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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In this situation, we’re (probably) looking at raw product for a developer. The outcome of this story is not unlike another recent Good Deal or Not Revisited (GDoN-R). On the back end of this deal, in this Columbia Heights location, a large renovated house might sell for a million dollars. Boutique condos are also likely to be desirable .

Per the tax records, it appears that this rather large house last transferred as a sale in 1994 for $105,000. In 2011, a family member took possession, possibly as part of an estate.

Thanks to commenter “Sir Douchy” on the original GDoN post for mentioning the cameo of this block in “The Day the Earth Stood Still.” I haven’t had a chance to check it out yet, but I’ll take your word for it. My personal favorite movie featuring DC residential neighborhoods (and aliens) is “Mars Attacks”.

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: 2023 R St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Dupont
Original List Price 1st Listing: $2,875,000.
List Price at Contract: $2,595,000.
List Date: 06/13/2011
Days on Market: 131
Settled Sales Price: $2,325,000.
Settlement Date: 12/16/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Entered in listing data as “Private”
Original GDoN post is: here.
The listing can be seen: here. The virtual tour can be seen here. (By the way, on Homevisit virtual tours, the tour will load faster if you go to the far right and click on “view in standard resolution”.)

I don’t know about you, but ever since Mitt Romney released his tax returns, I keep thinking about what I would do if I had that kind of cash available. I’m generally a Bloomingdale girl, but it does occasionally cross my mind that it might be fun to own a ginormous house with a hot tub on the roof deck. I also like the idea of being down the street from Teaism and I’m a Phillips Collection member, so it would be very convenient for popping in more frequently. And sometimes, as one of the commenters to the original Good Deal or Not (GDoN) post said, I would like to have a couch in my kitchen.

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Given the whirlwind of changes to so many neighborhoods in DC, it’s notable that Dupont pretty much looked about the same a decade ago, (well, less Sweet Green and other recent businesses.) That said, it’s also notable that in 2001, this home sold for just shy of a million dollars less than it did last month. In all of 2001, within a quarter mile radius of the subject property, there were 32 sales of fee simple homes. The average net sale price at that time was $985,353. Looking at the same radius for all of 2011, there were only 19 transfers of fee simple homes, with an average net sale price of $1,894,200. That’s some pretty healthy appreciation over a ten year period, even with a housing bubble thrown in the middle of it.

The decrease in the number of homes in this location available for sale currently is also significant, as it reflects the scarcity of supply of active inventory seen in other parts of the city, which may drive prices even further this Spring.

Per tax records, the recent seller purchased the home in 2004 for $1,900,000.

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: 3807 Kansas Ave NW
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price 1st Listing: $669,900.
List Price at Contract: $669,900.
List Date: 11/11/2011
Days on Market: 9
Settled Sales Price: $660,000.
Settlement Date: 12/28/2011
Seller Subsidy: $17,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. To see pics, open the listing link, click on the main pic and scroll through.

A couple of weeks ago, Good Deal or Not Revisited (GDoN-R) looked at the sale of a home in Shaw that sold at the high end of comps for the area. I mention that post because, although it is a different location than the current subject property, it was also a home that was purchased in bad shape, renovated within a very short period of time, and sold at a strong price after just a few days on market. I noted a recent article in that post that cited lack of inventory as playing a role DC’s unusually active (compared to many other parts of the country) real estate market.

In keeping with that theme, Real Estate Business Intelligence (RBI, which is the stats arm of our local multiple listing service, Metropolitan Regional Information Services) blogged about the inventory of active homes for sale in the DC Metro Area as being at the lowest level since August 2005. Anybody who was in the real estate business then, or was looking for a home in August 2005 knows that is extremely low. There are currently a grand total of seven active listing for houses in the Columbia Heights neighborhood (let’s say the legal subdivision of Columbia Heights west of Georgia Avenue), which covers a fairly broad geographic area.

