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GDoN Revisited by Hipchickindc – 1457 Park Road, NW #205

by Prince Of Petworth April 4, 2014 at 11:00 am 6 Comments

1457-Park-Road-Northwest-e1389969597458

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: 1457 Park Rd NW #205
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Bedrooms: 0 Baths: 1 Parking: Street Ownership: Condo Monthly fee: $143.80.
Square Footage per listing: 278
Original List Price: $99,000
List Price at Contract: $99,000.
List Date: 1/15/2014
Days on Market: 26
Settled Sales Price: $99,000.
Seller Subsidy: $0.
Settlement Date: 3/28/2014
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The original listing can be seen here: here.

In a quadrant where a parking space can sell for $65,000, any living space that is available for $99,000. should seem like a good deal. In the past year, there have been a total of five other condo units that have settled under $100,000. in NW DC. (One of those units had the language, “NOTE: MOLD IS PRESENT IN THE UNIT. PURCHASE & ENTER AT YOUR OWN RISK. Will need new drywall on the outside walls and the root cause of the problem will need to be fixed.” in the listing.)

The listing for the subject property explains that there is a high investor ratio. This is significant in relation to lending guidelines such that it may be impossible or very difficult to secure financing under this condition. The listing agent also clarifies that the unit is available to owner occupants only. Many condos have proactively amended by laws to restrict the number of units that can be rented at any one time, specifically because the inability to obtain financing ultimately affects the potential market value of units in the building.

The listing agent was Hans Wydler of Long and Foster. Christine McGuinness of Weichert Realtors represented the buyer.

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