What do we think? Friday in AU Park Edition ($1.575k)

[Anonymous]

Anonymous wrote:Do a search on this forum for "Pasadena" and you will see where I'm coming from. 150 hits. There is someone here who posts obsessively. Apologies if it isn't you!

And I'm happy here, too. But I still love California and miss it. I just think it's really strange how frequently people post listings in Pasadena in response to people's DC queries. Also San Diego.

Also searches for Orange County, Bay Area, and San Francisco literally draws hundreds of posts across all Forums as well. Perhaps there are just a lot of transplants, like you, who miss their home state, or just a lot of California Dreamin'.

[Anonymous]

For $1.5M, I really wouldn't want to live in AU Park.

[Anonymous]

Anonymous wrote:The price seems a bit high, but one thing that really seems unique about this house is that it seems like a full-house renovation, rather than a piece-meal renovation (like most houses including my own). And the decor makes it look especially good. I think it would still look good without the beautiful decor, but perhaps not as great.

The yard is nice and the fence is beautiful -- looks like the spent a pretty penny on that fence.

For me, since this house is just a few blocks from Bethesda, I'd probably just go with Bethesda. But I drive past this house occasionally when I'm in the neighborhood, and it looks like a very nice house in a nice part of AU Park.

The reason it looks like a whole house reno is probably that it was redeveloped ("flipped") in 2004-5. Bought for 450k in 2004, sold one year later for 1.1m, to the current sellers. They are now trying to make some money on it, FSBO, but it may be that the value has not risen much from what they paid 10 years ago. We'll see within the next few weeks.

[Anonymous]

Anonymous wrote:Ok, this thread went left.

+1 I still don't get the random Sierra Madre thing. It's apples to oranges and doesn't really add to the conversation except to muddy the waters so thanks?

[Anonymous]

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

[Anonymous]

Pasadena?? What the heck does that have to do with anything? I can probably buy a palace in Micronesia for this money, but who gives a shit?

This AU Park house has a small yard, like many in that neighborhood, and most of the rooms are not particularly spacious. Kitchen feels cramped. Basement is small. Just because the owners have a reasonably good decorating eye doesn't translate into house value!

[Anonymous]

Ok BACK TO THE AU HOUSE!

House has been on the market for 2 weeks. In this market, it should be under contract already....unless its priced too high. So I stand by my first observation - its over priced by $200K.

And like another PP said. For $1.5M, not sure Id live in AU Park.

[Anonymous]

Anonymous wrote:Ok BACK TO THE AU HOUSE!

House has been on the market for 2 weeks. In this market, it should be under contract already....unless its priced too high. So I stand by my first observation - its over priced by $200K.

And like another PP said. For $1.5M, not sure Id live in AU Park.

It's been on MLS for 2 weeks, but they tried to sell it on their own without a MLS listing for a bit, so the total time is actually longer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

I think if this house was on one of the rare big lots in the neighborhood it might have a chance at selling for $1.4 but it's a small corner lot and they have basically done everything they can with the footprint and yard. Also if I have $1.6 to throw at a house, I'm GOING to want a garage because I'm also the type of person who has a really nice car. For the record, there are plenty of bigger, better and therefor more expensive houses in the neighborhood. The really popular trend for this neighborhood seems to be a guesthouse/garage once you've done everything you can with the main house and this property obviously can't provide that so I can't imagine it going for anything more than $1.3 but I guess we'll see.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

I think if this house was on one of the rare big lots in the neighborhood it might have a chance at selling for $1.4 but it's a small corner lot and they have basically done everything they can with the footprint and yard. Also if I have $1.6 to throw at a house, I'm GOING to want a garage because I'm also the type of person who has a really nice car. For the record, there are plenty of bigger, better and therefor more expensive houses in the neighborhood. The really popular trend for this neighborhood seems to be a guesthouse/garage once you've done everything you can with the main house and this property obviously can't provide that so I can't imagine it going for anything more than $1.3 but I guess we'll see.

As for the garage, amazingly, the newly built house near Ft. Bayard on 47th recently sold for 1.6M:

https://www.redfin.com/DC/Washington/4927-47th-St-NW-20016/home/9947726

No garage. That said, it was a newly built house (rare in the neighborhood) and pretty nicely done. Lot slightly bigger.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

I think if this house was on one of the rare big lots in the neighborhood it might have a chance at selling for $1.4 but it's a small corner lot and they have basically done everything they can with the footprint and yard. Also if I have $1.6 to throw at a house, I'm GOING to want a garage because I'm also the type of person who has a really nice car. For the record, there are plenty of bigger, better and therefor more expensive houses in the neighborhood. The really popular trend for this neighborhood seems to be a guesthouse/garage once you've done everything you can with the main house and this property obviously can't provide that so I can't imagine it going for anything more than $1.3 but I guess we'll see.

As for the garage, amazingly, the newly built house near Ft. Bayard on 47th recently sold for 1.6M:

https://www.redfin.com/DC/Washington/4927-47th-St-NW-20016/home/9947726

No garage. That said, it was a newly built house (rare in the neighborhood) and pretty nicely done. Lot slightly bigger.

