New listing in cleveland park!

[Anonymous]

First of all, with banks--plural-- unraveling this is the absolutely stupidest time to buy a house, and I say that a buyer who is under contract and closing soon(at the absolutely worst time). Even cash buyers should take a beat to consider what might happen to house prices soon if the economy upends. The stock market is signaling what we should all being feeling: that this bank situation is unnerving and could be the tip of the ice burg.

That said, some people need a place to live regardless and this is a good-ish location. I do not think that people with multimillions to throw around (and so unconcerned about a potentially rapidly deflating asset) are going to live in a house that size, even as a started SFH for an adult child. The square footage seems to count the unfinished basement (which is likely not able to be finished due to ceiling height or another issue) and the unfinished floored attic (which, again, probably can't be finished due to trusses and no room for a permanent stairs). Take away those spaces and you have pretty small house. The kitchen will always be tiny no matter how many Italian ranges you squeeze into it. The lot is bad. If you've ever been down that street you know there's a steep incline/ravine behind the house and it looks like a creepy jungle. If you did a renno, there is no space for a master suite except the basement (non-starter) or first floor (not ideal).

The agent did a good job with superficial fixes in the living room and dining room (paint, light fixtures) but no real updating has happened. No recessed lighting, bathrooms are old. A top to bottom renno here would be 300k or 400k and still leave you with small bathrooms, small bedrooms, tiny closets and a first-floor laundry closet.

I think it will go for maybe 1.8m because of low inventory and people who are so thirsty for that neighborhood (even though it's a walk to the desirable things).

[Anonymous]

New listing on Woodley: https://www.redfin.com/DC/Washington/3507-Woodley-Rd-NW-20016/home/9974958

Like the reno, don't like the lack of green space, unsure about the Dutch exterior, shared driveway, and location.

[Anonymous]

Anonymous wrote:New listing on Woodley: https://www.redfin.com/DC/Washington/3507-Woodley-Rd-NW-20016/home/9974958

Like the reno, don't like the lack of green space, unsure about the Dutch exterior, shared driveway, and location.

I saw this- even with the location, I think it’s overpriced. The bedrooms are very small.

[Anonymous]

From the listing photos, 3507 Woodley looks like it suffered a miserable cheap flip.

[Anonymous]

Anonymous wrote:

Anonymous wrote:New listing on Woodley: https://www.redfin.com/DC/Washington/3507-Woodley-Rd-NW-20016/home/9974958

Like the reno, don't like the lack of green space, unsure about the Dutch exterior, shared driveway, and location.

I saw this- even with the location, I think it’s overpriced. The bedrooms are very small.

There are attached bathrooms for every bedroom on the second floor. That's great and worth a little space tradeoff.

The terrific renovations and location across from the Cathedral are presumably the arguments for the price. Just lovely throughout, don't see anything I'd change. The closest recent sales that come to mind are 3415 Woodley and 3126 Woodley. 3415 went for $3M, needed tons of work, was kinda ugly, and had a barely usable lot across from a sports field. 3126 went for $3.1M (after a couple price drops), was recently renovated inside and out (though not quite as well), but had an awkward triangle lot at an intersection (that wasn't right across the street from a gorgeous national landmark). So... who knows. The price also strikes me as high, but there's insane demand for turnkey SFHs in CP and WP, and it just takes one willing buyer.

[Anonymous]

Anonymous wrote:From the listing photos, 3507 Woodley looks like it suffered a miserable cheap flip.

Are we looking at the same house? This has to have been a gut reno in the past five years. Not the most original design choices, but definitely not cheap.

[Anonymous]

Hate all the marble, but otherwise this is nicely done, IMO. 4.2 is high, tho.

[Anonymous]

Sold for $2.9M in March 2017, when the renovations were done. Cleveland Park's appreciated well over 20% since then. Another point in favor of somewhere in $3.5-4M, but not $4.2M.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:New listing on Woodley: https://www.redfin.com/DC/Washington/3507-Woodley-Rd-NW-20016/home/9974958

Like the reno, don't like the lack of green space, unsure about the Dutch exterior, shared driveway, and location.

I saw this- even with the location, I think it’s overpriced. The bedrooms are very small.

There are attached bathrooms for every bedroom on the second floor. That's great and worth a little space tradeoff.

The terrific renovations and location across from the Cathedral are presumably the arguments for the price. Just lovely throughout, don't see anything I'd change. The closest recent sales that come to mind are 3415 Woodley and 3126 Woodley. 3415 went for $3M, needed tons of work, was kinda ugly, and had a barely usable lot across from a sports field. 3126 went for $3.1M (after a couple price drops), was recently renovated inside and out (though not quite as well), but had an awkward triangle lot at an intersection (that wasn't right across the street from a gorgeous national landmark). So... who knows. The price also strikes me as high, but there's insane demand for turnkey SFHs in CP and WP, and it just takes one willing buyer.

3126 Woodley isn't across from the Cathedral, but it is across from Tregaron, another nice area landmark. I agree those are the closest comps. I would have priced it at 3.99 million as I don't think the neighborhood (yet) has had many $4 million plus sales for normal-sized houses like this and the comps you mentioned.

