Hipchickindc is a licensed real estate broker. Her latest business venture can be seen here. 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: 1243 New Jersey Ave NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $750,000.
List Price at Contract: $750,000.
List Date: 09/22/2011
Days on Market: 4
Settled Sales Price: $840,000.
Settlement Date: 10/11/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here. The GDoN post for the same property from 2010 is here.
The listing can be seen: here. To see the photos, after opening the listing link, scroll through the arrows on the main pic.
This sale is a perfect example of something that I try to remind both my buyer and seller clients about regularly. Real estate markets are not static. Of course, some situations are more predictable than others, but any moment in time is just a snapshot of conditions at any particular location. In this specific case, we are looking at a property that had been previously listed last year, with three different listing agents, at prices ranging from $799,000. to $899,000., for a total of 468 days without a sale.
This year, with pictures suggesting that the property is in similar if not the same condition as last year, the property was not only on the market for four short days, but apparently there was more than one party who wanted it. In fact, somebody wanted it so much that they paid almost a hundred thousand dollars over the asking price. Yes, I even called the listing agent, Alan Dalton with Re/Max Allegiance, to make sure that this is correctly entered into the MLS. Two of his team members confirm that it is.
Continues after the jump. (more…)
