GDoN Revisited by Hipchickindc
30 October 2009 11:00 AM | By Prince Of Petworth in GDON revisited, Neighborhoods - Truxton Circle, Real Estate - Truxton Circle, 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: 1423 New Jersey Ave NW
Original List Price: $524,900.
List Price at Contract: $475,000.
List Date: 3/3/2009
Days on Market: 181
Settled Sales Price: $475,000.
Settlement Date: 10/15/2009
Seller Subsidy: $15,000.
Bank Owned?: No
Type Of Financing: Conventional (loan amount not noted, but probably at least 10% down payment, since currently a less than 10% conventional loan is not likely to sell on the secondary market.)
Original GDoN Post is: Here.
Recent Listing is: Here. Virtual Tour is Here.
Commenters on the original Good Deal or Not (GDoN) post speculated that this house was worth anything from $300,000. To $400,000. One person thought $435,000 to $452,000. With the closing cost subsidy, the net price ended up at $450,000. I’m so glad to see PoP continuing to get around to different neighborhoods in the city. Several readers noted that they found this area of less interest than some more commercially populated spots. For someone who needs to zip onto 395, it’s a very convenient location. It’s also quite close in to downtown. The main objection I’ve had from clients when showing on New Jersey Avenue is primarily that it is a busy street. I showed this property when it was recently on the market and though not to my taste, I found the quality of the construction was actually pretty solid.
The research on this property was kind of fun for me since I learned that during the four transfers of ownership prior to this sale since 2002, I’ve known and previously done business with two of the parties who owned it. Both are cash investors with long family ties to the real estate investment business in DC. (Note that I was not involved with them on any of the transactions for this particular property.) Also kind of interesting was the frequent change of exterior color. In 2002, the house was blue. I guess someone felt the need to tone it down and painted it beige somewhere around 2003. The most recent listing features it painted olive green. You can see the pics by opening this link and scrolling through by clicking “next” after opening the first listing.
For anyone that needs a reminder of the insanity of the DC real estate market over the past seven years or so, here you go:
2002 Purchased as a shell for $135,000.
2003 Sold as a shell for $189,000.
2004 Sold as a shell AND a foreclosure, purchased with cash for $210,000.
2005 Sold as a shell for $315,000.
2009 Sold Renovated for $450,000. Net (Current Sale)
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30 October 2009 11:02 AM | Anonymous Said:
Hipchicks revisteds are one of the best features of this blog. Thanks for the insight as always!
30 October 2009 11:07 AM | Chris Combs Said:
I lived next door at 1425 from 2006-7. Man, they have done some WORK on this place!
30 October 2009 11:13 AM | beulah Said:
I live in the neighborhood. A 3 BR 2 BA house in great shape around here is not going to sell for less than $400, and if it wasn’t on NJ Ave it probably would have fetched more. Glad to see it’s been fixed up so nicely.
30 October 2009 11:23 AM | JTH Said:
I saw this house several months ago. It was a bit small for us, but what I really remember was the basement…..low ceilings and a bit claustrophobic. If I were going to buy a house that size, I wanted a better basement.
30 October 2009 11:42 AM | MK Said:
The house is cute but its just too close to the prisonlike structure around the corner known as Dunbar Senior High.
30 October 2009 11:54 AM | Jill Said:
Thanks Hipchickindc! I really enjoy reading your good deal or not revisited posts!
30 October 2009 12:19 PM | mmm Said:
Isn’t the net current sales price $460k? Or am I missing something?
30 October 2009 12:33 PM | Mari Said:
… then there was that time when someone ran a car into it….
30 October 2009 12:33 PM | hipchickindc Said:
Thanks for the nice comments.
mmm, no, you’re not missing anything…I was working too late last night! Correct net was indeed $460,000.
30 October 2009 2:29 PM | EPF Said:
A car ran into this house? If so, does something like that have to be disclosed?
30 October 2009 7:04 PM | hipchickindc Said:
If someone has knowledge that a car ran into the house they are selling, yes, I’d call that a material fact that should be disclosed.