1614 14th Street, NW
This prime building is located at the corner of 14th and Corcoran St, NW (next to Black Jack). The listing says:
“Located in one of the hottest areas in Washington, DC. This building has four levels. The top twqo levels were at onetime rental units and the ground levelis currently a hair salon. The potential uses of this building are many. This propery is sold as is-where is.”
It’s yours for $3,000,000.
Update: I’m told this only half (the south side) of the building.
Thanks again to DC realtor Kevin Wood for compiling this list of home/condo sales for PoPville. Click below on “August 2012 Sales” for the full list of sales in PDF and excel formats.
This rental is located at 637 3rd St, NE:
The listing says:
“Nice Unit in Nice Neighborhood Close to Union Station”
Few details and no photos of the inside – but I like the price and the location – anyone familiar with this building?
This 1 bed/1 bath is going for $1,395/Mo.
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: 819 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan Shaw
Original List Price: $639,900.
List Price at Contract: $639,900.
List Date: 06/08/2012
Days on Market: 18
Settled Sales Price: $639,900.
Seller Subsidy: $0.
List to Net Sales Price Ratio: 100%
Settlement Date: 08/02/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration
Original GDoN post is: here.
The listing can be seen: here . The photos can be seen by clicking on the listing link, then scrolling through the pictures starting with the main photo.
During the real estate boom years in DC, between around 2000 and late 2005, investors and developers worked over most neighborhoods close in to the center of the center. For various reasons, certain pockets remained largely untouched during that time. Despite being located solidly between Logan Circle to the west and the LeDroit Park and Bloomingdale neighborhoods to the east, both which saw extensive activity during that time period, parts of Shaw saw numerous vacant properties stuck in limbo.
The subject property had been part of a parcel of four attached buildings located at the intersection of Rhode Island Avenue NW, 9th Street NW, and Q Street NW, with a mixture of commercial and residential zoning. The former owner attempted to market the property for sale over the years, with and without help from real estate professionals. A listing from 2004 shows a list price of $1,300,000. It appears that the properties finally changed hands in 2010. It is unclear from the tax record if this sale only refers to the two buildings facing Q Street NW (at 819 and 821), but the recorded sale price was $750,000.
Around that time the city was aggressively targeting blighted properties with a humongous 10% tax rate (compared to the regular .85 per $100. of assessed value for owner occupied residential property). In this case, the property owner would have received an annual tax bill of around $30,000., which may have been a good incentive to sell.
Now that we are seeing another wave of prolific development in DC, developers are back combing areas like this. Recent changes in the neighborhood include the demolition of the Kelsey Gardens apartments, and the progression of the construction of the City Market at O.
The listing agent for 819 Q St NW was Paul Sliwka with Central Properties. Christopher Bulka from Coldwell Banker Residential Brokerage represented the purchaser.
Thanks again to DC realtor Kevin Wood for compiling this list of home/condo sales for PoPville. Click below on “July 2012 Sales” for the full list of sales in PDF and excel formats.
800 F St, NW
A few weeks ago I shared some scuttlebutt about a Shake Shack coming to the Spy Museum. The Washington Post confirmed yesterday afternoon:
“The “flat-top” dogs, burgers, frozen custard and loooooong lunchtime lines of Shake Shack will be coming to the International Spy Museum in mid-2013.”
Back in mid-June we learned Zola would be closing at the corner of 8th and F St, NW. Shake Shack’s first DC location opened in May 2011 in Dupont at 18th and Jefferson St, NW (just off Connecticut.)
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: 1956 2nd St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: LeDroit Park
Original List Price: $899,500. (2010 listing) & $875,000. (2012 listing)
List Price at Contract: $799,999.
List Date: 06/08/2010 & again 01/19/12
Days on Market: 86 (In 2010, before being withdrawn) & 84 (until under contract in 2012)
Settled Sales Price: $772,000.
Seller Subsidy: $1,850.
List to Net Sales Price Ratio: 88.02% (MRIS calculates based on the original list price of the final listing)
Settlement Date: 05/21/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here for the 2010 version and here for the 2012 version.
