New listing in cleveland park!

[Anonymous]

Anonymous wrote:

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.

+1

CP is 15 minutes from downtown, feels like a suburb, and has incredible nearby assets (Metro, Rosedale, Tregaron, National Cathedral, Sidwell, NCS, Hearst, Rock Creek, the Zoo, etc.). The demand is insane and the supply is, as this thread highlights, very low. It would take a full-scale economic meltdown for these houses to lose much value, and the recent banking problems aren’t remotely that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

+1

CP is 15 minutes from downtown, feels like a suburb, and has incredible nearby assets (Metro, Rosedale, Tregaron, National Cathedral, Sidwell, NCS, Hearst, Rock Creek, the Zoo, etc.). The demand is insane and the supply is, as this thread highlights, very low. It would take a full-scale economic meltdown for these houses to lose much value, and the recent banking problems aren’t remotely that.

Agree. CP and Woodley Park will continue to march upwards. It benefits from people moving both from farther out suburbs who want a better commute as they become wealthier and affluent urban families who value space, proximity to school and safety.

A “normal” single family house in CP has gone from 1.5 million+ to 2.5 million+ relatively quickly (from 2016ish-2023). There are exceptions above and below that range, but that’s a good target. I’d expect that market of normal (not large) homes to hit 3-5 million+ within a decade.

[Anonymous]

It’s already pending!

There is so much pent up demand.

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

[Anonymous]

Anonymous wrote:It’s already pending!

There is so much pent up demand.

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

No contingencies, too. When cash buyers are jumping on day one, prices aren't doing to drop.

[Anonymous]

practically zero closet space

[Anonymous]

Anonymous wrote:It’s already pending!

There is so much pent up demand.

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

Does anyone else think MDS prices her houses low to drive a bidding frenzy?

[Anonymous]

It’s wee, old, has a small lot and with an odd lay out but does have a great location!

[Anonymous]

Anonymous wrote:

Anonymous wrote:It’s already pending!

There is so much pent up demand.

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

Does anyone else think MDS prices her houses low to drive a bidding frenzy?

Yes - I suspect this too. She prioritizes selling quickly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s already pending!

There is so much pent up demand.

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

Does anyone else think MDS prices her houses low to drive a bidding frenzy?

Yes - I suspect this too. She prioritizes selling quickly.

The copy in her listings and listserv emails is incredibly annoying. But she is clearly one of the top brokers in the area.

[Anonymous]

I’ve never been to a nicely renovated listing of hers. I’m now identifying her listings with crusty. Hence wouldn’t hire her because am worried others do too

[Anonymous]

Anonymous wrote:I’ve never been to a nicely renovated listing of hers. I’m now identifying her listings with crusty. Hence wouldn’t hire her because am worried others do too

I think that’s mostly the nature of Cleveland Park inventory. Pretty much all the houses are very old, and very few of the houses for sale are recently renovated. Buyers often do a lot of work.

[Anonymous]

The house on Rodman is contingent. 11 days to sell a property with serious structural problems. Wow.

[Anonymous]

Anonymous wrote:

Anonymous wrote:So in Upper NW/Upper NW adjacent, we have:
Amazon Fresh in Friendship Heights
Whole Foods in Friendship Heights
Whole Foods in Tenleytown
Wegman's at City Ridge
Giant at Cathedral Commons
Whole Foods in Glover Park
Trader Joe's in Glover Park
Safeway in Glover Park
Giant in Van Ness
A bunch of smaller store's like Rodman's, Magruder's, Yes!, Streets...

How many groceries can this slice of the city possibly need?

Agree! Who walks to get weekly groceries anyway? Can you possibly carry that much stuff?

We do; I don't get this weird thing about how people buy groceries only once a week. I buy the veggies and meats I use the day I plan to use them. I need a place to get fresh vegetables, fruits, and meats than I can walk to on the way home from work. If I had to drive there, why the hell would I live in the city? I'd just move to a suburb.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So in Upper NW/Upper NW adjacent, we have:
Amazon Fresh in Friendship Heights
Whole Foods in Friendship Heights
Whole Foods in Tenleytown
Wegman's at City Ridge
Giant at Cathedral Commons
Whole Foods in Glover Park
Trader Joe's in Glover Park
Safeway in Glover Park
Giant in Van Ness
A bunch of smaller store's like Rodman's, Magruder's, Yes!, Streets...

How many groceries can this slice of the city possibly need?

Agree! Who walks to get weekly groceries anyway? Can you possibly carry that much stuff?

We do; I don't get this weird thing about how people buy groceries only once a week. I buy the veggies and meats I use the day I plan to use them. I need a place to get fresh vegetables, fruits, and meats than I can walk to on the way home from work. If I had to drive there, why the hell would I live in the city? I'd just move to a suburb.

This is one of the reasons why houses near Wisconsin Ave in Cleveland Park have been doing so well. The Giant's right there, and Whole Foods and Wegmans are less than a mile.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:So in Upper NW/Upper NW adjacent, we have:
Amazon Fresh in Friendship Heights
Whole Foods in Friendship Heights
Whole Foods in Tenleytown
Wegman's at City Ridge
Giant at Cathedral Commons
Whole Foods in Glover Park
Trader Joe's in Glover Park
Safeway in Glover Park
Giant in Van Ness
A bunch of smaller store's like Rodman's, Magruder's, Yes!, Streets...

How many groceries can this slice of the city possibly need?

Agree! Who walks to get weekly groceries anyway? Can you possibly carry that much stuff?

We do; I don't get this weird thing about how people buy groceries only once a week. I buy the veggies and meats I use the day I plan to use them. I need a place to get fresh vegetables, fruits, and meats than I can walk to on the way home from work. If I had to drive there, why the hell would I live in the city? I'd just move to a suburb.

This is one of the reasons why houses near Wisconsin Ave in Cleveland Park have been doing so well. The Giant's right there, and Whole Foods and Wegmans are less than a mile.

I shop that Giant for quite a bit, but not for fresh produce or meat.