Deal of the Week: Sought After in 20002

February 7, 2012
6 Comments

by UrbanTurf Staff

1376 F Street NE

In February 2011, UrbanTurf analyzed the housing market in the 20002 zip code, and found that sales of three-bedroom homes were up 32 percent from the previous year. This statistic, combined with a supply of three-bedroom listings just south of 3.5 month’s, led our housing market guru Keith Gibbons to conclude that “anyone thinking of buying in 20002 should move quickly when they find the right home.”

A year later, not much has changed. At the moment, there are only 14 active listings on the market between $400,000 and $700,000 in the zip code that includes much of Capitol Hill, the H Street Corridor and Hill East. The low inventory and a price per square foot of about $380 were big factors in our pick for this installment of Deal of the Week.

The 1,570 square-foot three-bedroom south of H Street has a large living space, and stand-out features including a finished lower level with a large storage area and a back deck/patio area. Fifty people came to the Saturday open house and the Super Bowl Sunday traffic almost equaled that number. The listing already has two registered offers, so chances are it will be off the market by the end of the week.

More details and photos below.

Address: 1376 F Street NE (map)
Price: $598,750
Bedrooms: Three
Bathrooms: Two
Square Footage: 1,570
Price Per Square Foot: $381

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: $479,000
Principal and Interest: $2,287
Property Taxes: $375/month
Total Monthly Payments: $2,662

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_sought_after_in_20002/5076

6 Comments

Tom A. said at 11:19 am on Tuesday February 7, 2012:
A great deal! But why do people keep selling it at cost? It sold in 2007 for 590k, and in 2010 for 590k.

Maybe they’re hoping for a bidding war this time. I’m sure they’ll get one!

Metro Dog said at 5:20 pm on Tuesday February 7, 2012:
This listing agent listed another property in the neighborhood several months ago. He liked to price the property far below the market value for quick sale. Although there’s usually a bidding war, in the end the price at settlement is still much lower than what the seller could have obtained if he priced it right. I would never ask him to list my properties.

anon said at 8:53 am on Wednesday February 8, 2012:
Metro Dog, I am not the listing agent but rather a real estate agent in the DC area and what makes you so sure you know what he was thinking when we priced this? Ultimately, sellers set the price. Bashing someone on a real estate blog is pretty lame. Also, unless the sellers have done significant work to the property since 2010, why should they price higher? If you think people are making tons more money since 2007 then you are wrong.

Betterthanarealestateagent said at 10:29 am on Wednesday February 8, 2012:
@ anon 7:53,

Please tell me you are not really a real estate agent. Are you saying that the only way a seller can list their property higher than what they paid for it, is if they did work on it?! What if supply has tightened and demand has gone through the roof since they bought the home(like right about now for example)? Prices have shot up since 2008 incredibly, especially in the 20002 zip. I bought my house on H St in 2008 and follow the market extremely closely. With all due respect, I think you are way off.

Metro Dog said at 2:08 pm on Wednesday February 8, 2012:
Anon,

If you are not the listing agent, I will just say you are ignorant. This house has already received multiple contracts and have been ratified within a few days’ listing and the settlement price will be well above the listing. I am doing developments in the neighborhood and I have to know what exact price these houses can sell for.