1) New build

2) nicely appointed

3) wooded lot...better lot, better curb appeal

4) house is larger

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

I think if this house was on one of the rare big lots in the neighborhood it might have a chance at selling for $1.4 but it's a small corner lot and they have basically done everything they can with the footprint and yard. Also if I have $1.6 to throw at a house, I'm GOING to want a garage because I'm also the type of person who has a really nice car. For the record, there are plenty of bigger, better and therefor more expensive houses in the neighborhood. The really popular trend for this neighborhood seems to be a guesthouse/garage once you've done everything you can with the main house and this property obviously can't provide that so I can't imagine it going for anything more than $1.3 but I guess we'll see.

As for the garage, amazingly, the newly built house near Ft. Bayard on 47th recently sold for 1.6M:

https://www.redfin.com/DC/Washington/4927-47th-St-NW-20016/home/9947726

No garage. That said, it was a newly built house (rare in the neighborhood) and pretty nicely done. Lot slightly bigger.

1) New build

2) nicely appointed

3) wooded lot...better lot, better curb appeal

4) house is larger

I agree. All I was saying that no garage is not necessarily a deal breaker at that price in AU Park.

[Anonymous]

Agree with PPs this is overpriced. Probably because it's FSBO and they are overvaluing their own property (as owners do), the value they think they should get back from their renovations (interesting article in WaPo about this today and how owners think they will get more return from renovations than they actually do), and they are trying to make money off a very high price paid a decade ago.

It's incorrect that things over $1.1 don't move in AUPark, they do if they're properly priced. Things properly priced in that neighborhood move very quickly. Though it does seem a lot of properties have been overpriced lately--it seems like owners are trying to make more (and there have been a couple overpriced flips like this http://www.zillow.com/homes/4125-46th-St-NW,-Dc_rb/). Those properties are sitting.

Here are some examples of houses over $1.1 that have moved quickly in AU Park: http://www.zillow.com/homes/4410-Van-Ness-St-NW-American-University-Park-Washington-DC-20016_rb/, http://www.zillow.com/homes/4123-45th-St-NW-dc_rb/, https://www.redfin.com/DC/Washington/4610-45th-St-NW-20016/home/9948654

[Anonymous]

Anonymous wrote:Agree with PPs this is overpriced. Probably because it's FSBO and they are overvaluing their own property (as owners do), the value they think they should get back from their renovations (interesting article in WaPo about this today and how owners think they will get more return from renovations than they actually do), and they are trying to make money off a very high price paid a decade ago.

It's incorrect that things over $1.1 don't move in AUPark, they do if they're properly priced. Things properly priced in that neighborhood move very quickly. Though it does seem a lot of properties have been overpriced lately--it seems like owners are trying to make more (and there have been a couple overpriced flips like this http://www.zillow.com/homes/4125-46th-St-NW,-Dc_rb/). Those properties are sitting.

Here are some examples of houses over $1.1 that have moved quickly in AU Park: http://www.zillow.com/homes/4410-Van-Ness-St-NW-American-University-Park-Washington-DC-20016_rb/, http://www.zillow.com/homes/4123-45th-St-NW-dc_rb/, https://www.redfin.com/DC/Washington/4610-45th-St-NW-20016/home/9948654

I agree with both of these points. There seem to be a few overpriced clunkers on the market lately.

There is certainly an over 1M$ market here. This is another great example - http://www.zillow.com/homedetails/4535-48th-St-NW-Washington-DC-20016/54655706_zpid/ 1.45 and sold very quickly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:For $1.5M, I really wouldn't want to live in AU Park.

I'll agree, but only because I wouldn't want to own the biggest and therefore most expensive house in the neighborhood (never a wise investment), not because AU Park isn't an awesome place to live, because it is.

I think if this house was on one of the rare big lots in the neighborhood it might have a chance at selling for $1.4 but it's a small corner lot and they have basically done everything they can with the footprint and yard. Also if I have $1.6 to throw at a house, I'm GOING to want a garage because I'm also the type of person who has a really nice car. For the record, there are plenty of bigger, better and therefor more expensive houses in the neighborhood. The really popular trend for this neighborhood seems to be a guesthouse/garage once you've done everything you can with the main house and this property obviously can't provide that so I can't imagine it going for anything more than $1.3 but I guess we'll see.

As for the garage, amazingly, the newly built house near Ft. Bayard on 47th recently sold for 1.6M:

https://www.redfin.com/DC/Washington/4927-47th-St-NW-20016/home/9947726

No garage. That said, it was a newly built house (rare in the neighborhood) and pretty nicely done. Lot slightly bigger.

1) New build

2) nicely appointed

3) wooded lot...better lot, better curb appeal

4) house is larger

I agree. All I was saying that no garage is not necessarily a deal breaker at that price in AU Park.

And there's actually room to put a garage if they really wanted to. It's not necessarily a deal breaker but for $1.5 or $1.6 I think a lot of buyers want a garage or at least off street parking-especially with all of the parking signs going up.