Deal of the Week: Gone in a Blink of an Eye

• January 17, 2012
• 3 Comments

by UrbanTurf Staff

2223 13th Street NW

About a month ago, we featured a three-bedroom home on 13th Street just south of Florida Avenue NW that, despite having a number of its original details in place, needed extensive renovations, according to the listing agent. We deemed that home (listed for $449,900) a good deal, but it has since been taken off the market. However, last Thursday, a very similar property next door to that one went on the market at about a $40,000 discount.

The combination of no interior photos and a listing description that notes that it “needs renovation” are two clear indications that the home is in pretty rough shape. But that didn’t deter fast-acting buyers. We checked back in on the house during the holiday yesterday and saw that it went under contract not much more than 24 hours after hitting the market, proving that if you want a fixer-upper in this market, you need to move quickly.

More details below.

• Full Listing: 2223 13th Street NW (map)
• Price: $409,900
• Bedrooms: Three
• Bathrooms: One
• Square Footage: 1,642
• Listing Agent: Saundra Austin, IRA Real Estate

Chances are that this was an all-cash deal, but here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 4 percent.

• Loan Amount: $327,920
• Principal and Interest: $1,566
• Property Taxes: $353/month
• Total Monthly Payments: $1,919

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_gone_in_a_blink_of_an_eye/4920

3 Comments

1. U Streeter said at 12:06 pm on Tuesday January 17, 2012:

   I previewed both houses and they required at least a couple hundred thousand dollars worth of repairs.  Good luck to whoever bought 2223 if you are not a developer!

1. ellory said at 12:29 pm on Tuesday January 17, 2012:

   I took a peek as well and would put the renovations at about 100 to 150,000. If the buyer can make it work at 100, a very good deal.

1. anon said at 6:12 pm on Tuesday January 17, 2012:

   Since it will likely be worth at least $700K when reno is done - even a private buyer paying retail for all work will be fine.

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