In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, and as a real estate salesperson in Maryland. 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 Properties: 1830 18th St NW (Four Condo Units)
Original List Prices: $753,900.-$847,900.
List Price at Contract: $639,000.-$764,000.
List Date: 09/14/2009
Days on Market: Average for all 4 listings is 114 days
Settled Sales Price for first settled unit: $775,000.
Settlement Date for first settled unit: 04/22/2010
Seller Subsidy for first settled unit: $0.
Bank Owned?: No
Type Of Financing: FHA…Another Super Conforming (last week’s GDoN-R featured one as well). Until the end of this year, the upper limit for FHA loans remains at $729,000. A “Super Conforming” or “Jumbo Conforming” is a loan that is above the conforming loan limit of $417,000. yet below the current upper limit. There are lobbying efforts in place to make the higher limits permanent, which is significant for a high dollar market area like DC. A purchaser in this price range would have to put more than 3.5% down (the typical down payment for FHA loans) in order to not finance more than $729,000.
Original GDoN Post is: here.
Listings for the building are: here.
The original Good Deal or Not (GDoN) post for this new construction building with four condo units appeared back in October 2009, when the original pricing for these units was in place. At that time, the units were priced with a very broad range of $453 per square foot all the way up to $642 per square foot. In December 2009, pricing was reduced 10-15%, which seems to have been a good move. We only have settled sales information for the one unit that recently settled, but it appears that this unit went under contract shortly after the price redux. The settled sales price is $11,000. above list which could mean that either the Purchaser negotiated a parking space into the deal or that there were possibly competing offers. (If it was for a deeded parking space, that’s a helluva deal in this location where deeded spaces can easily sell in the range of $35,000-$50,000.) Two additional units are under contract, and one unit (1669 square feet listed for $639,000) is available. Continues after the jump. (more…)
