Anonymous
10/01/2020 10:41
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
This. I feel like there's this churn in the neighborhood because people like the combo of family friendly and thriving bar/restaurant scene... for a few years. But then they decamp for UNW or Brookland or the burbs. And in the meantime you see these houses going from 800k to 1 million to 1.4million. I know it's good for our property values, but I have been sad to see the average family in CH/H Street go from government lawyers and non-profit folks to corporate attorneys and lobbyists. I know it might seem like a minor shift to others, but to me it's really impacted the quality of life. I see fewer people willing to really invest in the schools and the community and more people who have very high expectations for schools and community life that don't allow for people with lower incomes or different backgrounds to participate. The difference between a family who bought a house for 350k in East CH ten years ago and the people buying these 1.4mill places in the same neighborhood today is a lot.
I used to encourage friends to buy here because I love the neighborhood so much. But it's increasingly hard to find something you can buy without an HHI of 200k+, and that's the low end. We have good friends who have been renting and are a wonderful family but I think they've just watched themselves priced out of the neighborhood over the last 2 years and have started looking elsewhere. It makes me sad.
The affordability of inner DC is an artifact of a fleeting moment in time. That halycon period from 1960-2000, when most people with means fled for the surburbs. The future of Cap Hill is more like westminister than anything else. Sure, there may be one or two housing projects, but the trajectory is rich person land.
Affordability is all relative. Even with these inflated prices, DC (and Capitol Hill) is still much more affordable than other cities (cough - NYC - cough), from where I suspect some of those corporate attorneys you speak of came. You get A LOT more space in a house (not apartment with insane maintenance fees) with a brand-new interior/appliances/layout in a charming, safe neighborhood walkable/bike-able to great restaurants and bars. Not to mention some great public schools, which will hopefully continue to improve. It's not even far-fetched to have your own parking, and street parking is a breeze. Look: people who can afford a lot are recognizing that CH is an amazing neighborhood, and prices are going up. Yes, it's unfortunate that some who would have been able to afford a place here 10 years ago are now priced out. But....that's just how the housing market works? Don't know what more to say about that.
Signed,
Corporate attorney who recently bought one of those expensive homes, didn't come to destroy your community, doesn't mean any harm to long-time CH residents, and is genuinely very excited about living in and enjoying Capitol Hill for the next 20+ years
Anonymous
10/01/2020 10:17
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
This. I feel like there's this churn in the neighborhood because people like the combo of family friendly and thriving bar/restaurant scene... for a few years. But then they decamp for UNW or Brookland or the burbs. And in the meantime you see these houses going from 800k to 1 million to 1.4million. I know it's good for our property values, but I have been sad to see the average family in CH/H Street go from government lawyers and non-profit folks to corporate attorneys and lobbyists. I know it might seem like a minor shift to others, but to me it's really impacted the quality of life. I see fewer people willing to really invest in the schools and the community and more people who have very high expectations for schools and community life that don't allow for people with lower incomes or different backgrounds to participate. The difference between a family who bought a house for 350k in East CH ten years ago and the people buying these 1.4mill places in the same neighborhood today is a lot.
I used to encourage friends to buy here because I love the neighborhood so much. But it's increasingly hard to find something you can buy without an HHI of 200k+, and that's the low end. We have good friends who have been renting and are a wonderful family but I think they've just watched themselves priced out of the neighborhood over the last 2 years and have started looking elsewhere. It makes me sad.
The affordability of inner DC is an artifact of a fleeting moment in time. That halycon period from 1960-2000, when most people with means fled for the surburbs. The future of Cap Hill is more like westminister than anything else. Sure, there may be one or two housing projects, but the trajectory is rich person land.
Anonymous
10/01/2020 10:13
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
This. I feel like there's this churn in the neighborhood because people like the combo of family friendly and thriving bar/restaurant scene... for a few years. But then they decamp for UNW or Brookland or the burbs. And in the meantime you see these houses going from 800k to 1 million to 1.4million. I know it's good for our property values, but I have been sad to see the average family in CH/H Street go from government lawyers and non-profit folks to corporate attorneys and lobbyists. I know it might seem like a minor shift to others, but to me it's really impacted the quality of life. I see fewer people willing to really invest in the schools and the community and more people who have very high expectations for schools and community life that don't allow for people with lower incomes or different backgrounds to participate. The difference between a family who bought a house for 350k in East CH ten years ago and the people buying these 1.4mill places in the same neighborhood today is a lot.
