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Sold After 16 Days – “the first piece of dirt we’ve looked at for Good Deal or Not Revisited”

by Prince Of Petworth February 19, 2016 at 11:10 am 8 Comments

lot

Hipchickindc (aka Suzanne Des Marais) is a licensed real estate broker. She is an associate broker with Bediz Group, LLC at Keller Williams Capital Properties . 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 and/or Real Estate Business Intelligence (RBI), a subsidiary of MRIS. Information is deemed reliable but not guaranteed.

Featured Property
: 606 Butternut St NW

Legal Subdivision: Brightwood
Advertised Subdivision per Listing: Brightwood
This is a piece of Land for Sale Zoning Type: R-1-B
Lot Square Footage: 5750

Original List Price
: $265,000.

List Price at Contract: $265,000.
List Date: 11/17/2015
Days on Market: 16
Settled Sales Price: $270,000.
Seller Subsidy: $0.
Settlement Date: 02/12/2016
Transaction type: Standard

Original GDoN post is: here.

The original listing can be seen here: here.

I believe this is the first piece of dirt we’ve looked at for Good Deal or Not Revisited. Unimproved land is a challenge to price because the value is basically in what you can ultimately do with it. That makes the zoning code extremely important.

In this case, the lot is zoned R-1-B. To find out what that means, you can go to the very handy DC Zoning website and look up that particular code.

Land is generally going to transact to developers, in part because it is a huge challenge for owner occupants to get financing for unimproved ground. This is because there is a ginormous amount of risk for a lender, given all the unknowns regarding how the land can legally be used, architectural plans, obtaining permits, dealing with ANC and other neighborhood approvals, identifying a reliable General Contractor and sub contractors, etc. And this listing mentions being in a historic district, which adds another layer.

The listing agent for this sale was Carrie Brown with Tristar Realty Inc. Moises Reyes with Marathon Real Estate represented the buyer in this transaction.

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