40°Overcast

GDoN Revisited by Hipchickindc – 1 Scott Circle NW #413

by Prince Of Petworth August 15, 2014 at 10:45 am 6 Comments

1-Scott-Circle-Northwest-e1405000316590

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: 1 Scott Circle NW #413
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 1 Baths: 1 Parking: Street Ownership: Condo
Square footage per listing: 532 sq ft Condo fee: $462/mo
Original List Price: $250,000.
List Price at Contract: $250,000.
List Date: 7/9/2014
Days on Market: 5
Settled Sales Price: $275,000.
Settled price per square foot: $516/sq ft
Seller Subsidy: $0.
Settlement Date: 8/7/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here.

The General Scott is a fabulous example of DC’s Art Deco architecture. This nine story 50 unit condominium building features a 24/7 staffed front desk, an elevator, a roof deck with great city views, all in a great location close to downtown, DuPont, and 14th Street. The big downside? Cats only. Sorry, no dogs.

There was discussion in the comments to the original Good Deal or Not (GDoN) about the junior one bedroom/studio debate (referred to as a “solarium” by one commenter). This is interesting to consider, as there is a move in current development trends in the city to design and build “microunits”. These are intended to serve the influx of newcomers beginning new professions, which is probably how buildings like The General Scott were conceived of in their day.

The condo association for this building has reportedly capped the percentage of allowable investor-owned units at 40%. This can help keep a committed owner occupant majority. It is also likely to keep the building in good standing with the lenders for future buyers. Currently, it’s not all that difficult to find a decent loan product for an unwarrantable condo building, but if the market shifts a tad, the lender restrictions may tighten in response.

The listing agent was Shari Gronvall of Coldwell Banker Residential Brokerage. Leslie Shafer of A-K Real Estate, Inc. represented the buyer in this transaction.

×

Subscribe to our mailing list