One Million in Mount Rainier

[Anonymous]

Anonymous wrote:There is a development like this near H Street NW. When the neighborhood was getting hot, some developer bought up a half block for cheap and built like 5 or 6 huge row homes there. They are all four stories, 4-5 bedrooms, tons of square footage (like 2x or 3x as much as most surrounding houses). Then listed them all for a million. They sat forever and I think some of them never sold and are still either vacant or rentals. They are ugly with contractor grade finishes, limited outdoor space, and the location itself isn't even that great (located near a busy intersection that can be loud, with limited street parking).

These developers acquire land for cheap and get dollar signs in their eyes when they see what houses in the neighborhood are going for. But just building a cheap, huge house is a dumb use of that resource. The best possible option would be to build a multi-family building and selling all units for slightly less than what a SFH in the neighborhood would go for. So like in Mt. Rainier, if a 1600 st ft SFH would go for 800k, build a multi-unit building with 4-5 residences that sell for 500-600k. You will make more money AND you will sell faster because there will be demand for housing that comes under that 800k mark.

Instead they build one giant house with cheap finishes and want MORE than the 1600 sq ft house would go for. Why would anyone buy it? Unless you have four kids, you don't need all that extra space, and most people have enough taste to prefer a charming smaller home than this ugly tract housing.

It's just greed combined with poor judgment.

Yeah I mean this is crap, but people have done good/profitable developments in the neighborhood. Lots of more normal SFHs, those fancy/expensive rowhouses on Newton. There were a couple multi-family units that were supposedly super-green that sold IIRC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:There are some really nice houses in Mt. Rainier... and that is not one of them.

What are a few of your favorites?

Also, if you're spending a mil, are you going to do that in Mt. Rainier?

There aren't any on the market right now. There are basically no regular houses listed, just a motley crew of strangeness. Regular houses come and go quickly and there aren't very many.

[Anonymous]

Didn’t realize a house sold for 825k recently:

https://redf.in/wPZjQH

[Anonymous]

It's in a flood zone 9. No mortgage for you.

[Anonymous]

Anonymous wrote:It's in a flood zone 9. No mortgage for you.

That's not even the part of town that floods!

[Anonymous]

I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

[Anonymous]

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

Sure. But it would have to be like the nicest house Mount Rainier has ever seen. I’m also just flabbergasted that 6 years ago, we bought the most expensive house in MtR and now things are going for hundreds of thousands over that. I do wonder where the market caps out here.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

Sure. But it would have to be like the nicest house Mount Rainier has ever seen. I’m also just flabbergasted that 6 years ago, we bought the most expensive house in MtR and now things are going for hundreds of thousands over that. I do wonder where the market caps out here.

You do realize that inflation exists, right?

[Anonymous]

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

I think so too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

Sure. But it would have to be like the nicest house Mount Rainier has ever seen. I’m also just flabbergasted that 6 years ago, we bought the most expensive house in MtR and now things are going for hundreds of thousands over that. I do wonder where the market caps out here.

You do realize that inflation exists, right?

Yes … and the prices have risen well beyond inflation, but thanks for coming out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

Sure. But it would have to be like the nicest house Mount Rainier has ever seen. I’m also just flabbergasted that 6 years ago, we bought the most expensive house in MtR and now things are going for hundreds of thousands over that. I do wonder where the market caps out here.

You do realize that inflation exists, right?

Yes … and the prices have risen well beyond inflation, but thanks for coming out.

umm... yes, because of housing shortages. that is Econ 101.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

I think so too.

There are a few blocks with really big, pretty houses on big lots that mostly need full renovations. I can definitely see them selling for $1m in the future partly because idk how you would get them done for much less. But right now we seem to be attracting picky wealthy buyers and cheap, weirdly illogical flippers. What we need is fancy pants flippers! It takes so little. When a nicely renovated house comes on the market there is always a feeding frenzy. So it feels like the market works. But then, you get this house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I do think a really nice done flip could sell for $1 million in Mount Rainier. This is not nicely done, however.

An obvious sign that Mount Rainier is becoming hot is that crummy flips like these will just sit on the market for months. The Mount Rainier area is definitely attracting a wealthier and more pickier buyer.

-DMV realtor

I think so too.

There are a few blocks with really big, pretty houses on big lots that mostly need full renovations. I can definitely see them selling for $1m in the future partly because idk how you would get them done for much less. But right now we seem to be attracting picky wealthy buyers and cheap, weirdly illogical flippers. What we need is fancy pants flippers! It takes so little. When a nicely renovated house comes on the market there is always a feeding frenzy. So it feels like the market works. But then, you get this house.

💯

[Anonymous]

Anonymous wrote:Didn’t realize a house sold for 825k recently:

https://redf.in/wPZjQH

This is soooo much nicer!

[Anonymous]

This house is down to 849k