Are these H St. NE / Capitol Hill houses priced appropriately?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

They have taken WAY too long renovating 648 and must be desperate for the cash. Such a weird overdo - and I wonder which Morris Place house they share an alley with?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

They have taken WAY too long renovating 648 and must be desperate for the cash. Such a weird overdo - and I wonder which Morris Place house they share an alley with?

I don’t know though, one around the corner on 8th st was literally listed a few minutes ago for 1.8, and there’s a similar house on Lexington Pl for 1.8 as well. DC real estate is nuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.

You market the carriage house w/ the garage. You don't really need a garage in that neighborhood -- you'll be able to get street parking w/in 2 blocks 99% of the time. (I live 2 blocks away.) Packaged like that, it's private & will easily go to a young Hill staffer. They can use the garage as, e.g., a gym area/home office, if they don't need a garage. Proximity to H street a bonus.

[Anonymous]

Anonymous wrote:If I had $2.1 million to spend on a home, I'd buy this one instead and keep the extra ~$500k:

$1.625,000, 3BR/3.5BA, 2,107 sqft
https://www.redfin.com/DC/Washington/135-Kentucky-Ave-SE-20003/home/9911380

Apologies for taking this thread even further off the sub-$1 million topic, but I made this comment above about another house—and I'm a little surprised to see that it's still on the market after 12 days. That's not usually a long time, but in this market maybe it's a sign that there's a lid to the level of insanity. It's priced $300k more than than this house in the same area went for (a little over $1.3 million):

$1,331,325, 4BR/3BA, 2,680 sqft
https://www.redfin.com/DC/Washington/1325-Massachusetts-Ave-SE-20003/home/9914529

[Anonymous]

How long until it becomes public what a house sold for? I want to know what this house sold for - https://www.redfin.com/DC/Washington/718-10th-St-NE-20002/home/9902446 - and 30-day contract period would have ended yesterday, but no list price yet.

[Anonymous]

Anonymous wrote:How long until it becomes public what a house sold for? I want to know what this house sold for - https://www.redfin.com/DC/Washington/718-10th-St-NE-20002/home/9902446 - and 30-day contract period would have ended yesterday, but no list price yet.

MLS says it's supposed to close on Friday, so I'd guess the sale price should show up sometime this weekend.

[Anonymous]

Anonymous wrote:$1 million asking price for a 1668sf 3BR/2BA fixer-upper on F between 6th & 7th NE:

https://www.redfin.com/DC/Washington/649-F-St-NE-20002/home/9898903

The market has been crazy, but it’s not that crazy, right?

This is pending. The $2 million+ TH across the street is still on the market.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$1 million asking price for a 1668sf 3BR/2BA fixer-upper on F between 6th & 7th NE:

https://www.redfin.com/DC/Washington/649-F-St-NE-20002/home/9898903

The market has been crazy, but it’s not that crazy, right?

This is pending. The $2 million+ TH across the street is still on the market.

I can hardly wait to see it this summer as a soulless flip done on the cheap. /s

[Anonymous]

This one is interesting. Under $840k for a good size but there are some cons - right next to a school (has a nice playground though), busy street, and a bit of a sketch factor with people always hanging out right across from there.

https://www.redfin.com/DC/Washington/1021-6th-St-NE-20002/home/9898241#property-details

wonder what it'll go for...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.

You market the carriage house w/ the garage. You don't really need a garage in that neighborhood -- you'll be able to get street parking w/in 2 blocks 99% of the time. (I live 2 blocks away.) Packaged like that, it's private & will easily go to a young Hill staffer. They can use the garage as, e.g., a gym area/home office, if they don't need a garage. Proximity to H street a bonus.

I don't think it's too far off given https://www.redfin.com/DC/Washington/237-12th-St-NE-20002/home/9910916 . Of course this hasn't closed so we don't know the sale price, but seeing the previous sale price and how quickly it went under contract makes me think it went close to ask. Agree that the garage will be a bonus and perfect for a young dink couple.

[Anonymous]

$799k for 3br/2.5ba on Emerald St. This is one of my favorite blocks in the entire city, and I'm bummed nothing was available when I was in the market. The $800k home I ended up buying was smaller and far less charming. I predict this will go quickly and well above asking.
https://www.redfin.com/DC/Washington/1362-Emerald-St-NE-20002/home/9912948

Case in point, see this one nearby, $865k for 3br/1.5ba and underwhelming update choices.
https://www.redfin.com/DC/Washington/625-12th-St-NE-20002/home/9910204

Would you pay $679k for a studio marketed as a one-bedroom loft? The square footage (1250 sq ft) seems massive for a single open room, but the way it's partitioned is so awkward and confining.
https://www.redfin.com/DC/Washington/1315-Independence-Ave-SE-20003/unit-4/home/21647874

[Anonymous]

Anonymous wrote:$799k for 3br/2.5ba on Emerald St. This is one of my favorite blocks in the entire city, and I'm bummed nothing was available when I was in the market. The $800k home I ended up buying was smaller and far less charming. I predict this will go quickly and well above asking.
https://www.redfin.com/DC/Washington/1362-Emerald-St-NE-20002/home/9912948

Case in point, see this one nearby, $865k for 3br/1.5ba and underwhelming update choices.
https://www.redfin.com/DC/Washington/625-12th-St-NE-20002/home/9910204

Would you pay $679k for a studio marketed as a one-bedroom loft? The square footage (1250 sq ft) seems massive for a single open room, but the way it's partitioned is so awkward and confining.
https://www.redfin.com/DC/Washington/1315-Independence-Ave-SE-20003/unit-4/home/21647874

I like the interior of the last one more than either of the first two, and it's only slightly smaller than either. But the $399/mo condo fee eats up some of the pricing difference (although maybe not that much, depending on what it includes). Yeah, the layout with the bedroom cubicle is kind of weird, but I could probably get over that for the price.

The first one doesn't do anything for me. Too much carpet, for one thing.

[Anonymous]

Well, this one went pending in less than 36 hours:

https://www.redfin.com/DC/Washington/625-12th-St-NE-20002/home/9910204

[Anonymous]

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

They've shaved another $200k off the price of this. Now nearly 14 percent cheaper than when it was first listed.