GDoN Revisited by Hipchickindc – 1409 G St NE #1

by Prince Of Petworth January 23, 2015 at 11:40 am 0


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: 1409 G St NE #1
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Old City #1
Condo Name: Almansaya
Bedrooms: 1 Baths: 1 Parking: Street Ownership: Condo
Original List Price: $279,900.
List Price at Contract: $279,900.
Monthly Condo Fee: $108.
Square Footage per Listing: 680
List Date: Originally listed in December 2013
Days on Market: Unclear due to period of time withdrawn for completion of construction items
Settled Sales Price: $280,000.
Seller Subsidy: $0.
Price per Square Foot: $412.
Settlement Date: 1/1/2015
Bank Owned?: No Short Sale? No Estate: No

Original GDoN post is: here.

The original listing can be seen here: here.

Originally marketed in 2010 and 2011, units began actually going to settlement in this building in July 2014. It is unclear how many total units are in this building as the tax records have not yet been updated, however, there are unit numbers listed up to number 26. So far, a total of six units have settled, which (because of lending requirements for new conversions or construction) suggests that at least half of the units are under contract or previously sold. There is currently one unit reported under contract in the multiple listing service and two actively listed.

Of the six settled units, one shows VA financing, one was purchased with cash, and another reports an assumption. In order to utilize Veterans Administration (VA) financing, the building must have gone through a VA approval process. Given that a small percentage of condos in DC actually are VA approved, this building might present opportunities for other VA purchasers who can sometimes have difficulty finding property in this price range in the city. VA loans allow qualified military and past military purchasers to buy in with no down payment.

There is no additional information regarding the assumption. VA loans can be assumable, as can some other specific loan products. With interest rates so extremely low right now (at sub 4%, we’re at a twenty month low), it is very unusual to see assumptions of existing loans. As mortgage interest rates rise, however, it may be attractive to buyers in the future to be able to assume mortgages at the crazy less than 4% rates that we are seeing in 2015.

The listing agent was Jesse Kaye with Long and Foster Real Estate, Inc. J.J. Canchica with Long and Foster Real Estate, Inc. represented the buyer in this transaction.


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