Are these H St. NE / Capitol Hill houses priced appropriately?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:And another, this time in SE. Smaller than the last two but either the picture or the layout make the main floor look pretty spacious. Could also be the fact that it's an end unit. Extremely green! I like the built in in the living room and the back yard has a ton of potential (but also needs a lot of help IMO). I know nothing about schools in this part of Capital Hill/Hill East. $885k.

https://www.redfin.com/DC/Washington/1603-C-St-SE-20003/home/9920463

That one is a FIND!! All those windows! And fantastic location next to Safeway, Metro, the Roost, can walk to Eastern Market as well. Bikers paradise. Payne Elementary a solid choice ... roll up your sleeves and get involved in Eliot-Hine and send your kid there in 10 years (I know, I know). But seriously, somebody, go buy it ASAP.

I suspect (based on the picture quality) this property doesn’t show as well in person. It will need a buyer with vision and willing to do some updates.

+1 and speaking of yard potential, the retaining wall is bowing and I think if you wanted to do more with the yard, you'd probably want to fix it, which can be $$$. I agree this is a great property but also think it has some flaws.

I think this is an area where we might seem prices softening on the Hill. In the past few years, houses like this would go for 900k (or more) easily. Inventory is so low, so many people want to buy here, it's worth it just to get in the door and if the house needs work over the years so be it. But with higher rates, the mortgage payment on a 900k house is going to leave a lot less wiggle room for many buyers, which makes the thought of expensive projects like repairing a retaining wall significantly less tolerable. And for buyers who have the ability to stretch above that to $1m, you can get a newly renovated house.

I don't feel remotely confident in this idea, it's just speculation. But I think where a house like this would easily have had 10 offers right away and potentially gotten bid up to 900 or 910 a year ago, it now might take a few weeks to find a buyer and might go for ask or even below ask. I'll be curious to see how this one, and a few other lovely but flawed properties, shake out. Even without knowing what is going to happen with rates in the next few years, I think it will tell us a lot about house values on the Hill, especially for great properties that haven't gotten the full high-end flip treatment.

[Anonymous]

If it was all dressed up, they'll be asking above $1.3 million, as is sale and market are the reason for a reasonable price and potential for some negotiation. Its not easy to get a light drenched corner townhome in such a convenient area to live.

[Anonymous]

Oh, another fun find: cute (and tiny) condo alternative zoned for Maury for $715k. For first time buyers with intentions for a small family, this could be a much better buy than a condo with fees and shared ownership. The little office off the primary bedroom is great for WFH and the back patio is little but will make the small living space more workable. I would also enjoy the proximity to the Rosedale pool in the summer.

https://www.redfin.com/DC/Washington/237-14th-Pl-NE-20002/home/9916546

[Anonymous]

Anonymous wrote:Oh, another fun find: cute (and tiny) condo alternative zoned for Maury for $715k. For first time buyers with intentions for a small family, this could be a much better buy than a condo with fees and shared ownership. The little office off the primary bedroom is great for WFH and the back patio is little but will make the small living space more workable. I would also enjoy the proximity to the Rosedale pool in the summer.

https://www.redfin.com/DC/Washington/237-14th-Pl-NE-20002/home/9916546

Good condo and good outdoor space.

[Anonymous]

Its a townhome. Great price.

[Anonymous]

Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

[Anonymous]

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

[Anonymous]

This house was discussed pages back, largely because of the outdoor space (people found the pictures off-putting). Was surprised to see it pop up in my Redfin feed today. It was originally listed in June for $1.35m. Now listed at $1.275m. I never understood the objections to the outdoor space -- it's huge and all the hardscaping and old growth is established which makes it ripe for someone to come in and really make it shine with flowers and shrubs. And it's so rare to find a yard that large on the Hill. I also tend to think the house is pretty great. There are little things I don't like (the tile in the kitchen instead of continuing the hardwood) but one thing that really appeals is that it has a very approachable layout. After years of row house living, the idea of living in what is basically a box with one slanted side is appealing -- no more long and narrow living/dining/kitchen situations.

Zoned for Miner and people don't love that end of Maryland Ave, but I'd appreciate the proximity to both Lincoln Park/Eastern Market and H Street.

Curious to see how long this continues to sit and if they'll do a third price reduction. I would have expected it to go by now.

https://www.redfin.com/DC/Washington/1322-Maryland-Ave-NE-20002/home/9912516

[Anonymous]

Anonymous wrote:

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

Un-updated. I think this is something people on the Hill are going to have to get used to with higher rates. The willingness of buyers to purchase something in need of expensive updates (kitchen/bath, any significant layout changes) will depress prices for those homes specifically, because higher rates eat up funds for renovations.

