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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]New listing right by Eastern Market. I'm guessing it won't last long, but it seems on the high end of its price range.

https://www.redfin.com/DC/Washington/108-7th-St-SE-20003/home/9901753

[/quote]

It’s a nice tree lined street of charming homes, it’s not going to stay on market for long.[/quote]

This one is still sitting. One price drop already. Anyone see it?[/quote]
I haven't seen it, but it's going to need more than a $25k price cut, IMO.  $1.45M for 3BR and 1826 sf?  I don't care how close it is to Eastern Market (and it is close without being too close, IMO), that's too much money for the size.  The layout and finishes are very flippy (mostly from a 2014 flip), the bedrooms look tiny, it claims to have 180 finished sf in the basement but there are no pictures, and the back patio is small.  And I kind of hate that they painted the interior brick white (see the 2014 photos on Redfin).  You can get a lot better than this in Capitol Hill for $1.5M, especially now.

I think the sellers got greedy and missed their hot market window, personally. [/quote]

Totally agree with this assessment. I am especially bothered by the white brick when I look at photos of the main floor. Due to window placement and house position, it gets very limited natural light. Natural brick would counteract this issue by warming up that space and making it feel cozy, if not bright. Painting it all white just means there are more white surfaces for the indoor lighting to bounce off of, giving it a cold, antiseptic feel. Combined with what I agree are "flippy" finishes, like the transitional flooring from living area to kitchen, mismatch of styles between kitchen, bath, and trim finishes, and little to no work done to upgrade outdoor spaces (look at the bedroom with the door that opens onto... the porch roof with no railing or surface flooring), I really can't figure out what they were thinking with the pricing. A lot of people want to live close to Eastern Market and many of them even have that kind of money to burn, but they are not hugely interested in what is essentially a high-end fixer upper, and definitely not at that price.

I think the proper price is probably closer to $1m in this market (still high, but that location is really, really good). What will be interesting is to see if they manage to sell it for 1.2 or even 1.3 simply because inventory remains frustratingly low on the Hill, OR if rising rates actually finally put a damper on this market and they wind up having to do a mega-price drop, accept a low-ball, or delist and come back on the market at a more appropriate price.[/quote]

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