It’s Time To Play Good Deal or Not?


Thanks to a reader for pointing out to me that one of my “houses of the day” from April is now on the market (it is the one on the left). It is located at 521 Rock Creek Church Road. It is 4 bedrooms, 3 bathrooms, 1 half bathroom. The remarks say: “Gorgeous, restored Spanish style home with over 3,400 square feet.” Check out the MRIS Listing here. Now for the good part – the asking price is $703,500. So good deal or not?

15 Comment

  • Good deal. It has a side yard, very close to Metro, and the price of 207.00 per square foot of space is about 50.00 to 70.00 below market for Petworth.

  • Where does this number per-square-foot come from, out of curiosity? I am not sure I’d use that kind of criteria to buy a house in DC. The value varies dramatically (imho) from one part of a neighborhood to another, even from one block to another. I don’t know that particular corner that well, so I couldn’t say one way or the other if it’s worth the money, but it still seems a bit high for about anything in Petworth these days.

    For example, for $739K (not much more) you can even buy in Mt. Pleasant. Not quite as big a house, but still, people love Mt. Pleasant…

    On the other hand, having not looked through real estate listings for a while, I see quite a few listings in CH/Petworth in the 700s and 800s. Are these things really selling, or is this just fantasy? Has the market really come back already?

  • Wow, gorgeous woodwork, especially the dining room.

  • nice house but as someone in the market for a house myself i’d have to say that if I was on that budget I would be looking in a different area. As a rule of thumb its not a good Idea to buy at the top end of a neighborhood.

  • A bit too far east for its price it seems

  • That is a nice house. What would a house like this cost in Col Hgts or Shaw?

  • location location location. that house doesnt have it. But I have no doubt that it will sell for that price… 3 years from now.

  • My first thought was no way, but after seeing the inside The asking price isnt so ridiculous. I think the reality is that they are going to have a hard time getting $700K 2 blocks off of GA ave, it will probably sell for about $625K

  • If that house sells for 625 or anywhere near that price in a supposed recession, that is just one more sign to me that times have really changed.

  • Technically we are not in a recession anymore.

  • $700k is too high for where that house is located. saying “that house in [dupont/columbia heights/adams morgan/chevy chase] would cost so much more than $700,000” is meaningless. you could buy the entire nation of Haiti for $1 million, but would you want to live there? it’s all about location.

    and i’d love to see the source for $260-$270/sq. ft. being “the market” for Petworth. if that’s true, i REALLY got a bargain last Sept. when i paid $430,000 for a 2700 sq. ft. renovated house much further off Georgia Ave. in a quieter, safer part of Petworth.

  • According to sales records from the Office of Tax and Revenue, there were 12 houses sold in Petworth in March. (This excludes multi-unit buildings and dwellings with square footage below 1,000, as well as houses with a listed sale price of 0.) Average price was $335K; average square footage was 1,333, for about $250/square foot. Lowest cost was $172/sf; highest was $355/sf.

    Note that square footage is only above-grade, excluding basements.

  • what it comes down to is whether or not someone who can afford 700,000 for a home would want to live there.

  • THis house is a stones throw from me. Its a great neighborhood. Reading the above comments you’d think this was Anacostia or something. All of the renovated larger houses around here go for the mid 600’s, though a great house just sold for 515,000. Technically, if it were on the other side of the street it would be Columbia Heights though this section is considered “Park View”(title to my house says ColHts but my friends insist its not). Regardless, I think it will go for around 600k

    Petworth is a large neighborhood, too. I don’t think you can compare values north of Upsure with south of Upsure. I read somewhere that average for inside the loop is 300, and Georgetown was the highest at 700 – it might have been in the Washingtonian or something.

  • I drive past that house all of the time at all times of the day and night and yes, two blocks in from Georgia Ave., it’s pretty darn quiet and residential-like. I like the house and pointed it out to Mr. PP because we want something bigger and want to stay in the area, but the price tag is too high for us. In fact, most of the houses we want in nearby neighborhoods that are about this size and nicely reno’d are priced in that range.

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