Good Deal or Not?


A reader suggested I feature this home a couple of weeks ago. It is located at 1207 Lamont Street. The flyer says:

“Home was gutted & expanded, keeping 3 walls. Now all brand new with sophisticated contemporary design and materials. 2-level unit provides 1,850 sq. ft. of dramatic styling & features marble, granite, maple hardwood flooring, all new stainless appliances and front load washer/dryer. Great location-Walk to 2 Metros, shops, restaurants, & new DC USA Center. Parking included.”

It is divided into two units with unit #2 featuring 3 beds and 3.5 baths. More info and photos can be found here. It seems to have been on the market for over 90 days. The price is for unit #2 is $575,000. Good deal or not?

Unit #1 looks even sweet with a roof deck. The flyer for this unit says:

“Rowhome was gutted & expanded, keeping 3 walls. Now all new 2+levels with dramatic contemporary design, upscale materials include granite, marble, maple hardwood flooring, stainless appliances, parking included! 1,932 sq. ft. with 3 bedrooms & 3 full baths. Exciting glass ceiling and roof deck–great views!”

More details and photos including roof deck photos can be found here. This unit is going for $699,000. The location seems great. What do you think about this unit – good deal or not?

22 Comment

  • I’d say… if it was a good deal it wouldn’t have been on the market for so long! That’s a net of 1.275 million for a row house at 12th and Lamont? I think that’s pretty crazy. You can get a whole renovated house in this neighborhood for around $600-$650K. It better be gold plated.

  • jamie is right– $575K would be a good deal if it was for the rowhouse– not a part of it. not in columbia heights and certainly not in this market.

  • I think this is the one that had a ton of stop works, huge fines, etc, as construction proceeded over a couple years. It was quite the thing to watch, a relatively massive renovation that the owners initially hoped to do without any permits whatsoever. I think the original renovator went bankrupt and another guy bought it… If it is the one, then the owner owes HUGE on this place…

  • Yeah I agree with Jamie – if it’s been on the market this long the “Good deal or not?” question answers itself. Unless there was a recent and significant price drop, which is not the case here. It looks like it sat for 2 months and the seller decided to shave off 4% and now it’s sat for another 3 months. Some people just don’t seem to care whether or not they sell their homes. But I have a question for any prospective home-buyers – how (if at all) do you respond to these listings? Would you make an offer of 15% or more off list if you thought that was a fair price, or do you just not even bother since they don’t seem to be a motivated seller?

  • Prince Of Petworth

    A house a block away sold for a million bucks…

  • the real estate agent has a duty to report to report every bid on the property, whether it’s 15% off list or 50% off list….

  • I actually believe each unit is no more than $50-75k overpriced. They’re very nice and the one has a serious roof deck. If one is talking about a 2-level unit plus roof deck for $625k that’s not insane given that it’s, what, 2 blocks to Target?

  • saf

    Wow, that’s a heck of a socio-economic statement, and it makes my head hurt – “$625k that’s not insane given that it’s, what, 2 blocks to Target” I can’t see Target as appealing to the demographic that buys 625K houses. I just can’t.

  • “I can’t see Target as appealing to the demographic that buys 625K houses. I just can’t.”

    Everyone needs toilet paper sometimes.

  • Personally, I wouldn’t buy any condo unless it was an absolute giveaway. I am too afraid of the rainy day to buy something where I could not get a roommate in a financial squeeze. Condos leave little room for taking on a renter when finances are tight.

  • If you can afford a 600+ condo, maybe you can also pay someone to wipe your A$$!

  • I’m going to go against the grain and say that this is a good deal. I’m actually very surprised that it’s been on the market this long at this price given the apparent quality of the finishes. You don’t see many 3 bedroom 1600+ sq ft places in the neighborhood. There has to be more to the story…

  • Since when are renovated, four-level homes in that neighborhood going for $575k as Chris of Colorado Corner stated? $699k for the top unit may be ambitous. And $599k for a lower-level, basement unit also may be a bit ambitious. But these units are huge and have three bedrooms, three and a half baths. The units aren’t great deals. But I’m certain the developer will get at least $600k for the upper unit. As for the lower-level, it depends on the renovation. If the bottom floor looks like a basement, it will be hard to convince people to pay more than half a mil for it, no matter the caliber of the materials. The D.C. market is still pricey, folks. And developers who are not in financial trouble aren’t just going to start giving the stuff away. Price reductions? Yes. Significant price reductions in some cases, yes. But drastic price declines and leaving vast equity on the table, I don’t think so.

  • @youdontknowme: I think there are also some permitting issues with this house.

  • Overpriced, ultra-modern, bougie crap.

    It’s fine if your into it, but if you’re into it you’ll probably buy a condo right across the street from Target (there are plenty), not two blocks away. It lacks all of the original detail and warmth that you’d expect from a row house in that neighborhood.

    In any event, if it’s true that they didn’t pull the correct permits you’d be better off passing this one up. If they cut corners there, they cut corners elsewhere.

  • I don’t don’t know if it is a good deal or not but I loathe (a personal prejudice that ends up coloring my opinion on these types of things) the 2 units out of a 2 story with basement townhomes.

  • Slightly overpriced, but that’s a sweet renovation.

  • While it’s in my interest to wish that this was a good deal (our place is a similar 2-unit conversion, we own the whole building), I’m afraid it’s not. Almost $1.3M for the whole building?? As has been pointed out a number of times in GDON? entries, it doesn’t matter how nice the renovation, if it’s within a couple blocks of publicly subsidized housing, it’s just never going to be worth that much.

  • Yeah, I don’t care how big or nice it is – I’m not paying over $500K for a condo in CH or Petworth. I live one block from the Target and I love the neighborhood, but if I’ve got that kind of cash then I’m buying an entire home. My condo is less than half the sq. footage, but was also a quarter of the price.

  • Just a note – you can get into a really unpleasant situation with one of those two unit condos if the other owner is a smoker, a loud partier, or a nutbag.

  • Wow, that’s a heck of a socio-economic statement, and it makes my head hurt – “$625k that’s not insane given that it’s, what, 2 blocks to Target” I can’t see Target as appealing to the demographic that buys 625K houses. I just can’t.

    Hey, I ran into a couple with kids who spent $1 mill on their house at Target on Sunday. They spent $1 million on their house, you think they’re buying birthday party presents at Child’s Play?

  • I’ve been inside both units. The top unit has a glass roof over the entire living room. Never seen anything like it.

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