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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Another &lt;$1m IB for Maury. This one is much bigger. The kitchen and baths are extremely meh but that's honestly the only flaw I can find -- Love the fireplaces, original woodwork, good size bedrooms (maybe the closets are small?), the back patio, the location, the IB school. $955k. I'd personally offer below ask because of the kitchen/bath situation, as most buyers in the $1m range are looking for updates in those areas. But this house has great bones and is totally livable as is. See if you can get it for closer to 900k and gut the kitchen when the cost of renovations comes down (hopefully).

https://www.redfin.com/DC/Washington/1414-N-Carolina-Ave-NE-20002/home/9916472[/quote]

you’re crazy if you think a victorian rowhouse of that size bordering Lincoln Park and IB to Maury is going for 900k. I think this one might go for over asking. [/quote]

Un-updated. I think this is something people on the Hill are going to have to get used to with higher rates. The willingness of buyers to purchase something in need of expensive updates (kitchen/bath, any significant layout changes) will depress prices for those homes specifically, because higher rates eat up funds for renovations.

This is different than a recently renovated, "turnkey" home. Buyers who really want to be on the Hill and can afford to buy at $1m or $1.3m will likely accept higher rates for these homes without too much price reduction because the increased mortgage cost will almost certainly be made up for by the way homes in the neighborhood hold and gain value. Your costs are upfront and clear and you get to live in a fully renovated house for that cost.

Any house that you walk in and think "ok I want to gut the kitchen" is going to see a discount because otherwise there is no money to gut the kitchen. Unless you are talking about a huge home or something very special, you aren't going to sell a house on the Hill with a 90s kitchen for a million dollars right now.[/quote]

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