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

[Anonymous]

Hello. It's your friendly DCUM Real Estate forum poster who likes to scour the sub-million listings in the greater Capitol Hill area. In recent weeks we've seen properties at this price point go under contract within a day or two of listing. Thus, I decided to focus today's post on homes that have been on the market for weeks. Given the scarcity of inventory in the $700k-$850k range, I wonder why these linger. Are they priced appropriately?

$800k, on market for 16 days : https://www.redfin.com/DC/Washington/915-4th-St-NE-20002/home/9894997

$800k, on market for 22 days: https://www.redfin.com/DC/Washington/301-K-St-NE-20002/unit-1/home/60397344

$850k, on market for 22 days : https://www.redfin.com/DC/Washington/23-6th-St-NE-20002/home/9899781

$735k, on market for 34 days: https://www.redfin.com/DC/Washington/8-Browns-Ct-SE-20003/home/9900042

$770k, on market for 35 days: https://www.redfin.com/DC/Washington/232-15th-St-NE-20002/home/9916632

$725k, on market for a whopping 83 days: https://www.redfin.com/DC/Washington/15-Gessford-Ct-SE-20003/home/9908945

$775k, only on market for one day ... which way will it go? : https://www.redfin.com/DC/Washington/808-I-St-NE-20002/home/9902295

[Anonymous]

#1, #6, and especially #4 are quite small. and #1 is basically unrenovated (window units, vintage 1960s kitchen). Those are going to take longer to sell simply because there is a smaller market for places like that. I could see the argument for #1 being a bit overpriced given that most buyers will want to undergo extensive renovations. #6 and #4 are historic alley dwellings, which again will not appeal to everyone.

#2 is a condo, and they usually take longer to sell. The price seems pretty standard to me, but it's also across the street from two very busy restaurant patios, which probably doesn't appeal to everyone.

#3 and #5 seem appropriately priced to me. Both are only two bedrooms, which is a smaller market, but I would think they will sell close to what they are currently asking when the right buyer comes along.

The I street place (#7) seems like a pretty good deal, I would guess that it will be gone in a week or less.

[Anonymous]

Someone I know bid one of these - it has 15 offers. So, we shouldn’t assume that they are sitting - at least that one had a bidding war. Sellers might be slower because they have a multiple offer sitch.

[Anonymous]

Anonymous wrote:Someone I know bid one of these - it has 15 offers. So, we shouldn’t assume that they are sitting - at least that one had a bidding war. Sellers might be slower because they have a multiple offer sitch.

Which one? Nosy people need to know!

[Anonymous]

My theory is that, with its good schools and tight community, Capitol Hill is now pretty much a family neighborhood. People spending 800k or more on the Hill want three bedrooms and enough space for a family to stay put through elementary school.

The two bedrooms around here that sell for 800k or more are usually beautifully renovated, which is what DINKs and rich singles on the Hill want. I happen to think there are some great houses in your mix but they aren’t the most sought after size/condition so they’re sitting. The condo is sitting because it’s a condo and you can get a whole house for that price.

[Anonymous]

#5 (15th St) is next to a corner store that has a lot of loitering, especially during COVID times. I can see it not being appealing if you're touring it right now. Also, I think it's priced a litle high since it's only 2bed 1.5 bath. I live a couple of blocks from here and I'd expect it to go for less than listed. But I'm no expert so who knows.

[Anonymous]

I think it’s a consequence of people not being able to find similar houses in Shaw, Logan, Columbia height , etc , so they move east because it’s more affordable than the aforementioned hoods

[Anonymous]

Anonymous wrote:My theory is that, with its good schools and tight community, Capitol Hill is now pretty much a family neighborhood. People spending 800k or more on the Hill want three bedrooms and enough space for a family to stay put through elementary school.

The two bedrooms around here that sell for 800k or more are usually beautifully renovated, which is what DINKs and rich singles on the Hill want. I happen to think there are some great houses in your mix but they aren’t the most sought after size/condition so they’re sitting. The condo is sitting because it’s a condo and you can get a whole house for that price.

Yes, fair assessment. We are looking in this area to some degree and we are definitely in the "family" demographic, though I think we are also priced out.
The 15th St is now contingent.

Of the rest, Browns & Gessford are teeny-tiny (but cute). Same for 6th St, as charming as it is, it only has 2 BR and seemingly no basement to expand into? 850k seems like a lot. The 6th St is my favorite if I excluded price from the calculus.

The K St condo is architecturally not that appealing but we are old house people.

4th St needs work - so you are really looking at paying closer to 1m after all is said and done.

I think I St will sell, though I think it's a bit bland.

[Anonymous]

I'd add this to the list. We are waiting until 2021 to make a move but am watching the area closely. We'd move to one of these streets by Union Market in a heartbeat.

https://www.redfin.com/DC/Washington/631-Orleans-Pl-NE-20002/home/9897913?utm_source=google&utm_medium=ppc&utm_campaign=1021583&utm_term=kwd-829075905069&utm_content=443177009208

[Anonymous]

Anonymous wrote:I'd add this to the list. We are waiting until 2021 to make a move but am watching the area closely. We'd move to one of these streets by Union Market in a heartbeat.

https://www.redfin.com/DC/Washington/631-Orleans-Pl-NE-20002/home/9897913?utm_source=google&utm_medium=ppc&utm_campaign=1021583&utm_term=kwd-829075905069&utm_content=443177009208

Cute! And it's a bargain. That street used to be the worst of the worst but now it is such a great location.

[Anonymous]

Anonymous wrote:I'd add this to the list. We are waiting until 2021 to make a move but am watching the area closely. We'd move to one of these streets by Union Market in a heartbeat.

https://www.redfin.com/DC/Washington/631-Orleans-Pl-NE-20002/home/9897913?utm_source=google&utm_medium=ppc&utm_campaign=1021583&utm_term=kwd-829075905069&utm_content=443177009208

I think it’s slightly underpriced and will go quickly

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd add this to the list. We are waiting until 2021 to make a move but am watching the area closely. We'd move to one of these streets by Union Market in a heartbeat.

https://www.redfin.com/DC/Washington/631-Orleans-Pl-NE-20002/home/9897913?utm_source=google&utm_medium=ppc&utm_campaign=1021583&utm_term=kwd-829075905069&utm_content=443177009208

I think it’s slightly underpriced and will go quickly

I agree. Those little one-way named streets tucked into the grid are real gems. You get a quiet, suburban vibe and a greater chance of getting to know your neighbors, while still being in the middle of a hot neighborhood.

[Anonymous]

Isn't this near the area where there was that gang shootout in broad daylight last week?

[Anonymous]

Are you talking about the shooting in Trinidad at 1am a few weeks ago? That is not really the neighborhood any of these houses are in. That area also has a lot of real estate moving but its usually about $100k less. The area the OP posted tends to be from Lincoln Park to Union Market in NE. That is still very much the city and it is not without crime but I don't know of recent shootings.

[Anonymous]

Anonymous wrote:Isn't this near the area where there was that gang shootout in broad daylight last week?

Thats trinidad dumb dumb. Go for walk sometime.