Do you know the story behind this partially framed house in Georgetown?
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Anonymous
| 1.9m for an unfinished front wall. No front steps, no front door… https://www.redfin.com/DC/Washington/1600-37th-St-NW-20007/home/9935902 |
Anonymous
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This is down the street from us. They were doing lots of work in fall, very busy work site.
The site got hit with Stop Work orders maybe in January and it hasn't resumed construction. I'm assuming the developer ran out of money or maybe had their line of credit withdrawn. You can look up ownership and financing arrangements on the DC websites for property records. I'm sure there's a local agent who knows the story of what's happening. Frankly, the houses look like the workforce housing you see going up in Montana and ski towns for the workers who can't afford the market-rate rents anymore. |
Anonymous
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FYI - that's the price for only the right side of the structure/end unit. They are actually building two adjoined houses, both of which are subject to Stop Work orders.
1600 37th St NW - $1.9M https://www.redfin.com/DC/Washington/1600-37th-St-NW-20007/home/9935902 3703 Reservoir Rd NW - $1.6M https://www.redfin.com/DC/Washington/3703-Reservoir-Rd-NW-20007/home/9935903 |
Anonymous
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Owner: RES MANAGEMENT SERVICES LLC
11702 BISHOPS CONTENT RD BOWIE MD 20721-2572 They have an outstanding property tax balance of $124,000 on 1600 37th and $38,000 on 3703 Reservoir 
The Redfin transaction history is not correct. DC property records are showing that 3703 Reservoir changed hands in Aug 2022 for $1.45M and 1600 37th changed hands in Aug 2022 for $1.675M. Feels sketchy AF. Make sure you buy the full title insurance, who knows what liens are on these property. Probably lots of unpaid creditors. Lots of public info: https://mytax.dc.gov/_/?Link=PropertyOptions |
Anonymous
Great work PP! And how could they possible be that behind in property taxes, wtf. |
Anonymous
It looks like no property taxes have been paid since 2022 on either property. New entity that purchased in Aug 2023 likely assumed the existing tax liability and that new entity has also not paid any property taxes. At some point last year, DC applied the "vacant" penalty property tax rate which increases the tax rate by 3-4x. So with interest and penalties, that's how you have an outstanding tax bill balloon so quickly. I'd be curious to know which bank is on the hook to assume these properties once the buyer defaults. |
Anonymous
We are dealing w/ a mess w/ dc property taxes at the moment. They are aggressively classifying properties as vacant so they can be taxed at the vacant rate. We moved out and are doing a renovation so obviously have all of the building permits. Instead of checking those (which make a property exempt from being classified as vacant), they went ahead and taxed it as vacant. I filed the appeals forms and was told by dc not to pay taxes yet while it’s under review. In the meantime they sent us a tax bill (at the vacant rate) for $88k. Not saying this is what’s going on here, especially if they have not actually been doing work, but there could be more to it. |
Anonymous
| Perfect opportunity to tear this down and build apartments |
Anonymous
| Group houses for medical students. |
Anonymous
| This isn’t for civilians. |
Anonymous
Wtf are you talking about? It's for military? |
Anonymous
I am pretty sure he/she means that house in its current state (to purchase) is not meant for your average buyer. You really want an investor or someone who really knows what they are doing/dealing with as a) half finished build, b) from the sounds of it unpaid taxes and c) potential liens on property. |
Anonymous
| Price dropped to...1.75 https://www.redfin.com/DC/Washington/1600-37th-St-NW-20007/home/9935902 |
Anonymous
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Price increased to $2.4 million!
Can anyone explain what is actually happening here? |
Anonymous
And it is marked as short sale… Yesterday I came across this listing and the price was actually 1.5, with the description talking about a potential non-guaranteed short sale and calling on savvy investors to make their best offers ready. The whole thing is very bizarre. |