This is different than a recently renovated, "turnkey" home. Buyers who really want to be on the Hill and can afford to buy at $1m or $1.3m will likely accept higher rates for these homes without too much price reduction because the increased mortgage cost will almost certainly be made up for by the way homes in the neighborhood hold and gain value. Your costs are upfront and clear and you get to live in a fully renovated house for that cost.

Any house that you walk in and think "ok I want to gut the kitchen" is going to see a discount because otherwise there is no money to gut the kitchen. Unless you are talking about a huge home or something very special, you aren't going to sell a house on the Hill with a 90s kitchen for a million dollars right now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

It will be interesting to see. It only has 1.5 baths, which is the major downside for me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

It will be interesting to see. It only has 1.5 baths, which is the major downside for me.

Looks like a bidding war to me. But maybe not in the new 7% mortgage reality

[Anonymous]

I don't see an absolute need for full kitchen reno, just some updates.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

Un-updated. I think this is something people on the Hill are going to have to get used to with higher rates. The willingness of buyers to purchase something in need of expensive updates (kitchen/bath, any significant layout changes) will depress prices for those homes specifically, because higher rates eat up funds for renovations.

This is different than a recently renovated, "turnkey" home. Buyers who really want to be on the Hill and can afford to buy at $1m or $1.3m will likely accept higher rates for these homes without too much price reduction because the increased mortgage cost will almost certainly be made up for by the way homes in the neighborhood hold and gain value. Your costs are upfront and clear and you get to live in a fully renovated house for that cost.

Any house that you walk in and think "ok I want to gut the kitchen" is going to see a discount because otherwise there is no money to gut the kitchen. Unless you are talking about a huge home or something very special, you aren't going to sell a house on the Hill with a 90s kitchen for a million dollars right now.

The bathrooms and kitchens are fine. The way you make money is by not over-improving. Someone could move into this house and use the bathroom and kitchens as they are for 18 years then sell it when their kids go to college. FWIW I've seen so many shoddy flips with expensive faults that I would MUCH rather buy a house on the Hill that is not "recently renovated." This house falls into a huge sweet spot IMO. It's definitely getting asking, if not a little more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Another <$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking.

Un-updated. I think this is something people on the Hill are going to have to get used to with higher rates. The willingness of buyers to purchase something in need of expensive updates (kitchen/bath, any significant layout changes) will depress prices for those homes specifically, because higher rates eat up funds for renovations.

This is different than a recently renovated, "turnkey" home. Buyers who really want to be on the Hill and can afford to buy at $1m or $1.3m will likely accept higher rates for these homes without too much price reduction because the increased mortgage cost will almost certainly be made up for by the way homes in the neighborhood hold and gain value. Your costs are upfront and clear and you get to live in a fully renovated house for that cost.

Any house that you walk in and think "ok I want to gut the kitchen" is going to see a discount because otherwise there is no money to gut the kitchen. Unless you are talking about a huge home or something very special, you aren't going to sell a house on the Hill with a 90s kitchen for a million dollars right now.

The bathrooms and kitchens are fine. The way you make money is by not over-improving. Someone could move into this house and use the bathroom and kitchens as they are for 18 years then sell it when their kids go to college. FWIW I've seen so many shoddy flips with expensive faults that I would MUCH rather buy a house on the Hill that is not "recently renovated." This house falls into a huge sweet spot IMO. It's definitely getting asking, if not a little more.

We'll have to wait and see who is right. The kitchen is perfectly livable but not stylish at all, and lacks functionality because of the way it is disconnected to the rest of the main floor.

Ten years ago, yes, people would not have cared that much. But that was before so many homes on the Hill began undergoing gut renovations. You also see a proliferation of condo splits with really upscale finishes on the kitchens and baths. These changes have impacted the attitude of buyers on the Hill, plus prices increasing have changed expectations as well. The Hill used to attract a lot of dual feds or one high-one low earner families. They were buying row homes for 700k or less and they liked the location, walkability, and neighborhood feel.

It's now hard to buy on the hill with less than 300-400k in income, unless you have considerable equity from a prior home. The buyer pool tends to include more Big Law attorneys, consultants, lobbyists, and people working in finance. As the schools have improved, it has attracted a different sort of buyer who hs different expectations. This is why fully renovated homes on the Hill continue to sell quickly at ask (or even above) even since the rate hike, but unrenovated houses are sitting for long periods and taking price cuts.

Again, time will tell. The Maury boundary is obviously a big selling point, but for people with slightly older kids, the MS situation is going to be an obstacle. I expect this house to go for under ask even though I really like it.

[Anonymous]

Capitol Hill now attracts affluent couples who prefer updated look with preserved old charm. They would rather live in a nice converted condo than a dated town house. However, this home is absolutely livable for a frugal family. Just minor updates and modern decor can do a lot.