Massive markdown on DuPont condo

[Anonymous]

https://www.redfin.com/DC/Washington/1829-16th-St-NW-20009/unit-4/home/9868068

What do we think is happening here? Also can someone figure out the entrance situation with the stairs?

I personally love the place. Super classy and unique finishes but maybe this turns a lot of folks off.

[Anonymous]

I am not clear from the photos and the description of the unique touches are real or “imagined”.

[Anonymous]

Oh ha yea. It isn't clear if there are real or virtual. It might be that half are real and others imagined.

[Anonymous]

Original owners. They were delusional thinking they could sell this for $1.2m. The kitchen is original. At least one of the bathroom probably too (back paint makes it look more modern).

[Anonymous]

That listing is weird. The powder room (?) off the living room has three different floor tiles/wall color combinations in the various pictures and it's not clear to me which is real (I would assume the black is the real look because it's the ugliest? Why would you magick that into the shot if it's not there for real? But it's not obvious). The fireplace goes through some changes from picture to picture as well.

If they're going to AI things, I prefer it to be like "blank slate picture/here's what it would look like with furniture!" one-by-one, or all regular pictures, then floor plan, then realtor fever dream ideas at the end.

[Anonymous]

Anonymous wrote:That listing is weird. The powder room (?) off the living room has three different floor tiles/wall color combinations in the various pictures and it's not clear to me which is real (I would assume the black is the real look because it's the ugliest? Why would you magick that into the shot if it's not there for real? But it's not obvious). The fireplace goes through some changes from picture to picture as well.

If they're going to AI things, I prefer it to be like "blank slate picture/here's what it would look like with furniture!" one-by-one, or all regular pictures, then floor plan, then realtor fever dream ideas at the end.

+1000

[Anonymous]

Agreed that the listing is super odd. Can someone go look in person and report back? 🤣🤣

[Anonymous]

Is the place being "reimagined" by AI? I'm confused.

[Anonymous]

According to the city website it's owned by a trustee and behind more than $8k in taxes. There's no recent sales record and its condition is described as "average." So, yea, the pics are bullshit.

It's also a 3rd floor walkup with a nearly $800 a month condo fee for a building with no amenities

[Anonymous]

Anonymous wrote:According to the city website it's owned by a trustee and behind more than $8k in taxes. There's no recent sales record and its condition is described as "average." So, yea, the pics are bullshit.

It's also a 3rd floor walkup with a nearly $800 a month condo fee for a building with no amenities

Yikes. It should be selling for less than 400k.

[Anonymous]

Yes, too pricey for what you get - 400k as person said.

[Anonymous]

It is still obscenely expensive even after the markdown. At $700K that's $5,200 a month in PITI, which is at least $1,000/mo more than market rent for a similar place, so not only will you be paying more than renting, you will likely be waiting a decade or more to be able to rent it for more than your carrying costs.

[Anonymous]

Anonymous wrote:It is still obscenely expensive even after the markdown. At $700K that's $5,200 a month in PITI, which is at least $1,000/mo more than market rent for a similar place, so not only will you be paying more than renting, you will likely be waiting a decade or more to be able to rent it for more than your carrying costs.

Well, it's nearly 1500 square feet and has a garage so I think it would rent for more than you think. And the interest is tax deductible so the effective cost is close to what it would likely rent for.

[Anonymous]

$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

[Anonymous]

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

Yea it should go for at least 6. It's interesting, though: we sold a nice condo less than a block from this one 7 years ago and its Redfin estimate is no higher today than it was then.