GDoN Revisited by Hipchickindc – 333 K St, NE

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: 333 K St NE
Legal Subdivision: Old City#1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $569,000.
List Price at Contract: $569,000.
List Date: 01/19/2012
Days on Market: 18
Settled Sales Price: $569,000.
Settlement Date: 04/17/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link and scroll through the arrows on the main photo.

This home is a great example of the drastic changes in the blocks surrounding H Street NE. In 2008, 333 K Street NE looked like this when it was photographed for the upcoming DC Tax Sale that occurred in January 2009. The starting price for the auction on this property was $20,000. The District of Columbia did not share the final sale price via public tax records.

The property was renovated and sold for $459,900. less a $10,000. subsidy in October 2009. The buyer in 2009 was represented by PoP advertiser Kevin Wood, a Realtor with William Sawyer & Co. I would say in retrospect, it was certainly a good deal at that time, given that in less than three years it gained over $100,000. in market value.

For perspective, here is the paragraph from Wikipedia describing the national housing climate in 2008 and 2009:

“By September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2007, lenders began foreclosure proceedings on nearly 1.3 million properties, a 79% increase over 2006. This increased to 2.3 million in 2008, an 81% increase vs. 2007. By August 2008, 9.2% of all U.S. mortgages outstanding were either delinquent or in foreclosure. By September 2009, this had risen to 14.4%”

During that period of time, I frequently had conversations with buyers in DC who were “waiting for the market to hit bottom”. The funny thing is, you don’t actually know when a market hits bottom until it starts going back up. Now that it’s up again, there sure are a lot of people trying to buy in DC and not much available inventory.