new in CC DC - is this crazy or am I out of touch?

[Anonymous]

I live close to this house on Nevada in CC and have been driving by it almost daily for a while. it was a very small house very in disrepair, in small lot, until the fall when somebody bought it. I noticed somebody working in it in the past months and guessed that an investor had bought it for fixing it up and flipping. apparently the house was bought for around 585K . it is now for sale for 1.2 million!!!! the yard has been cleaned, and the house looks still small from the outside, but apparently it was gutted inside and an addition was made in the back, so it went from 3 bd 1 bth to 5 bd and 3.5 bth. still, the lot is very small, the house not that charming, the area is nice but Nevada is a little busy, i would never pay more than 800K for that place, and 1.2 million seems really a lot (I would never buy that house if I had it). am I out of touch, or this is an unreasonable price of this place?

http://www.redfin.com/DC/Washington/5428-Nevada-Ave-NW-20015/home/9978462

[Anonymous]

It's unreasonable. The flipper also did the house down
Nevada, at Oliver and it was horrible - bad design and shoddy workmanship. They reduced the price and did sell it. They look to be the same guys also doing a house on 33rd Street. I'll be shocked if they can get anywhere close to what they're asking.

[Anonymous]

FWIW, I'm betting that there's an error in the listing and they never updated the square footage. The pictures seem to suggest a home that's closer to about 2000 sq feet. The description does say the house has been "expanded."

[Anonymous]

I'm guessing that this will go for over $1M, but not by much. The market in the area is surprisingly crazy these days.

[Anonymous]

Anonymous wrote:It's unreasonable. The flipper also did the house down
Nevada, at Oliver and it was horrible - bad design and shoddy workmanship. They reduced the price and did sell it. They look to be the same guys also doing a house on 33rd Street. I'll be shocked if they can get anywhere close to what they're asking.

really, it was the same guys? I'm a little surprised. I saw both houses. The first was really shoddy, bizarre layout, builder grade fixtures and such. Even my agent laughed at the list price. Ultimately it went for $1,050,000. This one was done much better, and had a much nicer layout, although zero curb appeal. Given that the other one went for $1,050, I think this one will go for at least $1.1 or $1.150.

OP, I know its insane, and I live in the neighborhood too, but $800 will not get you much these days - probably an original, non-updated 3BR/2BA colonial on a busy street.

[Anonymous]

OP here, I am clearly out of touch. good news though, maybe my nearby house has increased in value since we bought it in 2010, and with some updates would increase even more.................. but I am still going to be curious to see for how much that thing is going to sell

[Anonymous]

s/o, I wonder why they opened up the floorplan but it looks like the actual kitchen work area is still a galley kitchen (even though it opens to the room). That's a little strange.

[Anonymous]

It looks worth it to me too.

[Anonymous]

Well, you are paying a premium for it to be move-in-ready.

I totally agree with a previous poster - $800k really doesn't buy you much in that neighborhood!

[Anonymous]

that is definitely worth over $800k or $900k,and likely the same $1.05m as the other one. at the $1.2m range people will be going for bigger lots, 2 car garages and possibly different ES, MS, and HS districts.

[Anonymous]

Anonymous wrote:that is definitely worth over $800k or $900k,and likely the same $1.05m as the other one. at the $1.2m range people will be going for bigger lots, 2 car garages and possibly different ES, MS, and HS districts.

Not really. We're looking to spend 1.5 in this neighborhood and want none of the things you mention except bigget lot. We just want a real family room, nice kitchen," 4 br and office, and quiet street. Still , no inventory!

[Anonymous]

Anonymous wrote:s/o, I wonder why they opened up the floorplan but it looks like the actual kitchen work area is still a galley kitchen (even though it opens to the room). That's a little strange.

Totally! There's no way 2 people could work in that kitchen! Awful.

[Anonymous]

I think the house is under contract now.

[Anonymous]

wow

[Anonymous]

another shocked neighbor here.

I guess it is a good news anyway, no more eyesore in the area and apparently the area is doing well as far as home prices. a warm welcome to the new neighbor!