[Anonymous]

Anonymous wrote:Sold for $2.9M in March 2017, when the renovations were done. Cleveland Park's appreciated well over 20% since then. Another point in favor of somewhere in $3.5-4M, but not $4.2M.

This is key. The renovations WERE done when it sold in 2017 for $2.9 million. So 2017 is a great comparison and there was no recent flip at all.

As a rule of thumb, I use 35% for appreciation immediately pre-pandemic and now (2017 is close enough to "immediately pre-pandemic" as there wasn't really much appreciation between 2017 and 2019). I won't discount the 2017 renovation because this still looks very nice and pretty current (too much marble and dark floor color notwithstanding). This 35% formula makes me think $3.8-$4.0M would be a better price. But maybe someone will bite at this price!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:New listing on Woodley: https://www.redfin.com/DC/Washington/3507-Woodley-Rd-NW-20016/home/9974958

Like the reno, don't like the lack of green space, unsure about the Dutch exterior, shared driveway, and location.

I saw this- even with the location, I think it’s overpriced. The bedrooms are very small.

There are attached bathrooms for every bedroom on the second floor. That's great and worth a little space tradeoff.

The terrific renovations and location across from the Cathedral are presumably the arguments for the price. Just lovely throughout, don't see anything I'd change. The closest recent sales that come to mind are 3415 Woodley and 3126 Woodley. 3415 went for $3M, needed tons of work, was kinda ugly, and had a barely usable lot across from a sports field. 3126 went for $3.1M (after a couple price drops), was recently renovated inside and out (though not quite as well), but had an awkward triangle lot at an intersection (that wasn't right across the street from a gorgeous national landmark). So... who knows. The price also strikes me as high, but there's insane demand for turnkey SFHs in CP and WP, and it just takes one willing buyer.

More baths are nice, but the closets look quite small, especially in Bedroom 3 and the attic bedrooms (where they look almost non-existent - stuffed under the low roof line). To free up some closet space, I might have preferred a hall bath/jack and jill on the second floor for the two secondary bedrooms.

[Anonymous]

Anonymous wrote:

3126 Woodley isn't across from the Cathedral, but it is across from Tregaron, another nice area landmark.

From the 3rd photo, it certainly looks like it's across the street from the Cathedral.

I think the kitchen is underwhelming for $4.2M.

Also, what is the "motor court" on the floor plan? Is it part of 3126 Woodley? Nothing about it in description.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

3126 Woodley isn't across from the Cathedral, but it is across from Tregaron, another nice area landmark.

From the 3rd photo, it certainly looks like it's across the street from the Cathedral.

I think the kitchen is underwhelming for $4.2M.

Also, what is the "motor court" on the floor plan? Is it part of 3126 Woodley? Nothing about it in description.

3507 is the new listing that’s across from the National Cathedral. 3126 is a recent comp that isn’t.

Looks like a shared driveway with the neighbor, with a parking spot in the back. Common in that area.

[Anonymous]

New listing in CP: https://www.zillow.com/homedetails/3422-Quebec-St-NW-Washington-DC-20016/454895_zpid/

[Anonymous]

Anonymous wrote:First of all, with banks--plural-- unraveling this is the absolutely stupidest time to buy a house, and I say that a buyer who is under contract and closing soon(at the absolutely worst time). Even cash buyers should take a beat to consider what might happen to house prices soon if the economy upends. The stock market is signaling what we should all being feeling: that this bank situation is unnerving and could be the tip of the ice burg.

That said, some people need a place to live regardless and this is a good-ish location. I do not think that people with multimillions to throw around (and so unconcerned about a potentially rapidly deflating asset) are going to live in a house that size, even as a started SFH for an adult child. The square footage seems to count the unfinished basement (which is likely not able to be finished due to ceiling height or another issue) and the unfinished floored attic (which, again, probably can't be finished due to trusses and no room for a permanent stairs). Take away those spaces and you have pretty small house. The kitchen will always be tiny no matter how many Italian ranges you squeeze into it. The lot is bad. If you've ever been down that street you know there's a steep incline/ravine behind the house and it looks like a creepy jungle. If you did a renno, there is no space for a master suite except the basement (non-starter) or first floor (not ideal).

The agent did a good job with superficial fixes in the living room and dining room (paint, light fixtures) but no real updating has happened. No recessed lighting, bathrooms are old. A top to bottom renno here would be 300k or 400k and still leave you with small bathrooms, small bedrooms, tiny closets and a first-floor laundry closet.

I think it will go for maybe 1.8m because of low inventory and people who are so thirsty for that neighborhood (even though it's a walk to the desirable things).

I think the risk to the market generally is way overstated here. There is not going to be widespread bank failure, and there is no reason for it. The economy is strong enough right now that there is no way these houses are going to be "rapidly deflating" assets. Whether the prices continue to go up is another question. I don't live in CP, but from what I can tell, it is going to continue to be desirable and will likely maintain these prices.