I used to encourage friends to buy here because I love the neighborhood so much. But it's increasingly hard to find something you can buy without an HHI of 200k+, and that's the low end. We have good friends who have been renting and are a wonderful family but I think they've just watched themselves priced out of the neighborhood over the last 2 years and have started looking elsewhere. It makes me sad.
Anonymous
10/01/2020 10:01
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
And when it dawns on them that every middle school on Capitol Hill sucks if you don’t go private or you are commuting for a charter.
The closer we get to that decision, the more I'm considering just staying and trying out Eliot Hine or Basis. Partly because I'm lazy, partly because I am rethinking the whole schooling thing as a result of COVID. My time and energy needs to go to saving up to pay for a mid-tier SLAC for him. If we can just stay here and let our house appreciate ... The only thing I get hung up on is bullying, but I feel like that could happen anywhere, possibly even worse in the burbs.
Anonymous
10/01/2020 09:59
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
I live near here and I know exactly what happened here. A redone house in the same strip sold for over 1.3 million: https://www.redfin.com/DC/Washington/1217-G-St-NE-20002/home/9910126?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link
So the developers thought this would fetch the same. But 1217 G was an amazing flip—seriously one of the nicest I’ve seen—and included a beautiful backyard studio and garage. 1231 is smaller and not nearly as nice. The person who said 800-900k is wrong too, though. This one should go for around 1-1.1 million.
Developers are idiots some times. Why would you think a house that is 1000 square feet smaller would sell for the same a year later? Even in a hotter market, that is a huge differential.
Anonymous
10/01/2020 09:56
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
I live near here and I know exactly what happened here. A redone house in the same strip sold for over 1.3 million: https://www.redfin.com/DC/Washington/1217-G-St-NE-20002/home/9910126?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link
So the developers thought this would fetch the same. But 1217 G was an amazing flip—seriously one of the nicest I’ve seen—and included a beautiful backyard studio and garage. 1231 is smaller and not nearly as nice. The person who said 800-900k is wrong too, though. This one should go for around 1-1.1 million.
Can we talk about how cool those facades are though? I've lived on the Hill for almost 10 years, and I don't think I've actually seen a facade like that. But yeah, that seems expensive.
Anonymous
10/01/2020 09:56
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
And when it dawns on them that every middle school on Capitol Hill sucks if you don’t go private or you are commuting for a charter.
Anonymous
10/01/2020 09:54
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
Agree that price is crazy!!
They're listed at over $1,000 a square foot. This house should be listed at $800k - $900k max.
Also, there's a lot that's weird about the flip like:
The front door is on the opposite side of the living room from the stairs, so there's a weird traffic flow.
The little peninsula in the kitchen doesn't actually accommodate 2 place settings (they're turned sideways to create the illusion you can fit 2 people there).
The 3rd upstairs bedroom is suspiciously tiny in photos.
The laundry closet opens into the stairs.
Also signs of a bad flip. They didn’t put thought into design or functionality. I can forgive the front door and stairs because there’s not as much you can do about that placement, but the other stuff is silly.
Anonymous
10/01/2020 09:53
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
It makes me sad to see these houses in my neighborhood renovated out of affordability for most people. But that TN Ave will be a very nice house for a well-off family that prioritizes walkability and a nice neighborhood over space. My guess is they nope out of Capitol Hill by 4th grade, though. They'll be all virtuous about the PTA and fundraising, then will quietly say "We need to move for more space for our very active boys!"
Anonymous
10/01/2020 08:38
Subject: Are these H St. NE / Capitol Hill houses priced appropriately?
Also, that’s part of why it’s better to buy from second owners of a flip, but you DEFINITELY pay for it in this market. I think if the market wasn’t as crazy as it is, they wouldn’t gave gotten that good of a return in normal times, but it would have still appreciated.
