Real Estate

GDoN Revisited by Hipchickindc – 1956 2nd St, NW

By Prince Of Petworth

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Days on Market: 86 (In 2010, before being withdrawn) & 84 (until under contract in 2012)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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GDoN Revisited by Hipchickindc – 1844 8th Street, NW

By Prince Of Petworth

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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GDoN Revisited by Hipchickindc – 4600 49th St, NW

By Prince Of Petworth

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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GDoN Revisited by Hipchickindc – 1300 F Street, NE

By Prince Of Petworth

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: 1300 F St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $779,000.
List Price at Contract: $779,000.
List Date: 05/03/2012
Days on Market: 7
Settled Sales Price: $779,000.
Seller Subsidy: $1,500.
Original List to Net Sales Price Ratio: 99.81%
Settlement Date: 06/22/2012
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. Here is the virtual tour from the 2007 listing.

In April, we looked at another sale on this block at 1376 F St NE, which sold for Net $595,000.

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GDoN Revisited by Hipchickindc – 976 Florida Ave, NW

By Prince Of Petworth

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: 976 Florida Ave NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: U Street
Original List Price: $515,000.
List Price at Contract: $515,000.
List Date: 05/03/2012
Days on Market: 4
Settled Sales Price: $515,000.
Seller Subsidy: $0.
Original List to Net Sales Price Ratio: 100%
Settlement Date: 06/13/2012
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here.

The even side of the 900 block of Florida Avenue NW is comprised of mostly two story rowhomes without basements, which are quite tiny and usually no more than two bedrooms and one full bath. Those who drive or bike in DC will know this as the block that you face when Sherman Ave NW turns left into Florida Avenue NW. I mention this only because Florida changes names and directions at odd and sometimes unexpected places.

Ten years ago it was still possible to purchase one of these properties in need of renovation for under $50,000. Livable properties on this block in 2002 were selling under $200,000. From 2003, the prices for these small homes increased into the $300,000’s, increased for a bit during the peak market years in the mid-2000’s, then came back down into the $300’s again in 2009 and 2010.

Until this most recent sale, the subject property had been the highest sale on the block for a two bedroom one bath property at $449,000. in 2006. This current price, which surpassed the half million dollar mark, is now the highest sale for a home this size on the block. The next highest price ever paid for a home this size on the block was Number 968, which sold for $401,500. in 2005.

Georgetown still wins the prize for high prices for teeny homes in 2012. A similarly sized two bedroom one bath attached rowhome at 1033 30th St NW settled on the 20th of June for $750,000.

GDoN Revisited by Hipchickindc – 2010 1st Street, NW

By Prince Of Petworth

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: 2010 1st St NW
Legal Subdivision: LeDroit Park
Advertised Subdivision per Listing: Bloomingdale
Original List Price: $759,900.
List Price at Contract: $759,900.
List Date: 04/12/2012
Days on Market: 5
Settled Sales Price: $800,000.
Settlement Date: 05/30/2012
Seller Subsidy: $1,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. The virtual tour is here.

In full disclosure, this was my listing and it happens to be on the same street just a few blocks south of the other listing that I represented and profiled back in late December 2011.

I had sold this property to the recent sellers back when there actually were foreclosures to sell in DC in 2009. At that time they lived across the country but had come to DC several times for intensive house hunting trips. They had a very specific type of home that they were searching for (ideally Victorian style, with some historic details remaining, and in need of restoration/renovation).

They were on the west coast when this home came on the market in 2009, so I took lots of photos and they ended up making an offer without actually getting into the house. Given that it was a foreclosure, there were several other offers in and there were a bunch of hoops to be jumped through. I recall driving out to Sandy Spring, Maryland to the listing agent’s office to hand deliver the contract. Then we waited. From listing to acceptance of the contract took several weeks, which allowed the then-buyers plenty of time to fly in and check out the house in person. Here’s the listing link to the “Before” picture.

What I love about this listing is that it was restored and renovated by owner occupants rather than investors. They addressed details that are often obliterated by developers due to cost. For example, they had the historic tiles in the fireplace mantels and the vestibule custom matched by an artisan. The skylight was restored as they are rarely seen anymore, with colored glass bordering the clear central piece. Anybody with a turning staircase will appreciate this one…the interior stair railing to the second floor was designed to be simply dismantled to make it much easier to move furniture upstairs. Other unusual details not likely seen in an investor renovation include the European stove, attic storage, tankless hot water heater, the elevated deck with parking for two cars underneath, and (one of my favorite things about this house) extensively restored heart of pine floors throughout both the main and the second floor.

We ended up with two contracts in hand by midnight of the Thursday the property was listed. Per the owners’ request, there was no open house. By the time we reviewed contracts on Monday, there were four offers, hence the strong escalation above the listed price.

GDoN Revisited by Hipchickindc – 1617 C St, SE

By Prince Of Petworth

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: 1617 C St SE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $550,000.
List Price at Contract: $550,000.
List Date: 02/04/2012
Days on Market: 62
Settled Sales Price: $535,000.
Settlement Date: 04/30/2012
Seller Subsidy: $10,000.
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.

I attend several national real estate meetings each year and am involved in the National Association of Realtor®s Mid Year Legislative meetings that are here in town this week. I find it very interesting to hear from real estate agents about market conditions around the country. Some areas are experiencing a similar shortage of inventory that we are, and are also seeing multiple offers and increasing prices. Other parts of the country remain dominated by short sales and foreclosures, and are realistically concerned with potential shadow inventory (foreclosures held back by banks that when released could potentially flood places that are already overwhelmed).

To provide some perspective on the DC market, the April 2012 numbers were released by Real Estate Business Intelligence, a subsidiary of Metropolitan Regional Information Systems. Looking at the District of Columbia specifically and as a whole, compared to April 2011 the total dollar volume sold increased by 6.5% and median prices went up 12.53%. Average days on market decreased nearly 20%. Active listings decreased by over 32%! As I’ve said before, historically low mortgage rates are driving demand and active listings are in short supply. In other words, these are prime conditions for prices to continue to increase.

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Jackie Lee’s For Sale at 116 Kennedy St, NW

By Prince Of Petworth

Back in Oct. 2011 Jackie Lee’s applied for a liquor license. A reader sends word it is now for sale:

“JACKIE LEE’S LOUNGE”APPROX 4100SF(2000SF Renovated)INTERIOR SPACE 2LEVELS 4 DINING/ENTERTAINMENT W/2 DANCE FLOORS 2 BARS 1ST FL KITCHEN/GRILL PROPERTY ZONED C2A COMMERCIAL USE SALES PRICE INCL ALL LICENSES BUILDING W/FURNISHINGS,EQUIP’T,SUPPLIES CONVEYED IN AS-IS CONDITION CLOSE TO SHOPS RESTAURANTS ROCK CREEK PK ETC GA AVE/KENNEDY ST REDEV Close Prox.to Ft Totten/Takoma Metro”

It’s yours for $1,300,000.

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