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This discussion naturally leads to how scarcity of inventory will affect prices. Following the above mentioned RBI blog post, there was some response from the folks who track foreclosure inventory that regarded the overall low inventory as a temporary condition created by restrictions in foreclosures related to robosigning controversies. To look at concrete numbers, in this specific location (let’s say the legal subdivision of Columbia Heights west of Georgia Avenue), there were a total of 33 foreclosure sales in 2010. In 2011, that same area saw settled foreclosure sales decrease to a total of 14. RBI followed up their post about reduction in overall inventory with a post showing a county by county break down of the foreclosure inventory.

There has been concern for years in the real estate industry of the looming “shadow inventory”. This refers to the possibility of a bulk of foreclosures finally getting processed and released onto markets all at once. I’ve personally never felt very strongly about this threat to the District of Columbia real estate market.

So, back to that question of whether low supply will affect prices. Once again, we have a subject property that has sold at the high end of the immediate comps, within a very short period of time. It will be interesting how things go as the Spring listings start popping up, but with interest rates hovering around 4%, my guess is that we’ll maintain low supply/high demand for a bit. Those who were around in August of 2005 will remember what that means.

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: 1454 Euclid St NW #5
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price 1st Listing: $439,000.
List Price at Contract: $419,000.
List Date: 07/07/2011
Days on Market: 147
Settled Sales Price: $395,000.
Settled Price Per Square Foot: $436.
Settlement Date: 12/30/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here. Here is the virtual tour .

Meridian Hill Condominium is an eight unit conversion dating from the early 1990’s. There appear to be at least a couple of original owners, who no doubt have seen dramatic change to the neighborhood over the past two decades. Those original owners were smart to hold on though, as prices to buy these condos new were sub-$100,000. The subject property, unit five, was first purchased for $71,400. in May 1992. It later sold in June 2000 for $96,000.

For this listing, the unit remained on the market for 147 days before going under contract, which is a long time in relation to typical Good Deal or Not (GDoN) properties (the past ten GDoN Revisited properties averaged 17 days on the market). Although the original list price of $439,000. seems fairly reasonable for a duplex boutique condo with an attractive Victorian exterior, that put the price per square foot up into the high $400’s. While brand new high end condos in Columbia Heights can fetch into the mid $500’s per square foot, the final price of this unit reflects the differential of an older style unit.

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: 640 Q St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Shaw
Original List Price: $699,990.
List Price at Contract: $699,990.
List Date: 11/18/2011
Days on Market: 6
Settled Sales Price: $679,000.
Settlement Date: 12/27/2011
Seller Subsidy: $1,500.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post is: here.
The listing can be seen: here.

Purchased for $300,000. less a $2500. subsidy (and $25,000. below the listed price) in late September 2011, 640 Q St NW was back on the market close to two months later and under contract again in less than a week. The property is located on the edge of significant retail development.

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In relation to recent comparable sales within a quarter mile, this home sold on the high side. The transaction may well reflect the trends reported this week at Time.com that are driving market activity and prices in DC. Per the article, inventory of homes available to buy is super tight, urban investing is hot, foreclosure rates are low, and lots of people in DC have good jobs.

One year ago, we looked at a sale of a renovated property a block east at 507 Q Street NW. That sale, one year ago, settled at $570,000., more than $100,000. less than the current subject property.

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: 3013 11th St NW #3
Legal Subdivision: Columbia Heights
Advertised Subdivision per Listing: Columbia Heights
Original List Price: $409,900.
List Price at Contract: $409,900.
List Date: 09/30/2011
Days on Market: 4
Settled Sales Price: $402,000.
Price per Square Foot: $462. (870 Square Feet per Listing, 848 Square Feet per Tax Record)
Settlement Date: 11/21/2011
Seller Subsidy: $125.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post 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.

Even compared to many other rapidly developing parts of the city, the Columbia Heights neighborhood has experienced a tremendous amount of construction over the past decade. In addition to numerous recently built multi-unit condo and apartment buildings, conversions of existing apartment buildings to condos, and the seemingly ongoing expansion of DC USA, the surrounding blocks feature an abundance of solid Victorian housing stock. Many of the late 19th and early 20th century homes in this area are quite large, and developers have taken the opportunity to create “boutique” condo buildings, ranging from two units to several.

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Boutique condo buildings in converted rowhomes tend to have lower fees. They may also have the feel of living in a house without the whole expense and responsibility of maintenance. Some boutique condo owners also prefer the sense of control that comes with living in a smaller community.

