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 Compass. 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 Bright MLS, which is the local multiple listing system and/or Smartcharts by Showingtime. Information is deemed reliable but not guaranteed.
Featured Property: 4110 18th Street, NE
Legal Subdivision: Michigan Park
Advertised Subdivision per Listing: Michigan Park
Bedrooms: 3 Baths: 2.5 Parking: Faces Rear Ownership: Fee Simple
Original List Price: $450,000. List Price at Contract: $450,000.
List Date: 4/17/2018 Days on Market: 1
Settled Sales Price: $490,000.
Seller Subsidy: $0.
Settlement Date: 5/23/2018
Transaction type: Standard
Original GDoN post can be seen: here.
The original listing can be seen here: here.
The original GDoN post for this modest home in the Michigan Park neighborhood of NE DC received a good number of comments that you can see here.
Considering that the comments were not particularly enthusiastic, it is very interesting to note that the home sold for nearly 9% above asking price and went under contract within 1 day of listing.
As of this moment, there are a total of 81 fee simple properties listed under $450,000. (and as low as $150,000).
There were 1285 active listings in Washington, DC in April 2018. 81 is 6% of that total.
What does this mean? It means that if that is your budget and you really want a house and not a condo ownership property, you are competing against a large pool of buyers for a very small number of available properties.
The number of available properties becomes narrower when filtered further for condition. Many of the fee simple properties under $450,000. are in bad condition, or at least bad enough condition that they would not qualify for FHA, VA, or HPaP-related financing.
The listing agent for this transaction was Tom Daley with TTR Sotheby’s International Realty. Steve Pflasterer with RE/MAX Allegiance, represented the Purchaser.