GDoN Revisited by Hipchickindc – 1412 Florida Ave NW

here. 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: 1412 Florida Ave NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: U Street
Original List Price: $849,900.
List Price at Contract: $849,900.
List Date: 07/15/2011
Days on Market: 37
Settled Sales Price: $805,000.
Settlement Date: 09/30/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original post is: here.
The listing can be seen: here. To see the photos, after opening the listing link, scroll through the arrows on the main pic. If you prefer, there is also a Homevisit virtual tour.

Pierre L’Enfant’s original plan for the Federal City ended to the north at Boundary Street, currently known as Florida Avenue. This explains why the even numbered properties on the south side of the 1400 block of Florida Ave NW are part of the legal subdivision of Old City #2. The odd numbered properties on the north side, however, are identified as being in the very wide ranging legal subdivision of Columbia Heights. Reviewing listings for the block reveals that real estate agents like to refer to this location with names such as “Dupont East”, or “Dupont North”, or, in the case of the subject property, “U Street”.

The 1400 block of Florida Avenue is an excellent study in the relatively rapid escalation of real estate prices in downtown DC since the late 1990’s. In 1995, a “lovingly restored and renovated 20 foot wide Edwardian townhome” located at 1459 Florida Ave NW sold for $181,500. with a $6000. subsidy towards closing costs. The market clearly started to smoke in 1999 when 1479 Florida Ave NW passed the $300k mark and went for $305,000. In 2001, a large home at 1469 Florida Ave NW set the bar at $450,000. The next big jump didn’t happen until 2003, when 1434 Florida Ave NW sold for $529,000. In 2004, 1475 Florida Ave NW sold for $660,000. In 2005, 1469 Florida Ave NW once again pushed prices and sold for $842,000. less a $17,000. subsidy. (Note that the 2005 listing describes 1469 Florida as being divided into three units.)

Continues after the jump.

The slowing of the market is also apparent in that there were no sales on the block in 2006. The highest sale in 2007 was in the low $700’s. In 2008, 1440 Florida Ave NW perked up the block at $765,000. less a $6100. subsidy. There were again no sales on the block in 2009. 1434 Florida Ave NW re-sold in 2010 for $800,000.

The price trajectory of the subject property over the years follows a similar path. In 2002, an investor paid $235,000. for the shell. Still in “Handyman Special” condition (per the listing), the 2002 investor flipped it to a different cash investor in 2003 for $300,000. Per the tax records, there was a 2004 sale at $649,000., followed by a 2005 sale at $789,000. The current sale in late September 2011 was (as noted above) at $805,000.