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Sold in Seven Days – 310 Todd Pl NE #1

by Prince Of Petworth January 13, 2017 at 10:40 am 6 Comments

eckington-gdonr

Good Deal or Not Revisited (GDoN-R) is a weekly post that reviews the settled sales data of a recent individual real estate transaction in the District of Columbia. Each post is a snapshot of the real estate market at a particular moment in time. GDoN-R generally posts on Friday in the late morning.

GDoN-R has been written exclusively for PoPville since 2009 by Suzanne Des Marais. Suzanne is a practicing Realtor with the 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 Smartcharts by Showingtime). Information is deemed reliable but not guaranteed.

Featured Property: 310 Todd Pl NE #1

Legal Subdivision: Eckington
Advertised Subdivision per Listing: Eckington
Bedrooms: 2 Baths: 1 Parking: Assigned Ownership: Condo
Square Footage per tax record: 764
Original List Price: $320,000. List Price at Contract: $320,000.
Monthly Condo Fee: $179.00
List Date: 11/30/2016 Days on Market: 7
Settled Sales Price: $340,000.
Seller Subsidy: $0.
Settled Price per Square Foot: $445.
Settlement Date: 1/10/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The listing can be seen here: here.

I believe this is the third Revisited that was listed following the election. I am noting this because we have seen potentially significant impact of the election results to the real estate market in the form of increasing mortgage interest rates.

This affects what buyers can afford by increasing their monthly payment. It may push a number of buyers into looking at lower price ranges, or in some case, even force them out of buying in the high cost DC market.

I don’t expect that a change in Admin means that we’ll have an additional influx (above our already 1000+ per month net growth figures for the District of Columbia). I am very curious to see if buyers really push activity early in the year to lock in interest rates. Inventory of homes actively listed for sale remains super low, especially as Sellers are hesitant to list during cold and potentially bad weather months.

The listing agent for this property was Chelsea Traylor with Redfin Corp. Stu Naranch, also with Redfin Corp assisted the Buyer.

  • a dude from the Trux

    I enjoyed reading Ms. De Marais’ brief discussion on the impact the administration change may have on local real estate. I would love to see a post on this topic more broadly and learn what Popville members think is going to happen. Is now a good time to sell/hold/buy? If so, where and at what price range? Is the local real estate market going to crater or go bananas?

    • navyard

      Only if you live in Kalorama. I cannot imagine anyone from Trump village traipsing down to the Navy Yard and smelling all the skunkweed. Or seeing all the chicken bones all over the street on trash day. What is with all the chicken bones? And if that many chicken wings are being eaten, then why isn’t breast meat the least expensive yet?

    • JoDa

      I think it’s more interest rates than admin change moving things right now.
      .
      FWIW, I’ve seen things that I think are a smidgen over-priced going under contract quickly in my parts, which are basically the same parts this place is in (for the record, I don’t think this place was over-priced). That could be the play-out of “if buyers really push activity early in the year to lock in interest rates.” People get all doomy about interest rates, and I do think there’s a “hurry up” premium going on right now. Here’s the numbers, using this place as an example (all principal and interest only, all assuming 20% down):
      .
      $340K sales price, $272K mortgage, 4% interest: $1299
      $340K sales price, $272K mortgage, 4.5% interest: $1378
      $320K sales price, $256K mortgage, 4.5% interest: $1297
      .
      As you can see, a half-percent in interest allows you to spend about $20K more for the same monthly payment.

      • Anon

        20k isn’t that big of a hit for the DC market where the median sale price is above 500k (comes out to roughly 4% of the median price)

        • Anon

          Uh, I retract everything I said above. Sorry about that brain fart.

          • JoDa

            No worries. I probably wasn’t entirely clear as to my point in that post. I was worrying more about the numbers demonstration than the overall message.
            .
            Basically…you’re looking at a place now, and might have to pay more for it due to competing offers. Given the choice between paying more now and locking in a relatively low interest rate or waiting to see if you can get something closer to your target price range, you might opt, given those numbers above, to go ahead and pay more. After all, if you can’t find something cheaper when interest rates go up again, you’re doubly screwed.

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