This home is located at 516 Buchanan Street, NW:

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The flier says:

“Completely renovated! Wide open spaces! HWFs, granite & stainless kitchen, custom finishes. Deck off the family room overlooks a landscaped lawn with flowering trees and convenient off-street parking for 2. Light pours through 3 skylights and transom windows throughout the upper level. Finished LL w/ enormous 4th BR, den, full bath & extra storage.”

You can find more info here and a virtual tour here.

The reader writes:

“516 Buchanan St NW just went on the market after month-long rehab, and I must say that the results really impressed me. I live a few doors down, and I’ve watched this house for the last couple of years as it went from rental property to vacant to rebirth. Prior to being rehabbed it had been on the market in as-is condition, and on at least one occasion it looked like it was going to sell as such. Eventually it went into foreclosure and was purchased for under $200k. The rear addition is new, and having watched the construction work I can tell you that the developer did much more than a facelift on the interior. I’ve been inside and the place really looks fantastic, and if I didn’t already own my house I would have been hugely tempted to buy the house before it was rehabbed and done the same job myself. I’m wondering what PoPville thinks of the job and whether it’s a good deal.”

What do you guys think – does $525,000 sound reasonable?

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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: 6 Grant Circle NW

Original List Price: $350,000.

List Price at Contract: $364,950.

List Date: 01/13/2010

Days on Market: 20

Settled Sales Price: $370,000.

Settlement Date: 02/22/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Cash

Original GDoN Post is: here.

Recent Listing is: here.

I realize that this is the third Good Deal or Not Revisited (GDoN-R) that is a cash deal. This one was a request by a reader for a revisit, but the prevalence of cash deals in our current real estate market is definitely worth noting. There is a very active investor market in play at the moment. I had an agent tell me the other day that he had 100 showings within 6 days of putting a house on the market. (That property was in the north end of Columbia Heights.)

This property is somewhat different in that a) it was not a foreclosure, and b) it started off with a list price in the mid-$300,000’s. The original list price for the property was $350,000. A couple of days later (possibly because of the traffic they were seeing?) the list price was bumped up to $369,950. There was an initial contract during what sounds like (from comments on the original PoP post and from the listing comments) a multiple offer situation. It came back on the market, went under full contract on 02/13/2010, and settled a mere nine days later. A shortened transaction time is a huge benefit of cash deals for Sellers. With new lender requirements, both internally generated and new legislation affecting the lending process, I am telling my buyers who are utilizing financing to plan on a 45 day timeframe from contract to settlement. (We used to expect a 30 day turnaround.)

I have to say that Grant Circle is my second favorite circle in DC, so I am not surprised at the appeal of the location. Between the Beautiful Life tree and the proximity to Metro, I personally think it’s an awesome location. Additionally, both the house and the lot are quite large, even by Petworthian standards. In the comments to the original GDoN post, there was a bit of discussion regarding the costs to complete the renovation of the property. Unfortunately, I did not get into this property when it was available, so I am not able to comment on the extent of the work required, despite the pictures provided in the listing.

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This house is located at 3829 10th Street, NW:

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The flier says:

“HIGHLY EFFICIENT in every way. The renovation is superb, the location is ideal 2blks to Metro & resturants. 3 lovely BRs w/ HUGE closets. 3.5 BAs w/ granite, ceramic & nickel. An open floor plan adorned w/ crown moldings, tray ceilings, chair railings, hrdwd flrs, surround sound, intercom, granite, stainless appl, 42′bambo cabinets, breakfast nook, full entertaining bsmt, 1 car garage, 2 car pkg pa”

You can find more info and lots of photos here.

What do you think of the reno itself? Does $639,000 sound reasonable for this 3 bed/3.5 bath?

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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: 4824 7th St NW

Original List Price: $165,000.

List Price at Contract: $165,000.

List Date: 10/12/2009

Days on Market: 4

Settled Sales Price: $151,155.

Settlement Date: 12/01/2009

Seller Subsidy: $0.

Bank Owned?: Yes

Type Of Financing: Cash

Original GDoN Post is: here.

Recent Listing is: here.

To better understand this property, please indulge me for a moment while we take the time machine back to the DC real estate market circa 2005/2006. Up to approximately that point in time, property values had escalated for several consecutive years, at an unreal pace. Lenders were bending over themselves to lend money to pretty much anybody who could fog a mirror, including investors. Down payments were non-existent or very low. In cases where down payments were necessary, it was possible for investors to cross-collateralize off of equity in other properties. In this climate, the price to acquire shells (and otherwise crappy properties) went through the roof. (Note that the subject property was purchased in 2006 for $375,000.)

