Good Deal or Not?

DSCN1867, originally uploaded by Prince of Petworth.

This is a very interesting offering located at 1740 New Jersey Avenue between S and Rhode Island, NW. The flier says:

“A Very Rare Offering — Originally a Doctor’s office and residence. First level offers a 3 room suite plus bath off the main living area. Some recent improvements made while still offering you a palate in which to create your ideal home. Tax records indicate approx 5632 sq ft.”

Lots of interior photos at the Red Fin Web site here.

The price is $799,900. It’s been on the market for 319 days. So good deal or not?

12 Comment

  • It’s over three quarters of a million dollars and is in an area that at best can be described as transitional. We know people who’ve put down a contract on a house in Petworth for under $300K. It had been on the market for less than a week. But these old doctor’s houses with the cool offices and separate entrances. hope someone buys it.

  • Well, if it’s been siting on the market that long, something must be wrong. I think a house that large could easily sell for that much in Shaw if it was in reasonable good condition (renovated rowhouses a fraction of the size are selling for $550K – $700K within a coupld blocks of that location). But most people don’t want to have the largest house in a transitional neighborhood…(the giant houses in Mt. Pleasant are also mostly run down, while the rowhouses are mostly renovated). My guess is that it will become condos eventually.

  • Mad cabbie linked this site on his today’s post. I don’t know DC at all but according to his opinion I wouldn’t waste that kind of bread in Petworth.

  • it’s a great deal… in the year 2020!

  • Actually this looks like a reasonable deal – I’m surprised it hasn’t sold. The metro is one block away, U Street is 3 blocks away. 2 Bdrm condos in Ledroit and Shaw are selling for $300-$400K and here is a *huge* house for $800K. I guess the post above is correct – nobody wants/needs to live in a mansion in Shaw. But I would think this could be turned into a 4 unit condo and gross ~$1.5M after renovation.

  • This is actually not a bad price for the square footage. The problem is that it does not show well. Many of the walls have been covered in dark panelling and the renovated spaces look like they were done via Home Depot DIY special. Most people in that price point want a house that shows nicer so it will either take a patient person willing to live in it for a while until they can afford to do renovations or someone with big bucks willing to shell out for the purchase price and an additional $100-150,000 for better finishes. The latter person would probably be afraid to invest that in that location and the former is a unique buyer that is harder to find.

  • Agree largely with emikael. I also have to believe that there is some latent defect that doesn’t show up in those 18 photos and the self-serving real estate description. Maybe its haunted.

  • The location isn’t ideal either. This faces the intersection with the Hess Station and the Dunkin Doughnuts. Not very picturesque or walkable, and a ton of loud traffic right outside. I don’t see someone dumping a mil after renovations to live at that intersection.

  • As a matter of economics, if nobody is willing to pay the asking price, which is now evident, then no, it is not worth $799,900. I do think lots of the finishes are way off from what most people want today. And even with the amount of space, $799K is alot of money for a house where all the carpet needs to come out, and with all of that ugly wood everywhere.

  • Location and general real estate market are likely having an affect. Some of the pics aren’t so good and the paneling has to go, but someone paying attention can see that some of the original details are still there and the picture of the front says (to me) that the building is attractive if not fussy.

    Question, is the property more like two properties – in a sense that you have a residence but can rent part of it out? If so that is a likely buyer – a bit much for a single income but good if you can use rental income to defray the mortgage payment.

  • I’m surprised this hasn’t been condo-ized like the house at 6th and T. Thai X-ing and Dunkin’ Donuts adjacency are big pluses for me!

  • It’s a lousy location. You have a lousy view of 2 run down gas stations and a 6 way intersection that is busy at all hours. Lots of traffic, and this house doesn’t really have a back yard to speak of. It is not surrounded by other big houses that have potential. It is surrounded by hack job renovations of small townhouses. It is not all that close to the main U street coridor either. It’s semi close to the eastern fringest of U street.

    The place doesn’t even have central AC. Sure, it has vast square footage. But all that really means is that it’s going to be very expensive to renovate. Just to redrywall and put in central air into that place is going to cost $$$,$$$, and you’re still stuck with cheap ikea kitchen and cheap tile bathrooms. If you actually want this place to look like a 1 million dollar house, you will be spending a ton of money to get it up to par.

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