Back in 2003, 3013 11th St NW transferred as a single house for $220,000. (Note that ground had not even been broken for DC USA until 2006.) The property was purchased by developers in June 2004 for an undisclosed amount. The subject property, Unit 3, originally transferred in November 2004 for $389,000. Unit 2, which public records defines at 865 square feet, sold in 2005 for $429,000.

Unfortunately, Unit 2 was never publicly listed so there is no information about how it differs from Unit 3. Typically, in a converted rowhome, the top level will be the most expensive unit. It appears that Unit 1, which is the lower level, was retained by the developers.

The biggest challenge with a condominium consisting of a small number of units tends to be managing the investor ratio. Financing the purchase of a unit becomes difficult once the investor ratio in a building exceeds 50% (i.e. in a two unit building, one of the owners decides to rent out his/her unit). I’m currently working on a listing in a building with three units, two of which are rented out. I’ve contacted numerous lenders prior to marketing the property and have received responses ranging from not being able to get financing at all, to a couple of lenders who have in house portfolio loan products that would require 20% or 25% down payment (rare for first time buyers), to one lender who is able to provide options at 5% down.

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: 1730 New Hampshire Ave NW #13
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Dupont
Original List Price: $335,000.
List Price at Contract: $335,000.
List Date: 10/17/2011
Days on Market: 12
Settled Sales Price: $336,600.
Price per Square Foot: $486. (692 Square Feet per Tax Record)
Settlement Date: 11/21/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post 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.

Originally built as a single family residence in 1893, 1730 New Hampshire Avenue NW is currently comprised of 22 condominium units divided between the historic main home and the carriage house in the back. Several of the units are accessed through a courtyard between the two structures. The courtyard area includes a number of outdoor stairways and various private and common decks. The property was developed in the mid 1990’s by Keener Squire, who also completed such notable projects as the 2006 extensive renovation and restoration of the 300+ unit Chastleton located at 16th and R St NW.

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As early as the late 1990’s, listing agents were warning prospective buyers of a high investor ratio in the building, which can make financing a challenge. This makes sense since the units tend to be on the smallish (as in easily outgrown) side and are located in a smoking hot rental market area. Currently, public records suggest that thirteen of the twenty two units are owned by investors (too soon to include this most recent sale).

This particular one bedroom, one bath unit is located in the main house, however, access to the unit is through the courtyard and up the back stairs. I visited the unit with some buyer clients, who were quite enamored with the location, as well as the fabulous high ceilings, original mantles and a working fireplace, and quirky spaces, including a tiny sunroom/den. Ultimately, my clients decided to spend an additional $75,000. to purchase an entire house with a porch and a yard in Bloomingdale.

Of the twenty two units, the most expensive was this 878 square foot two bedroom, two bathroom unit with a private roof deck, which sold in February 2010 for a net of $525,000. The listing for another unit, a two bedroom, one bathroom duplex unit which sold in 2005 for a net of $475,000. has some great pics of the cool parts of the mansion.

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: 71 P St NW
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Old City #2
Original List Price: $499,900.
List Price at Contract: $499,900.
List Date: 09/14/2011
Days on Market: 17
Settled Sales Price: $489,000.
Settlement Date: 10/28/2011
Seller Subsidy: $5000.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post 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. Or, if you really want to see the virtual tour mentioned in the GDoN comments, you can click here. Or, if you are curious what it looked like when it was for sale following the 2005/2006 renovation, you can see that virtual tour here.

Although the listing agent of the subject property for today’s Good Deal of Not Revisted (GDoN-R) did not identify the neighborhood as Truxton Circle, I would have placed it there. P Street is a few short blocks south of where the original Truxton Circle” once existed. In October, I profiled a GDoN-R property on New Jersey Avenue located just a bit south and west of the Truxton Circle neighborhood. I made mention that Truxton Circle is certainly picking up, to which an anonymous commenter responded, “Truxton Circle is not ‘picking up’”.

