Hipchickindc is a licensed real estate broker. She is the President of 10 Square Real Estate. 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: 1387 Sheridan St NW
Legal Subdivision: Brightwood
Advertised Subdivision per Listing: Brightwood
Bedrooms: 3 Baths: 2.5 Parking: Garage Ownership: Fee simple
Original List Price: $599,900.
List Price at Contract: $599,900.
List Date: 04/14/2015
Days on Market: 7
Settled Sales Price: $610,000.
Seller Subsidy: $0.
Settlement Date: 05/14/2015
Transaction type: Standard
Original GDoN post is: here.
The original listing can be seen here: here.
Brightwood is the neighborhood north of Petworth, above Missouri Ave NW. Although most of Brightwood is concentrated east of Georgia Ave NW, this particular property is located a few blocks north of where Missouri transitions into Military Rd NW, and is less than two blocks from Rock Creek Park. To the east, nearby retail includes the Piney Branch Safeway, and the Georgia Ave Walmart. Brightwood is actually pretty huge, with the eastern-most part of the neighborhood often referred to as Takoma DC.
The property was sold in December 2014 for $340,000. (list price was $350,000.) The 2014 listing suggests that this was a short sale. What that means is the seller at that time owed more on it than the current market value. Short sales can potentially be a way to get a decent deal, however, they require much patience and tolerance for ambiguity. The listing agent’s only comment in the description is “3RD PARTY APPROVAL STILL PENDING. NO MORE BACKUP OFFERS.” That pretty much sums up a short sale…lots of waiting for approval from the bank or banks who hold the mortgages.
Brightwood still feels like a bit of a well kept secret. In contrast to many of the neighborhoods that are covered in Good Deal or Not Revisited (GDoN-R), inventory is fairly abundant, with 19 currently active listings for fee simple houses , ranging in price from $399,000. to $995,000. In the past six months, settled sales of fee simple houses have ranged from $361,000. to $1,100,000.
The listing agent for this sale was Dina Paxenos with Evers and Company Real Estate, Inc. Pamela Wye with TTR Sotheby’s International Realty represented the buyer in this transaction.