GDoN Revisited by Hipchickindc – 4935 Linnean Ave NW

Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a princeofpetworth.com advertiser. 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: 4935 Linnean Ave NW
Legal Subdivision: Forest Hills
Advertised Subdivision per Listing: Forest Hills
Original List Price: $2,395,000.
List Price at Contract: $2,395,000.
List Date: 01/20/2012
Days on Market: 30
Settled Sales Price: $2,000,000.
Settlement Date: 04/13/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. Here is the virtual tour.

What we’re seeing throughout the District of Columbia real estate market right now, at all levels, is that the historically low mortgage interest rates are making monthly payments more affordable, thus allowing many people to enter higher price points than they would been able to a couple of years ago. This is particularly interesting to me because following the post-bubble lending crisis, there were a lot of concerns within the real estate community about access to what is often referred to as “jumbo money” (basically really large mortgage loans). Lending standards for documentation of assets and income have definitely increased, and fortunately DC seems to abound with high income earners with good credit. Hence, we are actively engaged in a robust Spring real estate market.

The neighborhood of Forest Hills includes a wide range of properties, including condos and co-ops, attached rowhomes, modest detached homes, and some quite grandly sized detached homes. A detached single family home in the neighborhood could range from as low as the high $600’s to well into seven figures. Homes in this area are typically not as old as those in the downtown neighborhoods and range quite a bit in age.