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

[Anonymous]

Every time I think maybe the market is getting somewhat saner again, I see a sale like this and realize, "Nope. Still crazy."

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:New on Emerald Street!
https://www.redfin.com/DC/Washington/1335-Emerald-St-NE-20002/home/9912879

How on earth is this still on the market?

I bet they've had offers under asking and are holding out. Looking through the pictures again, I'm suddenly remembering what it was like during house hunting when you'd come across a house like this. On paper it sounds great -- fixer upper but listed below what nearby houses are selling for so it feels like a deal. But as I click through the photos, I'm just thinking about how bad this house must show. No natural light, awful overhead lighting. Those huge appliances (including the washer/drayer) in the tiny kitchen. The carpet upstairs is depressing. Then you get the bathrooms and you just start thinking about exactly how much money, and time, it will take to make this place feel good. You tell yourself what a good investment it would be, you look at other places selling quickly, and you try to get excited about it. But you're not, so you offer under asking and see what happens.

But I still think it will sell, and probably not too long from now. The other thing that happens is that buyers sit on the market for a little while waiting for the "right" house. But then they see how fast stuff sells, and learn stuff from their realtor like "Well there were 17 offers and they are letting the top three make a second bid but your offer is 80k under that group." It is demoralizing. Someone is going to jump on this soon. They just have to get to that place of fear and desperation that pushes them to pull the trigger and finally offer asking.

I'm the PP at 04/21/2021 21:45 who said that the only thing I liked about this was the great curb appeal. I was relieved to read your post because I was getting kind of befuddled at all the posts expressing amazement that it hadn't sold yet. $800k for 1,324sf isn't that great a bargain, and as you point out, there's a lot that needs updating or is just unappealing. And are the ceilings really low, or do the photos just make it look that way?

None of the issues prevent it from being perfectly livable—they're mostly cosmetic. So a person could buy it and upgrade as they go. And there's not much on the market with 3BR at $800k or less without going father east. But compare it to this one on Elliott that sold in April for $799,850: https://www.redfin.com/DC/Washington/610-Elliott-St-NE-20002/home/9912600. The one on Elliott is a little larger, is an end unit, and looks much better on the inside with tons of light. 1335 Emerald looks overpriced in comparison.

Maybe it's just caught in an uncanny valley where it's not nice enough for people who want a turnkey house, but not cheap enough for flippers to get the ROI they're looking for.

For people despairing over the Pickford house, Emerald is still on the market! I bet if they'd originally priced it at $699k, it immediately would have been in a bidding war and closed at $800+. I agree that the initial asking price is too high for the condition of the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:New on Emerald Street!
https://www.redfin.com/DC/Washington/1335-Emerald-St-NE-20002/home/9912879

How on earth is this still on the market?

I bet they've had offers under asking and are holding out. Looking through the pictures again, I'm suddenly remembering what it was like during house hunting when you'd come across a house like this. On paper it sounds great -- fixer upper but listed below what nearby houses are selling for so it feels like a deal. But as I click through the photos, I'm just thinking about how bad this house must show. No natural light, awful overhead lighting. Those huge appliances (including the washer/drayer) in the tiny kitchen. The carpet upstairs is depressing. Then you get the bathrooms and you just start thinking about exactly how much money, and time, it will take to make this place feel good. You tell yourself what a good investment it would be, you look at other places selling quickly, and you try to get excited about it. But you're not, so you offer under asking and see what happens.

But I still think it will sell, and probably not too long from now. The other thing that happens is that buyers sit on the market for a little while waiting for the "right" house. But then they see how fast stuff sells, and learn stuff from their realtor like "Well there were 17 offers and they are letting the top three make a second bid but your offer is 80k under that group." It is demoralizing. Someone is going to jump on this soon. They just have to get to that place of fear and desperation that pushes them to pull the trigger and finally offer asking.

I'm the PP at 04/21/2021 21:45 who said that the only thing I liked about this was the great curb appeal. I was relieved to read your post because I was getting kind of befuddled at all the posts expressing amazement that it hadn't sold yet. $800k for 1,324sf isn't that great a bargain, and as you point out, there's a lot that needs updating or is just unappealing. And are the ceilings really low, or do the photos just make it look that way?

None of the issues prevent it from being perfectly livable—they're mostly cosmetic. So a person could buy it and upgrade as they go. And there's not much on the market with 3BR at $800k or less without going father east. But compare it to this one on Elliott that sold in April for $799,850: https://www.redfin.com/DC/Washington/610-Elliott-St-NE-20002/home/9912600. The one on Elliott is a little larger, is an end unit, and looks much better on the inside with tons of light. 1335 Emerald looks overpriced in comparison.

Maybe it's just caught in an uncanny valley where it's not nice enough for people who want a turnkey house, but not cheap enough for flippers to get the ROI they're looking for.

For people despairing over the Pickford house, Emerald is still on the market! I bet if they'd originally priced it at $699k, it immediately would have been in a bidding war and closed at $800+. I agree that the initial asking price is too high for the condition of the house.

That is some peak stubbornness on that price, seeing as how it hasn't budged despite the now-stale listing giving off all sorts of warning signs.

[Anonymous]

A bit further south than the usual listings here, but what do you think of these Hill East / Barney Circle houses? They're cute, convenient to Navy Yard, and have good highway access to get out of the city in a hurry.

