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GDoN Revisited by Hipchickindc – 3024 Cambridge Place, NW

by Prince Of Petworth July 24, 2015 at 10:45 am 9 Comments

3024-Cambridge-Place-Northwest-inside-e1429713211359

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: 3024 Cambridge Pl NW
Legal Subdivision: Georgetown
Advertised Subdivision per Listing: Georgetown
Bedrooms: 4 Baths: 3 Basement: Yes, Fully Finishes Parking: Street Ownership: Fee simple
Original List Price: $2,095,000.
List Price at Contract: $2,095,000.
List Date: 04/17/2015
Days on Market: 11
Settled Sales Price: $2,050,000.
Seller Subsidy: $25,000.
Settlement Date: 07/10/2015
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

In reviewing past sales of properties for Good Deal or Not Revisited (GDON-R) posts, most of our subjects have seen significant appreciation in value through the years, reflecting the changes to DC neighborhoods. The renovation boom that began in DC in the late 1990’s/early 2000’s attracted amenities, such as new supermarkets and restaurants that spurred continued development and economic growth activity in formerly distressed neighborhoods.

What about a neighborhood like Georgetown, which was already desirable in the 1990’s? This property has a significant transaction history over the past fifteen years, with frequent sales.

The 2000 listing notes “Totally renovated in 1989 with finest craftmanship throughout”. At that time, the home was listed at $815,000. and sold in May for $797,000. The handy dandy internet inflation calculator tells us that this was $1,104,497.60 in 2015 money, and actually more if you consider that mortgage interest rates were higher.

Only a month later, in June 2000, the home listed for $849,000., and sold for $851,500. Listing comments suggest that granite counters were added. There were no interior pics in the multiple listing system back then, so we can’t see the changes made from one listing to the other.

A few short months later, in January 2001, the home transferred again. It was listed at $899,000. and sold at $910,000. Again, the granite countertops were specifically mentioned in the listing comments (because granite was the new thing fourteen/fifteen years ago…)

There was an attempt to sell in 2008 and then the home sold in 2009, listed at $1,795,000., and sold for $1,750,000.

There was another unsuccessful attempt to sell the home in 2010. It was listed again in 2013 at $1,750,000., and sold for $1,650,000.

The additional interesting piece of this history is that, after settling earlier this month, the home is now back on the market, listed for $2,175,000.

The listing agents for this sale were Carrie Carter and Elizabeth D’Angio with Washington Fine Properties. Janet Whitman with Long and Foster Real Estate represented the buyer in this transaction.

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