Prince Of Petworth » Blog Archive » GDoN Revisited (Again) by Hipchickindc

GDoN Revisited (Again) by Hipchickindc

11 September 2009 11:00 AM | By Prince Of Petworth in GDON revisited, Neighborhoods - Park View, Real Estate - Park View, hipchickindc

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia and Virginia, 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 Property: 529 Newton Pl NW

Original List Price: $329,955.

List Price at Contract: $249,955.

List Date: 04/04/2009

Days on Market: 86 days

Settled Sales Price: $230,000.

Settlement Date: 08/24/2009

Seller Subsidy: $8,500.

Bank Owned?: No

Type Of Financing: FHA with 3.5% down payment

1st GDoN Post is: Here.

1^st GDoN Revisited Post is: Here.

2^nd GDoN Post is: Here.

All three listings of this property since 2005: Here.

If this house looks familiar, it might be because we’ve looked it over a few times already (see links above.) A poster child for the changes in the DC real estate market over the past few years, this property has been through a foreclosure and two renovations since 2005. In reviewing the listings, note that in 2005, it was listed as having three bedrooms and one bath. By 2008, it was reconfigured to two bedrooms and two full baths. In 2009, it took on a new life as a two bedroom, one bath home.

When we looked at the March 2009 sale of this property, I noted that it was a cash purchase and speculated that it was likely bought by an investor. I learned later that it had been acquired by a group of investors that I’ve done a few deals with.

The recent buyer of the newly renovated property paid (net) almost $30,000. less than the property changed hands for as a shell in 2005.

11 September 2009 11:40 AM | Anonymous Said:

poor little house. Hopefully the new owners will remove the dishnet and plant a nice garden for her.

11 September 2009 12:09 PM | SG Said:

Don’t care what anyone says, $230k is a bargain for any rowhouse in that area. Cheaper than rent.

11 September 2009 12:29 PM | Isotopor Said:

@SG: I’d agree with that sentiment if this place weren’t so small. It’s more like a row-apartment, in a dumpy location. From that point of view, a similarly sized apartment in a similar (undesirable) location probably would be less than the mortgage+taxes+insurance+upkeep of this place. I’d say this is a fair deal after the seller’s subsidy of the final price.

11 September 2009 12:41 PM | L Said:

I think this was a good deal / fair price. It’s amazing though that yesterday’s GDoN was 2br basement apt on the same block and they’re asking $100k more.

11 September 2009 12:47 PM | ET Said:

Definitely ended up at a price more in line with the house, location, and market.

11 September 2009 1:14 PM | Anonymous Said:

GREAT deal. It’s been fixed up, costs less than renting, and the location ain’t bad — close to the new YES! market. Buy my microbrew and drink it on my stoop and play backgammon. Good life.

11 September 2009 2:46 PM | Heather Said:

Oooh, I remember looking at this house when I was buying. Even though I was looking for a fixer-upper, I crossed this one off my list right away. It looked like the previous renovator had very little idea what they were doing and I can’t remember why, but my realtor and I had great concerns about the electrical system. Also that block just seemed really cut off and kinda sketch, at least for someone without a car, and the yard is about 3 feet square.

11 September 2009 2:58 PM | bogfrog Said: