GDoN Revisited by Hipchickindc – 1425 T Street, NW #501

by Prince Of Petworth February 21, 2014 at 11:00 am 1 Comment


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: 1425 T St NW. #501
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 2 Baths: 1 Parking: Street Ownership: Coop, Sale with max income restriction
Total Living Area per listing: 817
Original List Price: $110,375.
List Price at Contract: $110,375.
List Date: 12/14/2013
Days on Market: 13
Settled Sales Price: $110,375.
Seller Subsidy: $0.
Settlement Date: 2/11/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here. To see pics, click on the camera icon after opening the link.

This transaction is for a unit in a cooperatively owned building with an affordable housing covenant. The listing notes an income restriction of $67,000. for one person, which represents 80% of Area Median Income (AMI). In addition to income restrictions, covenants for designated affordable units may include limitations upon the equity an owner may receive upon re-sale, as well as owner occupancy requirements.

A similar sale was profiled in Good Deal or Not Revisited (GDoN-R) in June 2013. Click here to see that post, which explains some of the workings of a co-op sale.

In the comments for the original Good Deal or Not (GDoN) post for the subject property, somebody asked how income is measured. I am not certain of the specifics for this particular property, but for Affordable Dwelling (AD) and Inclusionary Zoning (IZ) units in the District, it is based upon gross income. Note that despite the income limits, buyers must still be able to qualify for the appropriate financing, which means that credit must be in good standing and they must have funds available for down payment and closing costs.

Al Rice with Stages Premier Realty was the disclosed dual agent for both the seller and buyer.


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