From about 2006, the investor market dropped back considerably. As prices began to fall on fully renovated properties, investors could not make the numbers work. For a while there, I expect that the majority of properties purchased with renovation in mind were bought by end users (owner occupants). Some folks at the time blamed speculators for both driving up the market prices, and for the bust after they all dropped out of sight. Continues after the jump. Read Full Post

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These condos are located at 1350 Randolph Street, NW:

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The flier says:

“BRAND NEW – new boutique condo. 2 bed + 2 bath. Private porch. Architecturally stunning, blocks from Columbia Heights metro. Reclaimed wood floor. W & D, stainless steel appliances, Euro kitchen & Ann Sacks tiled bath. GARAGE PARKING AVAILABLE. Pets OK. PRICE LOWERED 30K!”

You can find more info and photos here.

Here’s a good example of a classic row house that was converted into three 2 bedroom condos. Firstly what do you think of the unit itself? Personally I think it looks pretty good. Unit #2 is going for $329,900. Does that sound reasonable for a 2 bed/2 bath in this location?

You can see Unit #1 here ($299,900) and Unit #3 here ($359,900).

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This home is located at 6 Grant Circle, NW:

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The flier says:

“Owner started renovating but lost energy – his loss is your gain. AC installed, kitchen and baths updated, basement studded out for in law suite – Owner has saved the beautiful woodwork that set this home apart. Elegant home on Grant Circle is just a little sweat equity away – All the hard work is done – now just waiting for your touches.”

You can find more info here and a virtual tour here.

I am a bit biased but I love the location. I would however be a bit daunted at the remaining work that needs to be completed. How much do you think it will cost to finish up all the work? Given that does $369,950 sound reasonable?

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This home is located at 4125 4th Street, NW:

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The flier says:

“Gorgeous urban renovation, tastfully completed. Recess lighting, crown molding, exposed brick, granite kitch + bath, lots of storage (incl. attic), mudd room and bonus room on main lvl. New windows, double deck and two car parking w/ plenty of street prkg. Proximity to metro trasport/downtown/restaurants/shopping a plus.”

You can find more info and photos here.

Wow, I’m pretty impressed with the photos. I had no idea it looked like this on the inside. Full disclosure: I live nearby, not sure how much that drags down the price… So what do you think of the photos? Does $409,500 sound reasonable for this 3 bed/2 bath?

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This home is located at 1344 Taylor Street, NW:

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The flier says:

“REDUCE 25K! SHORT SALE! Gorgeous, large row house restored to orig. 2 yrs ago, Gourmet kitchen, granite counters, s/s appl hardwood floors, 2 blocks from Rock Creek Park, Great setback from street, wrought iron gate in front w/ stonework, beautiful front porch. Enclosed back yard w/ landscaped garden, outdoor kitchen & deck, 2 car garage+1 pkg spac. 1BR BSMT APT $1,250 Mnth. Third party approval req”

You can find more info and photos here.

Wow, we had a talk about this house a couple years ago when I was admiring the knights. I was pretty psyched at the opportunity to see some photos from inside. What do you think of the renovation? The price has dropped pretty significantly. It was originally on the market for $675,000 and is now asking $495,000. Sound reasonable? Do you think the knights are included…?

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This home is located at 927 Delafield Place, NW:

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The flier says:

“Semidetached totally renovated quality renovation by Banana DC Enterprises. Sunfilled from over 20 windows, finished basement with 3rd full bath, 2 master suites w 10 ft. ceilings, beautiful wood floors, carpeted bedrooms & basement, skylite , ceiling fans, gorgeous kitchen, sun deck, patio/parking pad and all 1 mi. to Petworth metro.”

You can see more info and photos here.

Given all the potential coming to Georgia Ave and the fact that this home is a stone’s throw from two great restaurants – Fusion and Moroni’s, I’m super curious to know what you think about this price. Well, first after you check the photos you can see this is a complete renovation. Do you thing they did a good job? I was surprised to see that it was a 2 bed/3 bath. Does $399,500 sound reasonable?

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This home is located at 425 Decatur Street, NW:

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The flier says:

“Fully available! Hot Petworth, granite counters, stainless appliances, hardwood floors, ceramic tile, solid maple cabinets, jacuzzi, closet space, finished basement, covered deck, off street parking, and more. Needs paint, carpet, and one smart buyer. One bank, but be patient to get this great deal. We’ll get it done, and you’ll get instant equity!!”

You can find more info and photos here.

It was originally going for $400,000 but has now dropped to $345,000. Sound reasonable? What do you think of the house itself?

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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: 613 Upshur St NW

Original List Price: $549,000.

List Price at Contract: $549,000.

List Date: 10/23/2009

Days on Market: 4

Settled Sales Price: $549,000.

Settlement Date: 11/30/2009

Seller Subsidy: $0.

Bank Owned?: No. Tax records indicate that it was sold by an investor (non-owner occupant).

Type Of Financing: Conventional with $137,250. down payment

Original GDoN Post is: here.

Recent Listing is: here. Virtual tour is here.

Full price sale. $549,000. Under contract in four days…Fantastic.