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For an urban neighborhood with that good old Victorian housing stock, relatively close in to downtown, and within easy access to public transportation, Truxton Circle remains relatively affordable compared to neighboring Bloomingdale and Shaw. Whereas Bloomingdale and Shaw saw surges of renovation in the early 2000s that continue at an aggressive pace, both developers and home buyers are making their way to formerly overlooked and perhaps less competitive (as in not as many multiple offer competitions) neighborhoods like Truxton Circle. In this specific case, the buyer was able to negotiate both a lower than list price and cash towards closing costs.

The subject property was renovated in 2005/2006 following a $300,000. purchase by an investor. In March 2006, when this area was beginning to feel the bursting of the DC real estate bubble, it sold for $410,000. Here are currently active listings in Truxton Circle and nearby, as well as under contract and settled sales since the beginning or 2011.

Featured Property: 506 7th St SE
Legal Subdivision: Capitol Hill
Advertised Subdivision per Listing: Capitol Hill
Original List Price: $390,000.
List Price at Contract: $390,000.
List Date: 09/09/2011
Days on Market: 12
Settled Sales Price: $450,000.
Settlement Date: 10/26/2011
Seller Subsidy: $0.
Bank Owned?: No Short Sale? No
Type Of Financing: Conventional
Original GDoN post 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.

It was pretty clear that commenters to the original Good Deal or Not (GDoN) post expected the price of this home to get bid up. And bid up it did, to $60,000. over the listed price.

The home was not very large, but there’s definitely an appeal to many people for being in the heart of Capitol Hill (and this is in the actual subdivision of Capitol Hill, rather than in Old City). Since November 2010, in addition to the sale of the subject property, the subdivision of Capitol has seen exactly three fee simple sales under half a million dollars.

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In total, there have been one hundred sixteen transfers of fee simple houses over the past year. The average net price of all of these sales is $803,009. Activity was similar during same time frame of the previous year with one hundred fourteen sales and average net price of $799,088. This is actually higher than during what most real estate agents would consider the peak of the market in other parts of the city, from November 2004 to November 2005. During that time frame, there were a total of 170 fee simple sales in this location, and the average net price was $795,074.

Although I would have described the location then as at a premium for proximity to Eastern Market and Metro, the development of Barracks Row has certainly added to the desirability. The residential streets in this location maintain a historic charm and residential feel, while being within such a short distance to these amenities.

Featured Property: 1424 Rhode Island Ave NW Unit F
Legal Subdivision: Old City #2
Advertised Subdivision per Listing: Logan
Original List Price: $791,424.
List Price at Contract: $791,424.
List Date: 09/09/2011
Days on Market: 10
Settled Sales Price: $780,000.
Settlement Date: 10/20/2011
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 the photos, after opening the listing link, scroll through the arrows on the main pic.

Good Deal or Not Revisited (GDoN-R) posts have profiled sales for a range of properties including formstone-laden Victorian castle-like structures, a multi-million dollar contemporary overlooking Rock Creek Park, gut renovated Victorian not-so-castle like structures, a post war apartment building turned condo, and plenty of porch front rowhomes built in the 1920’s and 30’s. Depending on what neighborhood in DC you might find yourself, the architectural vibe can be quite different from block to block. Clearly tastes, technologies, and perceptions of amenities change from one stylistic era to another. Personally, I enjoy stepping into the past and imagining the 1970s homeowners’ delight at upgrading to Harvest Gold Kenmore appliances.

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The comments on the original Good Deal or Not (GDoN) post for the subject property (see link above) were not very kind to the late 1980’s/early 1990’s design. Regardless, the property sold quickly at 98.56% of the list price, so it obviously appealed to somebody. According to a couple of the listings over the years, this row of properties was designed by architect Dudley Canada. Another gem excised from past listings…in 1996, the listing agent made special note that the location was “next to HoJo’s”.

Although the entire row is unified in appearance, the units at 1418, 1420, and 1422 Rhode Island Ave NW are fee simple homes. They do not even appear to have a monthly fee, which would indicate a homeowners association for any shared maintenance. The subject property, 1424 Rhode Island Ave NW #F, as well as 1426 #B,C,D, and E, which are off of a court yard, are structured as condominium ownership. The condo ownership structures seem to be quite large, and even include rentable basement studio units.