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

Forum Index » Real Estate

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]New on Emerald Street!
https://www.redfin.com/DC/Washington/1335-Emerald-St-NE-20002/home/9912879[/quote]
How on earth is this still on the market?[/quote]

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.[/quote]
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 [i]that[/i] 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.[/quote]

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. [/quote]

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.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics