Good Deal or Not Revisited by Hipchickindc

DSCN2930, originally uploaded by Prince of Petworth.

1640 Florida Ave NW

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, and as a real estate salesperson in Maryland. 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: 1640 Florida Ave NW

List Price at Time of Contract: $598,000.

Original List Price: $649,000.

List Date: Listed 9/12/08 but withdrawn and re-listed at lower price

Total Days on Market: 50 (Only 8 Days on the market at $598,000.)

Settled Sales Price: $590,000. (Net less subsidy-$585,000.)

Settlement Date: 11/20/2008

Seller Subsidy: $5000.

Bank Owned?: No

This property was a recent PoP Good Deal or Not (GDoN) on October 9^th, 2008, when the list price was $625,000. Despite it being a relatively small property, comments were generally positive, with many citing the location as attractive.
Public records indicate that the last acquisition of the property was in 2001 for $290,000., so even though it didn’t sell at the top of the market, it was apparently a strong investment.

Recent comparable sales in the immediate location, as well as the final listing for this property (last one, be sure to click the filmstrip icon at top left to see nice virtual tour) can be seen here:

http://matrix.mris.com/Matrix/Public/Email.aspx?ID=28436512178
Looks like a good deal to me, particularly in relation to 1612 V St NW, which did not have parking or central a/c (although it did have a partial unfinished basement while 1640 Florida is basement-less) and sold at $600,000.