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

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[quote=Anonymous][quote=Anonymous][quote=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[/quote]

Amazingly, none of the above houses have sold. The 4th St one has a $50k price drop. While the overall market in this neighborhood is humming along, it seems the era of nosebleed prices for small houses that need $100k-$200k worth of work is coming to a close.[/quote]

The 4th St one is probably still overpriced because of its horrendous curb appeal. Chain-link fence, wall-to-wall carpeting, window A/C units, old bathroom and kitchen. What is a "cook's kitchen"? Not this one, surely. The microwave takes up half of the available counter space. Pictures showing an unkempt backyard with a huge tree, which surely will be a headache for the owner. Personally, I'd fire the listing agent. Even after the price drop, it still boasts that it won't be on the market long, it's a good deal for a "savvy" buyer because it's not seven figures.

Most of these houses are priced the same as comparable, newly-renovated homes. They should be aiming for owner-occupants shopping in the $600k market or for flippers shopping in the $500k market. [/quote]

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