Anonymous
10/01/2020 08:36
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:What does the collective hive mind think about these? All are either pending or look to move soon - above, at, or below list?
$1,148,000, 3BR/1.5BA, 2,572 sf, 4 days - PENDING
Primed for a reno, as it looks pretty dated. Parking, screened porch in back, lots of sf!
https://www.redfin.com/DC/Washington/1333-Massachusetts-Ave-SE-20003/home/9914541
$1,449,900, 4BR/3.5BA, 2,744 sf, 6 days - "Hot Home"
Lots of sf of living space, fireplace, still has lots of character, beautiful wood throughout, finished basement, hot tub in backyard and detached garage, solar panels.
https://www.redfin.com/DC/Washington/1333-Massachusetts-Ave-SE-20003/home/9914541
$1,449,000, 5BR/3.5BA, 2,624 sf, 5 days - "Hot Home"
Really love this one. Mix of traditional character with modern finishes.
https://www.redfin.com/DC/Washington/120-Kentucky-Ave-SE-20003/home/9911277
$1,197,000, 4BR/3.5BA, 1,726 sf, 7 days - PENDING
Recent gut & flip reno with open floorplan, high-end finishes, paver patio in back with grill hookup and pull-up garage door. A bit on the small side.
https://www.redfin.com/DC/Washington/253-Tennessee-Ave-NE-20002/home/9913573
The last one looks like the owners bought a flip and put in some money to customize it a bit. Looks like they definitely put in some money on the back patio (there’s no way a flipper did that), the built in bunk beds, and the basement built in shelves. Most of the other stuff looks like it probably came with the original except for maybe some cosmetic stuff. They made a good return on their investment.
Anonymous
10/01/2020 07:22
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
I live near here and I know exactly what happened here. A redone house in the same strip sold for over 1.3 million: https://www.redfin.com/DC/Washington/1217-G-St-NE-20002/home/9910126?utm_source=ios_share&utm_medium=share&utm_campaign=copy_link&utm_nooverride=1&utm_content=link
So the developers thought this would fetch the same. But 1217 G was an amazing flip—seriously one of the nicest I’ve seen—and included a beautiful backyard studio and garage. 1231 is smaller and not nearly as nice. The person who said 800-900k is wrong too, though. This one should go for around 1-1.1 million.
Anonymous
09/30/2020 23:38
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:The little peninsula in the kitchen doesn't actually accommodate 2 place settings (they're turned sideways to create the illusion you can fit 2 people there).
Ooh, good catch! I hadn't noticed that.
That's hilarious.
Anonymous
09/30/2020 23:20
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
Agree that price is crazy!!
They're listed at over $1,000 a square foot. This house should be listed at $800k - $900k max.
Also, there's a lot that's weird about the flip like:
The front door is on the opposite side of the living room from the stairs, so there's a weird traffic flow.
The little peninsula in the kitchen doesn't actually accommodate 2 place settings (they're turned sideways to create the illusion you can fit 2 people there).
The 3rd upstairs bedroom is suspiciously tiny in photos.
The laundry closet opens into the stairs.
Also, it's zoned for Miner. Delusional.
Anonymous
09/30/2020 23:19
Subject: Re:Are these H St. NE / Capitol Hill houses priced appropriately?
Anonymous wrote:Anonymous wrote:How about this one ? 12th and G St Northeast at 1.3 mi: https://www.redfin.com/DC/Washington/1231-G-St-NE-20002/home/10173981
Okay, now, that's overpriced. $1.3 million for 1230 square feet? Maybe if it were closer to Lincoln Park or the Capitol, but in that location? No. There is nothing about that house that's worth $1.3 million in that location.
The Capitol Hill Market is hot, but this one? The sellers are delusional.
Agree that price is crazy!!
They're listed at over $1,000 a square foot. This house should be listed at $800k - $900k max.
Also, there's a lot that's weird about the flip like:
The front door is on the opposite side of the living room from the stairs, so there's a weird traffic flow.
The little peninsula in the kitchen doesn't actually accommodate 2 place settings (they're turned sideways to create the illusion you can fit 2 people there).
The 3rd upstairs bedroom is suspiciously tiny in photos.
The laundry closet opens into the stairs.