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Sold in Six Days $60,000+ over Asking in Petworth

by Prince Of Petworth — April 7, 2017 at 10:55 am 10 Comments

gdon revisited

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 intended as a case study and 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: 4107 8th St, NW
Legal Subdivision: Petworth
Advertised Subdivision per Listing: Petworth
Bedrooms: 3 Baths: 2 Parking: Driveway/Off Street Ownership: Fee Simple
Original List Price: $649,900. List Price at Contract: $649,900.
List Date: 3/2/2017 Days on Market: 6
Settled Sales Price: $712,000.
Seller Subsidy: $0.
Settlement Date: 3/31/2017
Transaction type: Standard

Original GDoN post can be seen: here.

The original listing can be seen here: here.

gdonrinside

The original Good Deal or Not post regarding this property brought forth some interesting conversation (which you can see here. Several commenters expected the property to sell over $700,000. (which it did), and others appreciated the “character” of the place in contrast to brand new completely renovated houses, which some perceived as more sterile.

Google maps puts this at a six minute walk to Metro and Safeway, which definitely is an add for desirability, and makes a strong case for holding or increasing in value. As of this listing, the subject house has not brand new appliances, a galley kitchen, does not have central air and employs radiator heat (radiator heat is very efficient and home inspectors generally like it).

For perspective, a house that was similar in size and location but not as prepped for listing sold in December for for $551,000.

And a house around the corner on Taylor that appears fully gut renovated with open floor plan sold a few weeks ago for $841,000.

The listing agent for this property was Marshall Carey with Redfin Corp. Loic Pritchett with TTR Sotheby’s International Realty, assisted the Buyer.

  • crayons

    OMG. Sales that high for something like that kill my hopes for every being able to afford my own place.

  • bv1837

    We looked at this place. The kitchen is really really cramped and has no cabinets. There’s also this weird pop-back that is basically just a 6 foot wide two-level storage closet and limits the light coming into the rooms at the back of the house. If you’re not much of a cook, it was a good deal at the list price, but less so at the sales price. I really wanted to like this house more than I did.

    • stink eye

      for less than 10k you can completely redo kitchen cabinets, countertops, and add new appliances. Just countertops and cabinets might be 5k.

      • bv1837

        The main problem is that there’s just not space to redo the kitchen in that house. Putting in cabinets on both walls would make it super cramped. If you open it up to the dining room, you lose the option of storage on that wall. The door to the basement doesn’t even open all the way because the fridge is in the way. It was too small to make it a nice kitchen for anyone who does a lot of cooking, regardless of cost.

  • NH Ave Hiker

    Petworth is getting so pricey. There’s a house on my street going for $3750 a month I think…I’m moving to a similar sized place in Woodridge and will be paying over a thousand less than that.

    • Marty

      enjoy the commute

      • NH Ave Hiker

        Uh it’s about the same. Woodridge DC

  • anon

    big yards (often with parking), close to metro, close to rcp, walkable to restaurants, and only 3 miles from downtown. this neighborhood has one of the best setups in dc. it was underpriced before, and now prices are normalizing to what the neighborhood fundamentals are worth.

  • PetworthMom

    Petworth is getting nuts. We just had our house appraised to remove PMI. We bought in early 2015, and the house appraised for 35 percent more than we paid. Insane.

  • Anon

    Petworth is awesome! This doesn’t surprise me in the least. I have rented here for the past 6 years and saw the area transform during that time (7th and upshur). I’ve always loved it here (even before it gentrified). Was lucky enough to buy the house I had been renting. Never dreamed I would own here. Couldn’t be happier. It’s a perfect mix of public transportation, playgrounds, awesome restraunts, bars, library, grocery stores and culture.

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