Capitol Hill State of the Market?
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Anonymous
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We bought peak of last year's market in the "close in" heart of the Hill. Took three offers waiving all/most contingencies, 100k+ escalations, and we landed in a fixer-upper at the top of our budget.
This year's market for the close in Hill seems to be the same. Two interesting datapoints: - 16 8th Street NE - intentionally underpriced estate sale that needs SIGNIFICANT work. Open houses were flooded. Contingent 5 days after listing and sold for $180k over (https://www.redfin.com/DC/Washington/16-8th-St-NE-20002/home/9901644) - 124 6th St NE - Similar play here (same listing agent, I heard). Estate sale with significant work ahead, sold for $150k over ask, contingent 5 days after list (https://www.redfin.com/DC/Washington/124-6th-St-NE-20002/home/9897148) - 420 4th St SE - This one surprised me. Recently renovated, 3br, in zone for Brent, priced at $1.25. I was surprised this sat for 2 weeks and will be curious where it closes (https://www.redfin.com/DC/Washington/420-4th-St-SE-20003/home/9896121). Opens were busy but not crazy busy |
Anonymous
That's not a great block. I know beggars can't be choosers, but I can see there being some hesitation. |
Anonymous
Don't know how much to make of this because there are always some listings that drop their price - so what was the percent that dropped price prior to this year in this neighborhoods. Still though.... https://dc.urbanturf.com/articles/blog/where_are_home_sellers_dropping_their_price_in_dc/21998 |
Anonymous
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I feel like certain parts of the Hill are doing better than the others. I'm seeing a lot of listings in the blocks just south of H Street that have been sitting since the fall, a number of them with significant price cuts. Some need work, some don't:
https://www.redfin.com/DC/Washington/622-G-St-NE-20002/home/9898467 https://www.redfin.com/DC/Washington/511-F-St-NE-20002/home/9896874 https://www.redfin.com/DC/Washington/619-F-St-NE-20002/home/9898822 https://www.redfin.com/DC/Washington/924-Maryland-Ave-NE-20002/home/9904092 https://www.redfin.com/DC/Washington/608-9th-St-NE-20002/home/9902653 |
Anonymous
| Some of those need so much work that they won't even put photos in the listings! These are incorrectly priced - I have been through the one on MD and those photos make it seem larger than IRL. |
Anonymous
| ^^ a lot of those don’t get that it’s not 2021 anymore. |
Anonymous
That might be because H street is not the Hill. Happy to talk about the merits and challenges of real estate on H, but comparing homes on 8th and E. Capitol with homes at 6th and G might as well be looking at Mars. |
Anonymous
F Street is the officially recognized northern border. So yeah, most of those are the Hill. |
Anonymous
Anonymous
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From the article
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Anonymous
It’s also new construction, which I personally would not want. |
Anonymous
How do those first two need “significant” work? |
Anonymous
Not new construction, just renovated. It's still a really old house. |
Anonymous
| Is being inbounds for Brent still the draw it was a few years ago? |
Anonymous
Yes. There are a lot of bad to mediocre elementaries in DC and Brent is not one of them. Being IB for a solid elementary continues to be a draw, especially on the east side of town where schools can be very hit or miss. |