upside potential in Petworth

[Anonymous]

Looks like a large place and the convenience to transit is great, but I can't decide, given the amount of renovation probably needed, whether there's any upside potential here. What do you guys think? Nice and worth it place to live, once fixed up?
http://www.redfin.com/DC/Washington/716-Shepherd-St-NW-20011/home/10050818

[Anonymous]

Nice detached home but a little too expensive. Could you actually sell this home for 800K in a down market? It would be a little better if it were zoned for Barnard ES too.

[Anonymous]

Estate sale...figure at least $200k to make it livable. And then it's probably still $700k max. Yes, it's 3 blocks to metro, but those are 3 long, kind of shabby blocks. Not a place I'd want to venture outdoors late at night.

[Anonymous]

Petworth is great but you are a couple years late to get a good price.

[Anonymous]

I believe Petworth will still go up, but this is overpriced. If you're talking $100-200K in work, you will have already put as much money in it as it takes to buy a 3/1 in upper northwest, and even a fully developed Petworth is not going to be worth more than upper NW.

[Anonymous]

This is a fantastic petworth location, but sounds like a complete gut job. At 600k and at least $200k of work, there won't be much immediate upside. But I think it would be as good a long-term investment as any other piece of property that close to a metro in DC.

[Anonymous]

Great location, nice bones. But as others have said, slightly overpriced. All fixed up you might sell it for $700-750K today, but that doesn't leave any upside.

[Anonymous]

crazy. our 2200 sq ft 16th street heights house (4/4), in safer hood, just appraised for 755k. You'd be spending that much on this house. and crappy schools.


Total gut job: figure you're putting in a new kitchen (40k), new floors (15k), redoing the existing bath (15k) and adding at least one bath to the main floor (35lk), finishing the basement (30k), new electric and new plumbing, putting in central a/c, new windows and myriad other improvements.

[Anonymous]

Petworth schools are fine because DCPS's best isn't really that high compared to lower rankings

[Anonymous]

For comparison's sake: this is 3/3, a bit further from metro, but similar neighborhood, and sitting on market nearly a month for less than asking of the gut job

http://www.redfin.com/DC/Washington/5218-5th-St-NW-20011/home/10057068

[Anonymous]

Petworth is not a down market! Only someone not in DC or near metro would say that.
We paid $540 three years ago to be three block south of PW metro and recent appraisal is about $750k. Shells needing a full cut around our block are starting in teh 400ks. So this is actually priced right. There is a house at the end of Quebec listed for $899k now (although thats probably too high). Barnard is the best elem school in the neighborhood. If you have kids, there are a TON of gentrifiers with young kids. Its insane. I can think of about 25 moms who were just on maternity leave and we at the same time and we met up. So the schools should be on the upswing.

[Anonymous]

Petworth is not a down market! Only someone not in DC or near metro would say that.
We paid $540 three years ago to be three block south of PW metro and recent appraisal is about $750k. Shells needing a full cut around our block are starting in teh 400ks. So this is actually priced right. There is a house at the end of Quebec listed for $899k now (although thats probably too high). Barnard is the best elem school in the neighborhood. If you have kids, there are a TON of gentrifiers with young kids. Its insane. I can think of about 25 moms who were just on maternity leave and we at the same time and we met up. So the schools should be on the upswing

Petworth is a hot market, but this overpriced-- a shell at 595k and not slated for Barnard. I would doubt that many of your 25 mom group will be happily sending your kid to raymond in 3 years, but who knows.I'm also guessing your house that just appraised for 750 is recently done and has at least 2 bathrooms. 400k would be around right, maybe up to 450k. not 595k.

[Anonymous]

Anonymous wrote:Petworth is not a down market! Only someone not in DC or near metro would say that.
We paid $540 three years ago to be three block south of PW metro and recent appraisal is about $750k. Shells needing a full cut around our block are starting in teh 400ks. So this is actually priced right. There is a house at the end of Quebec listed for $899k now (although thats probably too high). Barnard is the best elem school in the neighborhood. If you have kids, there are a TON of gentrifiers with young kids. Its insane. I can think of about 25 moms who were just on maternity leave and we at the same time and we met up. So the schools should be on the upswing.

And this is coming from someone with high stakes in the game. Houses are starting to sit in Petworth. Don't listen to the banks that are willing to lend you money, put the house on the market for 750 and see how many offers you get.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Petworth is not a down market! Only someone not in DC or near metro would say that.
We paid $540 three years ago to be three block south of PW metro and recent appraisal is about $750k. Shells needing a full cut around our block are starting in teh 400ks. So this is actually priced right. There is a house at the end of Quebec listed for $899k now (although thats probably too high). Barnard is the best elem school in the neighborhood. If you have kids, there are a TON of gentrifiers with young kids. Its insane. I can think of about 25 moms who were just on maternity leave and we at the same time and we met up. So the schools should be on the upswing.

And this is coming from someone with high stakes in the game. Houses are starting to sit in Petworth. Don't listen to the banks that are willing to lend you money, put the house on the market for 750 and see how many offers you get.

well I have watched three houses in the last 6 months on the blocks around the intersection of Princeton and Warder go under contract in less than a week. The reno ones went for around 700-720k. The one that "needs love" was around 600. A shell just went for 400 on 3700 block of princeton.

[Anonymous]

Anonymous wrote:Petworth is not a down market! Only someone not in DC or near metro would say that.
We paid $540 three years ago to be three block south of PW metro and recent appraisal is about $750k. Shells needing a full cut around our block are starting in teh 400ks. So this is actually priced right. There is a house at the end of Quebec listed for $899k now (although thats probably too high). Barnard is the best elem school in the neighborhood. If you have kids, there are a TON of gentrifiers with young kids. Its insane. I can think of about 25 moms who were just on maternity leave and we at the same time and we met up. So the schools should be on the upswing.

What about the crime, though? Petworth still seems to have a ton of crime if you look at the crime map. It's one of the worst areas in the city outside of SE.