Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

Anonymous wrote:$799k for 3br/2.5ba on Emerald St. This is one of my favorite blocks in the entire city, and I'm bummed nothing was available when I was in the market. The $800k home I ended up buying was smaller and far less charming. I predict this will go quickly and well above asking.
https://www.redfin.com/DC/Washington/1362-Emerald-St-NE-20002/home/9912948

Case in point, see this one nearby, $865k for 3br/1.5ba and underwhelming update choices.
https://www.redfin.com/DC/Washington/625-12th-St-NE-20002/home/9910204

Would you pay $679k for a studio marketed as a one-bedroom loft? The square footage (1250 sq ft) seems massive for a single open room, but the way it's partitioned is so awkward and confining.
https://www.redfin.com/DC/Washington/1315-Independence-Ave-SE-20003/unit-4/home/21647874

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.

You market the carriage house w/ the garage. You don't really need a garage in that neighborhood -- you'll be able to get street parking w/in 2 blocks 99% of the time. (I live 2 blocks away.) Packaged like that, it's private & will easily go to a young Hill staffer. They can use the garage as, e.g., a gym area/home office, if they don't need a garage. Proximity to H street a bonus.

Anonymous wrote:

Anonymous wrote:$1 million asking price for a 1668sf 3BR/2BA fixer-upper on F between 6th & 7th NE:

https://www.redfin.com/DC/Washington/649-F-St-NE-20002/home/9898903

The market has been crazy, but it’s not that crazy, right?

This is pending. The $2 million+ TH across the street is still on the market.

Anonymous wrote:$1 million asking price for a 1668sf 3BR/2BA fixer-upper on F between 6th & 7th NE:

https://www.redfin.com/DC/Washington/649-F-St-NE-20002/home/9898903

The market has been crazy, but it’s not that crazy, right?

Anonymous wrote:How long until it becomes public what a house sold for? I want to know what this house sold for - https://www.redfin.com/DC/Washington/718-10th-St-NE-20002/home/9902446 - and 30-day contract period would have ended yesterday, but no list price yet.

Anonymous wrote:If I had $2.1 million to spend on a home, I'd buy this one instead and keep the extra ~$500k:

$1.625,000, 3BR/3.5BA, 2,107 sqft
https://www.redfin.com/DC/Washington/135-Kentucky-Ave-SE-20003/home/9911380

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.

All good points. Seems as if they over-renovated this place and now need to ask so much for it that it's limiting the market of possible buyers.

Plus, you're gonna have months of noisy flipping going on in the $1 million trash heap across the street.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

They have taken WAY too long renovating 648 and must be desperate for the cash. Such a weird overdo - and I wonder which Morris Place house they share an alley with?

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I love this thread, but one of my favorite things is the collective agreement to always post Redfin links as they are superior to almost all of listings in terms of actually seeing the photos and details as quickly as possible.

The $1m ask for that F Street house is bananas. It must be FSBO right? What the heck?

Maybe they saw the house directly across the street that's going for an absurd $2.095 million and got excited. That one's been on the market for three weeks and already has seen one $100k price reduction, though. Going to guess it'll come down even more:

https://www.redfin.com/DC/Washington/648-F-St-NE-20002/home/9898560

wow. but with the basement and carriage house, you could rent 2 units for at least 4k/month.

I guess. But do people who have that sort of money to spend want to deal with the hassle of being a landlord for two separate properties. Or do such people want to live in such close proximity to others when they're already sharing walls in a rowhouse? I can see how a rentable basement in a $1.2 million Capitol Hill rowhouse would be a bonus, but a $2 million one?

Unless someone buys it and rents out all three units, purely as a landlord. Maybe I could see that. But seeing as how they've already done one "price improvement," I'm thinking they're being a bit optimistic with the asking price.

I don't think it works as an investment property any way you cut it. The unit over the garage would be a difficult longterm rental -- it's basically a hotel room with a kitchenette, plus the entrance is in the garage, so not great privacy. It would work as an AirBnB, but those are a lot of work if you really want to make money off of them. Practically, that space would work best as a home office for someone who works remote full time and needs the separation from kids/nanny/other spouse.

And renting all three would be a nightmare, too, because it's not set up as an apartment building. Very different spaces needing different kinds of tenants. The main house would be hard to get long-term tenants in because it's huge and would be expensive. So you're looking at families who are in DC on a short term basis and thus not looking to buy -- diplomats, politicians, White House staffers, etc. Not the sort of folks who are going to be excited to be sharing yard space and their garage with the kind of people who rent basement apartments or carriage house studios.

I think you have to be able to justify the price for a SFH. And it's not even that charming -- finishes are nice but the flip itself is soulless. This would be a different story if this were one of the grand dames on East Capitol street. People will pay a markup for something with intact, preserved period details. This has none.