Large lot, off-street parking, actual closet space, high ceilings.
2br/2.5ba, 1122 sq ft for $799k:
https://www.redfin.com/DC/Washington/1307-Potomac-Ave-SE-20003/home/9915435

Less expensive, larger though somewhat awkward layout, in-law suite:
3br/2.5ba, 1531 sq ft for $769k:
https://www.redfin.com/DC/Washington/1253-K-St-SE-20003/home/9912242

[Anonymous]

Anonymous wrote:That is some peak stubbornness on that price, seeing as how it hasn't budged despite the now-stale listing giving off all sorts of warning signs.

It was last sold in 1970, so I'm guessing it may be an estate situation. Even if not, it's almost certainly paid off, so it's not like keeping it on the market is costing the sellers anything other than utilities and taxes. The sellers probably think that this is a gorgeous house and that someone will surely come along any time to make an offer over asking.

[Anonymous]

Anonymous wrote:Less expensive, larger though somewhat awkward layout, in-law suite:
3br/2.5ba, 1531 sq ft for $769k:
https://www.redfin.com/DC/Washington/1253-K-St-SE-20003/home/9912242

The bedroom in that in-law suit is tiny, tiny, tiny. Other than that, it doesn't look bad.

How is that location? I don't know that I've ever been that far SE.

[Anonymous]

Interesting marketing tactic on this one - they show a picture of the neighbor's backyard before and after renovation to demonstrate what you COULD have too. No picture of the home's current, actual, backyard.

https://www.redfin.com/DC/Washington/1631-F-St-NE-20002/home/10350193

[Anonymous]

Anonymous wrote:

Anonymous wrote:Less expensive, larger though somewhat awkward layout, in-law suite:
3br/2.5ba, 1531 sq ft for $769k:
https://www.redfin.com/DC/Washington/1253-K-St-SE-20003/home/9912242

The bedroom in that in-law suit is tiny, tiny, tiny. Other than that, it doesn't look bad.

How is that location? I don't know that I've ever been that far SE.

It is next to Potomac Gardens Public Housing. The area has higher instances of violent crime relative to other adjacent areas.

[Anonymous]

Anonymous wrote:Every time I think maybe the market is getting somewhat saner again, I see a sale like this and realize, "Nope. Still crazy."

As someone selling in two weeks, I hope this remains thee case.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Caboose red for $975k, 4br/2.5ba and veranda:
https://www.redfin.com/DC/Washington/314-13th-St-NE-20002/home/9910736

I'm not usually a fan of painted brick, but this red, next to painted rowhouses on either side, kind of works. The inside seems reasonably well done. I'd expect this to go for around $1.1 million or so.

Winner! Sold for $1,167,500.

[Anonymous]

Anonymous wrote:New today!

This house has zero curb appeal, but judging from the updates upthread, maybe $775k for a 2br/1ba isn't such crazytown after all.
https://www.redfin.com/DC/Washington/109-7th-St-NE-20002/home/9901552
Sold 5/25 for $820,000

Caboose red for $975k, 4br/2.5ba and veranda:
https://www.redfin.com/DC/Washington/314-13th-St-NE-20002/home/9910736
Sold 5/28 for $1,167,500

"Stunning" Victorian (that they forgot to include a picture of) with 2br/2.5ba for $800k:
https://www.redfin.com/DC/Washington/1137-6th-St-NE-20002/home/9897866
Sold 5/21 for $920,000

All three of these have now closed (I added the sales prices to the quoted text). The second one was mentioned in a previous post, but I don't recall seeing updates on the other two.

[Anonymous]

Here’s a small, nicely renovated H Street house for $850. So dang small, though. Does it go for this? We live a block away so I sort of hope so (selfishly) and sort of don’t, because it’s more evidence that we wouldn’t be able to afford our own neighborhood anymore.

https://www.redfin.com/DC/Washington/710-13th-St-NE-20002/home/10177584?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

[Anonymous]

Anonymous wrote:Here’s a small, nicely renovated H Street house for $850. So dang small, though. Does it go for this? We live a block away so I sort of hope so (selfishly) and sort of don’t, because it’s more evidence that we wouldn’t be able to afford our own neighborhood anymore.

https://www.redfin.com/DC/Washington/710-13th-St-NE-20002/home/10177584?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link

I live nearby too and had the same thought. I feel like the prices on these little houses are testing the ceiling on the condo alternative market. There are several very nice 2bed/2bath condos for sale between 650-750k just north of this place, at least one of which has really appealing outdoor space. I also prefer a house to a condo, but would really struggle to justify paying 100-200 more. But I’m not on the market. We’ll see...

[Anonymous]

I love the outdoor spaces which are soon going to be too hot and buggy to use. Darling house but a lot of it is staging. Storage? That house on 13th would be good for roommates or a childless couple.

[Anonymous]

Anonymous wrote:I love the outdoor spaces which are soon going to be too hot and buggy to use. Darling house but a lot of it is staging. Storage? That house on 13th would be good for roommates or a childless couple.

I disagree on the outdoor space. The “nice” area is in the front yard. While I enjoy hanging out in front of my house when I’m feeling social, I’d prefer a more private space for relaxing or entertaining guests. Especially for 850k! And the back patio area is small and closed in and probably not the pleasant. I think the outdoor space on the 13th street house is subpar and one reason the price feels unjustified, even though the interior is really cute with the brick and natural wood.