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GDoN Revisited by Hipchickindc – 1404 Otis Street, NE

by Prince Of Petworth May 30, 2014 at 10:55 am 5 Comments

1404-Otis-Street-Northeast-e1388761292926

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: 1404 Otis St NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Bedrooms: 5 Baths: 3.5 Basement: Fully Finished Parking: Garage/Detached Ownership: Fee Simple
Original List Price: $599,999.
List Price at Contract: $579,900.
List Date: 12/28/2013
Days on Market: 206
Settled Sales Price: $575,000.
Seller Subsidy: $9000.
Settlement Date: 5/21/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here.

Located not far from quaint downtown Brookland and across the street from Federally protected greenspace, this home was originally listed in September for $659,900., For whatever reason, it took several price reductions to get it in the right range to attract a purchaser.

The Brookland neighborhood in Northeast DC has benefited from development at and around Monroe Market. It tends to attract buyers seeking larger yards and more living space than the same amount of money can buy in more urban neighborhoods. Developers have been renovating throughout the neighborhood to serve this market.

Median prices for detached homes in Brookland have peaked a couple of times above $800,000. (in summer 2011 and again in summer 2013). Currently, there are five active listings for detached homes in the neighborhood, spanning in price from under $500,000. to over $900,000. There were 20 settled sales of detached homes in Brookland since the beginning of 2014 with prices starting at $195,000 (not typical) to $830,000. Most of the recent sales fall between $500,000-$600,000. As with other parts of the city, the variation in pricing is due to location, size, condition, amenities, etc.

The listing agent was Jacques Edelin of Urban Land Company. The buyer was represented by William Hines of Keller Williams Capital Properties, which is the same brokerage company that the writer is affiliated with.

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