GDoN Revisited by Hipchickindc – 3209 McKinley Street, NW

by Prince Of Petworth May 16, 2014 at 10:45 am 1 Comment

DC8300136 - Exterior (Front)

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: 3209 McKinley St NW
Legal Subdivision: Chevy Chase
Advertised Subdivision per Listing: Chevy Chase
Bedrooms: 4 Baths: 2.5 Basement: Partially Finished Parking: Garage/Detached Ownership: Fee Simple
Original List Price: $785,000.
List Price at Contract: $785,000.
List Date: 3/25/2014
Days on Market: 7
Settled Sales Price: $875,000.
Seller Subsidy: $0.
Settlement Date: 5/1/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here.

Commenters to the original Good Deal or Not (GDoN) post correctly predicted that this home, in a prime northwest DC location, would get bid up from list price. One commenter posed the question, “do things ever get bid up more than a 100k?” In this case, the spread was $90,000. above list, and yes, sometimes houses in DC get bid up more than $100,000. over asking price.

According to Real Estate Business Intelligence, which is the statistics arm of our local multiple listing system (MRIS), for all of DC in April 2014 the average ratio of original list to final sale price was 99.64%. In the Chevy Chase neighborhood of Washington, DC, where the subject property is located, the average original list to sale price ratio in April 2014 was almost 2% over list (101.76%). What this means is that it is not unusual for properties in this neighborhood to sell above list price, however, this amount over list is not typical.

The lowest sale price for a detached home in Chevy Chase DC since the beginning of 2014 was for this Nebraska Avenue home at $788,000. Additionally, there were two other sales of detached homes in this neighborhood that sold (since the beginning of the year) below the price of the subject property.

The average settled price for a detached home in this neighborhood in 2014 is $1,218,513. So far in 2014, there have been seven attached (townhome) home sales in this area, ranging in settled price from $695,000. to $1,040,000.

Median days on market for detached homes in Chevy Chase DC is one week.

The listing agent was Kimberly Cestari and the agent representing the buyer was Lois Robins, both of Long and Foster.


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