000. for her Victorian rowhome. I’ve personally lived with the transformation of this neighborhood over the past 12+ years, and it doesn’t seem all that long ago that it was not a trendy place to live.

That said, over that period of time (this is for the people who cite their past experiences with the neighborhood…many neighborhoods…as representative of current experience), it’s a very different place than it was even just a couple of years ago. For those who may not recall the DC real estate market in the early 2000s, there used to be lots of abandoned houses and houses that were in need of significant repairs. Over the past decade, the number of abandoned houses in downtown neighborhoods has significantly decreased, and downtown neighborhoods are once again thriving with local businesses.

Continues after the jump.

I’ve been providing real estate listings to the Bloomingdale listserv weekly for about 10-11 years. For perspective, when I first started sending the listings in, I used to have to fax them to the incredibly persistent listserv editor, and he would type the information for each and every listing. Back then, there were often more than a hundred active listings. Now, when I e-mail the active listings for the listserv, there are typically fewer than twenty (and that is including all of LeDroit Park and the NE side of Eckington, which flank Bloomingdale).

Besides the decrease in abandoned properties and blight, the other significant change to the real estate market in this neighborhood is the inclusion of condominium units. Prior to 2003, there was one multi-unit building in Bloomingdale that was condo ownership. Within the past decade, the number of condo units has increased significantly to include converted rowhomes and former rental apartment buildings, as well as new construction. Even with the increase in livable housing stock, supply cannot possibly keep up with current demand, which is driving prices.

Dina Paxenos with Evers and Company Real Estate represented the seller. Jordan Stuart with DCRE represented the buyer.

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