This one drew a lot of comments for a Good Deal or Not (GDoN) post. Most readers seemed to like the renovation, although some pondered when we shall see an end to the granite/stainless trend of the 2000s. Located on Upshur, just a few blocks from Metro, Domku, and the organic market, this nicely done rehab featured the unusual amenity of a loft in the owners’ suite.

The recent sellers were investors out of McLean, VA and acquired the property for $181,000. in July 2009. I did not find a prior listing or any foreclosure records for the property, so my guess is that it was a direct buy from an estate. Someone mentioned that investors paying cash for the lower priced homes is frustrating for home buyers attempting to purchase for themselves. As an agent, I agree that it can be tough on owner occupant buyers, however, in my opinion, tougher lending standards for investors have led to a better quality of renovations. The lower prices have brought back the investors and subsequently areas like Petworth are seeing a surge in stunning rehabs. This is great for Petworth homeowners, as the values and desirability of the neighborhood are strong. Given that available inventory has dwindled over the past six months or so, prospective buyers are, in some cases, surprised to find themselves competing in what they expected to be a Buyers market.

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This home is located at 4301 Kansas Avenue, NW:

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The flier says:

“Gorgeous Victorian Mansion. Amazing renovation with huge open living space, 7 bedrooms. Sep Dining Rm. Beautiful hardwood floors, high ceilings, audio sys speakers. Wrap-around porch. Encl brick patio. Two-story garage. With contract and negotiated terms developer will customize property including finished basement, create master suite and/or paved driveway.”

You can find more info and photos here and a mouse on house tour here.

Wow, this house is huge. What do you think of the renovation? I know folks have questioned in the past exactly how much a home in Petworth can go for and I suspect this price may bring similar comments. But I am curious to hear what you think about the home itself. This 7 bed/4 bath is going for $899,000.

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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: 610 Upshur St NW

Original List Price: $375,000.

List Price at Contract: $285,000.

List Date: 03/19/2009

Days on Market: 142

Settled Sales Price: $267,200.

Settlement Date:  10/16/2009

Seller Subsidy:  $10,700.

Bank Owned?: No

Type Of Financing: FHA with loan amount of $296,726.  The property was not in condition that would meet criteria for a regular FHA loan.  This was likely a 203 streamline product.

Original GDoN Post is:   Here.

Recent Listing is:  Here. Sorry. No extra pics.

Good Deal or Not (GDoN) commenters were at a disadvantage on this one in that there were no interior photos posted with the listing. I visited this property with buyer clients back in the Spring when it was newly listed. The property had been owned by an organization called, “Anchor Mental Health” and may have been a group home. It had been cleaned out prior to listing, but definitely was in need of updating. The property is a detached brick home and, as Jamie mentioned in the GDoN comments, it is wedge shaped. Anybody who has looked at lots of houses in Petworth is used to seeing about two or three variations upon the basic porch front rowhouse floor plan, so in relation, the layout of this property is a bit unique. If I recall correctly, the staircase was straight and central, with a rectangular dining room on one side of the stairs and a rectangular living room on the other side and the kitchen along the back. There are four bedrooms on the second level. Continues after the jump. Read Full Post

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This home is located at 734 Rock Creek Church Road, NW:

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The flier says:

“Beautifully renovated 1910 townhome on a quiet street just one block from Georgia Ave/Petworth Metro/Shopping Ctr. Main level entry with artfully exposed brick, LR w/ fire-place, elegant dining, btfl kitchen. Second level 3BRs, ldry rm, 3rd level light-flooded master BR-Suite w/sitting area, study, his/hers closets, dbl vanity and jet tub, lwr lvl 2BR aptmt with Cert. of Occupancy,rent $1500/month”

More info and photos found here. I’ve received the most emails requesting a GDoN for this house. It does look pretty nice, but most who’ve written think the price may be a bit high. What do you guys think of the home itself? Do you think $724,900 is realistic?

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This condo is located at 235 Emerson Street, NW:

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The flier says:

“SELLER MUST SELL!!TUDOR REVIVAL-STYLED APARTMENT HISTORIC LANDMARK IS LISTED IN THE “BEST ADDRESS BOOK”. SEP DINING ROOM, ARCHWAYS, HIGH CEILINGS, GORGEOUS HARDWOOD FLOORS AND UNIT OVER LOOKS LOVELY COURTYARD, “GREAT FOR WALKS & JOGGING”, NEWER REFRIDGERATOR & STOVE, 2 CEILING FANS. ALL UTLITIES EXCEPT ELEC. WALK TO METRO!NEW WINDOWS COMING!can rent after 2yrs!”

More info and photos found here.

This place looks like it has some sweet old school details. The listing says it is under contract but it has been under contract for ages so perhaps the deal may not go through? If it doesn’t this price seems ridiculously good. Is $107,000 for this 1 bed/1bath the deal of the century?

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