11 MILLION?? What..?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well the buyer bought it for $4.5 million in 2022 before renovating it so $11 million might be right. For very expensive properties, it’s really a guessing game as to what the right price is. So I can’t blame them for starting out at $11 million.

Ummm are you the listing agent? .5 Milllion does not warrant 11 million FOUR years later for a reno.

+1
They slightly overpaid in '22 (should have been $4 tops) and then basically deconstructed it. Where they did "renovate" those are nothing more than the cheapest big box finishes. No way should this be out of the $4s.

They were insanely scammed/ taken advantage of by their architrave/design/contractor renovation team.

[Anonymous]

The house is stunning. I’m so glad we’ve left the era of white kitchens and grey houses.

[Anonymous]

Anonymous wrote:It's beautiful. If you had just shared the price and interior photos, I would have guessed that it was in Southampton or Sag Harbor.

😬

Have you even been to these places?

This house is a mishmash of styles. It’s so disjointed. And just because the owners spent $4M on renos doesn’t mean it was worth $4M. A fool and his money…

[Anonymous]

Anonymous wrote:The house is stunning. I’m so glad we’ve left the era of white kitchens and grey houses.

Stunning like the baby in Seinfeld.

[Anonymous]

5 million for that renovation? They totally got scammed … architect should have reined that in.

[Anonymous]

Anonymous wrote:View of the Cathedral is key, honestly.

It's not what directs this price. It's the size of the lot and the structure design (also overpriced). There are homes in this area on smaller lots that are 1/3 or even 1/4th of this price with the similar views

[Anonymous]

Anonymous wrote:

Anonymous wrote:View of the Cathedral is key, honestly.

It's not what directs this price. It's the size of the lot and the structure design (also overpriced). There are homes in this area on smaller lots that are 1/3 or even 1/4th of this price with the similar views

I am going to add, I think, this is aspirational pricing at work. This area had not commanded such prices, Cathedral or not. It's a very affluent neighborhood, no doubt, but an 8 figure priced home is very unusual, one of a kind. In fact, it's been disclosed that this is the highest priced property for this area in history. The property is the ceiling breaker. Let's see if they get a buyer.

The problem is that people able and willing to pay this much have lots of options in DMV of every kind, from sprawling private estates to the ultra luxury condos with amazing views to older urban mansions in exclusive enclaves and premium suburbs gated community offerings. This money will buy nice things even in the priciest zip codes and exclusive enclaves of wealth in the country.

[Anonymous]

Thank you, PP, for observing that 11 m is a lot of $$$.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:View of the Cathedral is key, honestly.

It's not what directs this price. It's the size of the lot and the structure design (also overpriced). There are homes in this area on smaller lots that are 1/3 or even 1/4th of this price with the similar views

I am going to add, I think, this is aspirational pricing at work. This area had not commanded such prices, Cathedral or not. It's a very affluent neighborhood, no doubt, but an 8 figure priced home is very unusual, one of a kind. In fact, it's been disclosed that this is the highest priced property for this area in history. The property is the ceiling breaker. Let's see if they get a buyer.

The problem is that people able and willing to pay this much have lots of options in DMV of every kind, from sprawling private estates to the ultra luxury condos with amazing views to older urban mansions in exclusive enclaves and premium suburbs gated community offerings. This money will buy nice things even in the priciest zip codes and exclusive enclaves of wealth in the country.

Even in the Bay Area $11MM will get you something nicer than this house. And DC is no Bay Area.

Will say, though, there's so much money sloshing around a small group of people in tech and while I don't think this house will sell for $11M it also wouldn't shock me if it did. An out of town AI executive with massive RSU wealth and moving to DC to head the local OpenAI or Anthropic office will probably like the California aesthetics of this house over all the other boring colonials and craftsmen and bad modernism and swoop in and pay cash for it. This style is so very California tech. The kitchen will be stocked entirely with Heath ceramics. I can see it happening. Doesn't mean it will. But like I said, it wouldn't shock me.

[Anonymous]

Despite all the critiques (cheap finishes, disjointed, etc), no doubt this is a beautiful property and unique / tasteful reno. Worth $11M? Only if you value the "identity both deeply rooted and quietly global." Realtor blurb seems primarily focused on blowing smoke up the arses of the sellers/owners, not attracting buyers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well the buyer bought it for $4.5 million in 2022 before renovating it so $11 million might be right. For very expensive properties, it’s really a guessing game as to what the right price is. So I can’t blame them for starting out at $11 million.

Ummm are you the listing agent? .5 Milllion does not warrant 11 million FOUR years later for a reno.

+1
They slightly overpaid in '22 (should have been $4 tops) and then basically deconstructed it. Where they did "renovate" those are nothing more than the cheapest big box finishes. No way should this be out of the $4s.

There's really nothing "big box" about those finishes. Whether it's to your taste or not is a different story, but I see expensive detail after expensive detail in this house.

[Anonymous]

I want to hate it but I love it. Agree that it's a mishmash, but so livable and enjoyable.

Very DC meets California.

[Anonymous]

Anonymous wrote:I want to hate it but I love it. Agree that it's a mishmash, but so livable and enjoyable.

Very DC meets California.

You can see a SpaceX tech bro rich from the IPO not caring about overpriced and buying the house because he's going to be in DC for a few years at one of the local AI offices. I posted earlier about the mishmash of styles but I have to agree the mood inside the house is so resonating to me and I love the kitchen. If you're worth 500M you'd happily pay that price if there's no other house in DC that can offer this vibe. And there's the thing most of us ordinary mortals often forget, if you're worth 500M and the stock market goes up 10% in a year, you're not worried about losing a few mill on resale.

[Anonymous]

Here’s an $11,000,000 house on the Main Line in PA for comparison. Are the supposed furnishing digitally added?
Tough commute to DC, but more for your money. Haven’t compared property taxes.

https://www.sothebysrealty.com/eng/sales/detail/180-l-4091-7yx6yy/220-ravenscliff-road-st-davids-pa-19087

[Anonymous]

Anonymous wrote:I love the kitchen, if I was building a new house from scratch, that would be the kitchen. Especially if I was living somewhere in California.

But I cannot get over the weird mismatch of styles everywhere else in the house. The fake rustic exposed wood out of odds with the integrity of the original architecture. The fake "modern adobe" treatment of parts of the interior that is also out of odds with the exterior. Or that this was built as a nice normal UMC house and has been renovated into something wildly more expensive. The overall impression is one of disjointed, very different rooms leading to very different rooms, no matter how high quality and expensive the renovations were. The feeling is schizophrenic.

I'd have just demolished the house outright and built something much more coherent. I like the original house architecture and I do love a lot of the new interior styles, but the combination of everything just isn't working well. Which is a shame.

Yep, I really love some of it and then quite dislike other parts.