GDoN Revisited by Hipchickindc – 1413 T Street, NW #405

by Prince Of Petworth August 21, 2015 at 11:10 am 8 Comments

Exterior (General) -

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: 1413 T St NW #405
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Bedrooms: 1 Baths: 1 Parking: Street Ownership: Condo
List Date: 07/1/2015
Original List Price: $299,000
Settled Sales Price: $310,000
Seller Subsidy: $9300
Square footage: 455 Square Feet
Settled Net Price per Square Foot: $661
Days on market: 12
Settle Date: 14 August 2015
Transaction type: Standard

Original GDoN post is: here.

The original listings can be seen here: here.

Commenters to the original Good Deal or Not (GDoN) post were generally not in favor of the price of this small one bedroom unit with a loft near 14th Street NW. There was a subsidy paid by the seller of $9300., but even figuring that into the net, this unit settled at $661 per square foot, which is on the high side for a re-sale. That said, the smaller the unit, the price per square footage goes up incrementally, so not overly shocking. In relation, high end new construction units at 14th and W St NW are attracting over $800 per square foot.

Currently, there are a total of 74 active listings for condo units all around NW DC priced under $300,000. Buyers who generally qualify around this price range may have some income related opportunities to tap into. Some specific DC benefits for buyers with moderate income include tax abatement, and down payment and closing cost assistance through the Home Purchase Assistance Program or HPAP.

The listing agent for the subject property sale was James Grant with Keller Williams Capital Properties. Aaron Smith of Berkshire Hathaway HomeServices PenFed Realty represented the buyer in this transaction.

  • Kingman Park

    I can believe this place was sold for this price but I don’t want to. The building is very cool from the outside but this place will most likely be an extremely overpriced rental. Should be discounted for having to climb up that sketchy ladder to get to the bedroom area.

  • anonymouse

    Do sellers have to disclose deaths in a unit for sale? Was there a disclosure for this one?

  • annonny

    What is the deal with seller “subsidies” that give back nearly all of the amount by which the contract goes over list price? There have been several properties for which I’ve been outbid, and I’m wondering if this is a new buyer strategy of bidding over any kind of reasonable offer only to demand “subsidies” after ratifying the contract. Incredibly frustrating for people who try to play fair, or am I just being a paranoid buyer after losing out on several bidding wars?

    • gonzo

      Subsidy is part of the contract negotiations. Price is illusionary, especially when you add in expected closing costs. As an example, my house said I bought it for $467,500, which was listed at $475,000. As part of the negotiation over price, I asked for the seller to pay all the closing costs, which was the subsidy. I reality, I paid a net of like $455. I wonder if agents get commissions on the sale price, or the net sales price.

    • HaileUnlikely

      The deal with seller subsidies is that it helps people without a boatload of cash to cover the closing costs by rolling a portion of them into the mortgage. I think you are being paranoid. Most sellers and virtually all sellers’ agents are bright enough to recognize that an offer for $310K that requests a subsidy of $9,300 is effectively an offer for $300,700. I virtually guarantee that the seller did not think this was an offer that would net the seller $310K and then facepalm after closing when they realized that it was actually less. They would have understood this to be in effect an offer of $300,700 from a buyer who was hoping for a little help with closing costs.

  • TX2DC

    This would make a great AirBNB for a few nights, but I don’t know about living here full-time.


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