Real Estate

GDoN Revisited by Hipchickindc – 333 K St, 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: 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.

GDoN Revisited by Hipchickindc – 4935 Linnean 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: 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.

GDoN Revisited by Hipchickindc – 248 9th 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: 248 9th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $674,900.
List Price at Contract: $674,900.
List Date: 12/12/2011
Days on Market: 42
Settled Sales Price: $670,000.
Settlement Date: 04/05/2012
Seller Subsidy: $5000.
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, click on the main pic and scroll through.

Last week’s Good Deal or Not Revisited (GDoN-R) followed up on a Victorian rowhome in NE on the north side of Lincoln Park. That post demonstrated how specifically block-to-block DC home prices can be, especially in areas referred to as “Capitol Hill”. Today’s featured GDoN-R is located approximately a mile away, on the south side of Lincoln Park, in SE within the legal subdivision boundaries of Capitol Hill.

Like many parts of DC, this area includes homes that range widely in terms of size, condition, age, and style, so pricing can be tricky. In this location, within a few blocks of Eastern Market, it’s not unusual for small scale basement-less houses to sell for a very high U Street Neighborhood and one in Dupont.

248 9th St SE transferred in 2000 for $235,000. Following renovation, two years later it sold for a net of $392,000. The recent sellers purchased the home in 2006 for a net of $607,500. The 2006 décor was quite different.

GDoN Revisited by Hipchickindc – 1376 F St, 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: 1376 F St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $598,750.
List Price at Contract: $600,000.
List Date: 02/01/2012
Days on Market: 9
Settled Sales Price: $600,000.
Settlement Date: 03/30/2012
Seller Subsidy: $5000.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link, click on the main pic and scroll through.

I don’t normally do this, but just couldn’t resist. Here are some quotes from the comments on the original “Good Deal or Not” (GDoN) post:

“I can understand prices like this in this neighborhood (though still something of a gamble) if you’re planning on staying for 20 years, but to me it’s way overpriced.”

“We looked at this house this weekend at an open house on Saturday. Place was packed. Our realtor told us that two offers were already on the table, before we even walked into the house. He also told us that the house was underpriced and will likely start a bidding war. He thought it’d end up going for upwards of $725-750.”

“I’d say your realtor is right on the money with that guess. And good luck with your house hunt– it’s really competitive on the Hill but it will be worth it!”

“Let us know your realtors name when this doesn’t go for 725-750. Then we will know who not to hire.” (It’s probably better if you don’t).

“I think it’s quite a nice looking place. I’d only pay $200K for it though.”

“I would like to throw my hat into the ring as well. This place will sell for no less than $650k. I am betting on it closing higher, but I just want to be able to laugh at all the people on here who say this is overpriced. You are all very out of touch. If this place goes for anything less than $650k I hereby give you permission to scoff at and humiliate me.” That was from Jordan. S/he gives you permission to scoff.

The earliest available reported sale of this property was in 2003 when it was listed for $299,000. and sold for a net of $275,900. In 2007 it was listed for $587,550. and sold at that price. Unfortunately, it was later foreclosed upon. The recent sellers purchased the home for a net of $573,728. in 2010.

Here are settled sales of Victorian style homes, with basements, in renovated condition, in that area, sold within the past year. There are sales into the $700,000’s, but they are for larger units and a few blocks to the west.

GDoN Revisited by Hipchickindc – 1420 Harvard St NW #406

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: 1420 Harvard St NW #406
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $239,900.
List Price at Contract: $239,900.
List Date: 02/07/2012
Days on Market: 7
Settled Sales Price: $239,900.
Settlement Date: 03/15/2012
Seller Subsidy: $3050.
Square Footage (per tax record): 686
Settled Price per Square Foot: $345. (possibly quite a bit lower, if tax record is inaccurate)
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. To see pics…sorry, no interior pics on this one. You’ll have to use your imagination.

This Good Deal or Not Revisited (GDoN-R) looks at a recent sale in an older 24 unit condo conversion in the Columbia Heights neighborhood. A commenter to the original Good Deal or Not (GDoN) post mentioned that this building was originally structured as an affordable housing option for first time buyers in the mid-1980’s.

Although the tax record reports square footage at 686, an earlier listing claims that the unit is actually over 900 square feet. The tax records indicate that units in the building range from 601 square feet to over 900 square feet. Tax records also show an investor ratio of over 50%, which can affect the ability to get financing. The settled listing information notes that this was a cash sale. It is not clear whether the new buyer is an investor or an owner occupant.

The earliest listing information found for this particular unit was an attempt to sell this 2 bedroom 1 bath property back in 1995. At that time, it was listed for $65,500. It remained on the market into 1997, ultimately priced at $59,900. Even at that low price, it expired and appears to have not sold. The current listing, which was under contract in a week, tells the story of a transformed neighborhood and a very different real estate market.

The building is located a short distance to Metro and DC USA shops and restaurants. Properties on the block include a new construction condo building, as well as a a recent GDoN-R subject that will likely be converted to new condos.

GDoN Revisited by Hipchickindc – 2819 12th St 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: 2819 12th St NE
Legal Subdivision: Brookland
Advertised Subdivision per Listing: Brookland
Original List Price: $499,900.
List Price at Contract: $474,900.
List Date: 12/09/2011
Days on Market: 42
Settled Sales Price: $471,000.
Settlement Date: 02/17/2012
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 links and scroll through the arrows on the main pic. The link includes the pre-renovation listing with “Before” pics, as well as the first listing for this property (withdrawn) and then the re-listing.

Disclosure: An agent with Keller Williams Capital Properties, the same broker that the writer of this post is affiliated with, represented the buyer in this sale.

Last week Good Deal or Not Revisted (GDoN-R) looked at a recently renovated property on 12th Street NW. We’re still on 12th St, but shifted over to the Northeast quadrant of DC. This week’s subject is a detached home with a 500+ square foot lot, something we don’t usually see in DC for under $500,000., especially in renovated condition. As was noted in the original GDoN comments, the home does not have a finished basement and it is located on a somewhat busy street facing a gas station. Nonetheless, the Brookland neighborhood definitely has its fans.

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GDoN Revisited by Hipchickindc – 2237 12th 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: 2237 12th St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $624,900.
List Price at Contract: $584,900.
List Date: 10/02/2011
Days on Market: 108
Settled Sales Price: $577,000.
Settlement Date: 02/29/2012
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 pic.

The last time 2237 12th St NW was listed prior to Express Homebuyers’ purchase for this recent renovation was back in 1998. At that time, the property was shown as having two full bathrooms (in the 2012 listing there are 1.5 baths) and described as “remodeled”, with new appliances, new central air conditioning and heat, and wall to wall carpet. In 1998 it spent 28 days on the market before being purchased for $90,000. less a $2700. seller subsidy.

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