Real Estate

GDoN Revisited by Hipchickindc – 3815 New Hamphire 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: 3815 New Hamphire Ave NW
Legal Subdivision: Petworth
Advertised Subdivision per Listing: Petworth
Original List Price: $639,500.
List Price at Contract: $639,500.
List Date: 01/06/2012
Days on Market: 5
Settled Sales Price: $629,500.
Settlement Date: 02/28/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: FHA loan
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here

From the original Good Deal or Not (GDoN) comments: “I hope it goes for asking (as I said, I live near by) but think it will go for below. I imagine upper 500′s, but I’ll treat myself to some bubbly if they get over 600.” Go for it, blazing sun.

This property was renovated by John Formant, real estate broker and experienced developer (of both fee simple homes and entire condo projects). I am a fan of his work, which is a pleasure to show and to sell. He tends to use higher quality materials than some builders who renovate specifically with re-sale in mind, and he thinks carefully through the space.

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New Homes Going Up in Lamond-Riggs

By Prince Of Petworth

“Dear PoPville,

It looks like some long planned new construction on New Hampshire Ave, NE is getting started. This is in Lamond-Riggs. The former MedStar Manor property is being converted into a mix of condos, townhouses and stand alone houses.

From Comststock Homes the development is called The Hampshires:

This exclusive community is being built around a landscaped Village Green featuring landscaped open space and a community center. The Hampshires combines the conveniences of upscale, urban living in a Metro accessible location with hard to find, private open space amenities. Opportunities to own a new home are limited, just 37 City Homes (single family detached) and 73 townhomes will be available at the Hampshires.

The City Homes, ranging from approximately 2,700 square feet to over 3,200 square feet, will include 4 or 5 bedrooms, gourmet kitchens with stainless steel appliances, granite countertops, upgraded cabinetry, open floorplans with generous room sizes, and a two-car garage. The City Homes at the Hampshires will feature architecture designed to compliment the historical ambience the surrounding area.

The Hampshires is located at 6000 New Hampshire Ave. NE, in the established Lamond Riggs neighborhood of Washington, DC. Pre-construction prices are expected to start in the upper $500’s.


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GDoN Revisited by Hipchickindc – 1772 T 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: 1772 T St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Dupont
Original List Price: $694,900.
List Price at Contract: $694,900.
List Date: 11/30/2011
Days on Market: 6
Settled Sales Price: $695,000.
Settlement Date: 01/06/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration (VA) Backed Loan
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the main pic after opening the link and scroll through.

In contrast to the very large home that was recently profiled as a House Porn Edition of Good Deal or Not Revisited (GDoN-R), today’s subject property represents what one might find at the smaller end of the Dupont property spectrum. Of course, being Dupont and all, small does not necessarily equate with inexpensive.

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Judging Pop Ups – 905 2nd St, NE (And It’s For Sale)

By Prince Of Petworth

This pop up is located at 905 2nd St, NE:

The listing says:

“Just completed, never occupied turn-key investment. Each of the 3 2bed/2bath units are desirable. Unit 3 has private roof deck with great views of the capitol. Check rents at senate square and you will find the numbers work great. Watch the trains arrive as rent rolls in. A sophisticated play for owner occupant as well.”

You can see some photos here.

What do you think of the pop up? It’s yours for $1,600,000.

GDoN Revisited by Hipchickindc – 1514 Kingman Place 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: 1514 Kingman Place NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan Circle
Original List Price: $1,349,000.
List Price at Contract: $1,274,900.
List Date: 01/07/2012
Days on Market: 47
Settled Sales Price: $1,250,000.
Settlement Date: 02/15/2012
Seller Subsidy: $6000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the main pic after opening the link and scroll through.

Located just off of my favorite circle in DC, Kingman Place is a charming one block long street that feels tucked away despite being surrounded by such amenities as the Studio Theatre, Whole Foods, and Caribou Coffee. It doesn’t seem that long ago to me that real estate agents were advertising listings in this neighborhood with “Fresh Fields coming soon!” (Maybe it was Whole Foods by then, but I called it Fresh Fields until the mid-2000s anyway).

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How Not to do Real Estate Photos

By Prince Of Petworth

Since today’s GDoN post didn’t have any photos, I thought I’d share this listing sent from a reader. The reader writes: “I hate to come off as cruel, but this place is worth posting just for the hilarity of the photos. If you’re going to ask for @$800K, you might want to spend $200 to replace the Glad bag shower curtain, fix the hole in the wall, hide the cereal, and (most importantly) kick your family out of the bed.”

It’s even crazier when you realize the house is going for $799,950. You can see the photos here.

This is certainly one of the stranger listing photos I’ve seen (not as crazy as this one though):

GDoN Revisited by hipchickindc – 532 24th 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: 532 24th St NE
Legal Subdivision: Old City #1
Advertised Subdivision per Listing: Old City #1
Original List Price: $399,000.
List Price at Contract: $399,000.
List Date: 11/10/2011
Days on Market: 57
Settled Sales Price: $380,000.
Settlement Date: 02/06/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Veterans Administration backed loan (VA), a 100% financing opportunity for qualified Veterans
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the main pic after opening the link and scroll through.

Good Deal or Not Revisited (GDoN-R) has looked at very, very few properties in this price range that were neither a) condo ownership, or b) in not very nice condition. Thus it amuses me that the comments on the original Good Deal or Not post (GDoN) for the renovated, livable subject property (with parking, no less) were largely tilted toward “overpriced”. (Recall that last week’s GDoN-R, was, in fact, not in very nice condition, was listed for $549,000. and sold for $700,000.) Alas, the adage of “location, location, location” comes very much into play.

This was not even the highest recent sale in the area within the past six months. There were three higher sales within relatively close proximity.

True, one can buy on the lower end of the pricing spectrum as well. Note, however, that active inventory is actually tight (surprise, surprise). Here are the recent sales in the past six months originally listed under $300,000. In some cases, certainly not all, these lower priced properties are getting bid over list price and are attracting cash investors. In 2010, the unrenovated properties were typically going for sub $150,000.

Hmmm. Let’s think about this. Investors see an opportunity to buy cheap (by DC standards) property, renovate it, and sell it for more to buyers willing to pay for the renovated product. Buyers, I might add, who want to live in a whole house rather than in a few hundred square feet. I’m not saying that this neighborhood is going to turn into Dupont Circle overnight, but it’s worth considering that a very short time ago, some of the same types of comments to the GDoN post could have been said regarding a few blocks to the west around H Street, or other areas like Bloomingdale or Petworth.

GDoN Revisited by Hipchickindc – 1480 Harvard 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: 1480 Harvard St NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $549,000.
List Price at Contract: Looks like it was increased post settlement first to $560,000., then to $660,000.
List Date: 12/09/2011
Days on Market: 2
Settled Sales Price: $700,000.
Settlement Date: 01/27/2012
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Cash
Original GDoN post is: here.
The listing can be seen: here. To see pics, click on the main pic after opening the link and scroll through. In this case, there are more pictures than usual for a property in this condition.

I think everything I’ve written about the real estate market in DC over the past few months has read something like this…“blah blah blah SCARCITY blah blah blah LACK OF ACTIVE INVENTORY blah blah blah FOUR PERCENT (and lower) MORTGAGE INTEREST RATES.” For better or worse, that’s pretty much how it goes right now.

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