The listings from both 2010 and 2012 can be seen: here . The photos can be seen by clicking on the listing links, then scrolling through the pictures starting with the main photo.
Despite the Good Deal or Not-Revisited Palooza, where I attempted to catch up on all the May GDoN closings, there were so many Spring closings, it doesn’t surprise me that I probably missed a few. Many thanks to the reader who e-mailed and requested the profile of this May closing, as I think it shows a very nice contrast between the 2010 DC real estate market, and the 2012 conditions, not to mention the recent significant increase in property values in the LeDroit Park and Bloomingdale neighborhoods. (Note that I am happy to take requests for GDoN-R. Keep in mind that there are as many as five GDoN properties per week and I only Revisit one per week, so if there is a property you would like to see followed up, please ask).
So, yah, at $899,500., it was way out there, but I’m going to guess that based on even the 2012 comments, that the final net price of $770,150. will surely surprise some folks.
To give a little history, the house looked like this when it was a shell. (These are the February 2000 listing and the June 2000 listing). Although from the photos it looks like it was sold in February for $102,000. as a shell, and then re-sold as a shell in June for $275,000., it was actually sold fully renovated. That’s just the way rehabs were listed old school circa 2000. The renovation was done by members of the Koutromanos family, a multi-generational business responsible for numerous updates throughout the city and particularly in this area at that time.
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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: 1844 8th St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $589,900.
List Price at Contract: $589,900.
List Date: 05/03/2012
Days on Market: 6
Settled Sales Price: $605,000.
Seller Subsidy: $2,000.
Original List to Net Sales Price Ratio: 102.22% in relation to final listed price
Settlement Date: 05/31/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here . The photos can be seen by clicking on the listing link, then scrolling through the pictures starting with the main photo.
Not only did this property sell above the listed price, but the (let’s assume multiple offers) winning offer went from contract to close in 23 days. The listing states that it was a cash sale, which could mean that the buyer did actually show up with a suitcase full of money at closing, or it could also mean that the buyer eliminated the financing contingency and showed up with financing at the settlement table. With buyers who are fully credit approved prior to making an offer, it is not unheard of to close a loan this quickly. (It’s perfectly cool to show up with a loan even if the contract said “cash”…as long as it does not change anything for the seller, such as delaying settlement. With a cash offer, the listing agent will want to see some proof of funds to close.)
I did get a chance to show this home to a buyer when it was on the market. For a small home, I thought the space was decent and it was nice and bright from the upstairs skylight. The cryptic parking language refers to the alley behind the home that is apparently public property. It looks like there’s an unspoken code that you park behind your own house and not behind your neighbor’s.
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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: 4600 49th St NW
Legal Subdivision: American University Park
Advertised Subdivision per Listing: American University Park
Original List Price: $739,000.
List Price at Contract: $700,000.
List Date: 08/31/2011
Days on Market: 172
Settled Sales Price: $695,000.
Seller Subsidy: $10,000.
Original List to Net Sales Price Ratio: 97.86% in relation to final listed price
Settlement Date: 06/29/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The photos can be seen by clicking on the listing link, then scrolling through the pictures starting with the main photo.
The current subject house is of interest on one hand because in a whirlwind market cycle in DC, this property was listed and re-listed a total of three times since August 2011. Bottom line, it took a relatively long time to sell this house given current market stats. Whereas many buyers get to a point where they are focusing only upon newly listed inventory, here is a good example of why it’s useful to continue to check the entire listing inventory. Because the listing days for the property continue to accrue even when the property is re-entered as a new listing, it may have fallen outside the radar of buyers once the price entered into a more realistic zone.
Someone mentioned in the comments that there are similar homes in the Brookland neighborhood for significantly less, which is true. There are actually quite a few neighborhoods in DC that have cute bungalows. Here is a list of bungalow style detached homes sold since the beginning of 2012 throughout DC. The list is ordered by settled price.
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Thanks again to DC realtor Kevin Wood for compiling this list of home/condo sales for PoPville. Click below on “June 2012 Sales” for the full list of sales in PDF and excel formats.