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GDoN Revisited by Hipchickindc – 4008 21st Street, NE

by Prince Of Petworth October 4, 2013 at 11:00 am 0


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: 4008 21st St NE
Legal Subdivision: Michigan Park
Advertised Subdivision per Listing: Michigan Park
Bedrooms: 4 Baths: 3.5 Parking: Driveway/Off-Street
Living Area Square Footage Per Tax Record: 1376 (probably does not include basement)
Originally listed in May 2013 for: $599,000.
List Price at Contract: $529,000.
Days on Market: 106
Settled Sales Price: $529,000.
Seller Subsidy: $12,500
Settlement Date: 9/30/2013
Bank Owned? No Short Sale? No

Original GDoN post is: here.

The listing can be seen: here. To see pics, open the link above and click on the camera icon to scroll through pics.

As the Monroe Street Market development in Brookland ramps up, and investors are buying and renovating large detached homes in Brookland and Woodridge, prices are pushing up as you head East. In this case, the property listed back in May at $599,000., which would have been unthinkable in this neighborhood a year or two ago. Although it required a few price adjustments and remained on the market for almost four months, the property ultimately settled for over half a million dollars.

Prices for single family detached homes in the zip code 20018 hit a median price high in July 2013 at $575,000., followed by $526,000. in August. This is pretty stunning, considering that the previous highest median price points for detached homes in 20018 over the past five years were in the low to mid $400,000’s. What we’ve seen in other neighborhoods is that investors buying and renovating plus milestone price points usually equals a shift in that market to more consistent higher price points.

Commenters on the original Good Deal or Not (GDoN) post mentioned that the area is not particularly convenient for public transportation. It’s not unusual to see buyers opting for the convenience of more space for the price, especially when they’re toting kids around in the car anyway. I know it seems like it’s really, really far from downtown if you haven’t spent time in this part of the city, but it’s only 5.1 miles to the National Gallery. The Brookand CUA Red Line Metro is about a mile and a half…pretty reasonable biking distance over a nice tree lined neighborhood-y route.

The listing agent was Christa Hodge of Keller Williams Realty. The purchaser was represented by Vince Hurteau of Continental Properties, Ltd.


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