Update On DC’s Home Auction


Here’s hipchickindc’s original post on DC’s liquidation of vacant properties. The Post did a small write up on it. But I got a few updates from some readers that I thought I’d share:

“Several weeks ago I came across a post about the D.C. Government auction. Several members posted comments pertaining to what they thought the “going prices” would be for several of the homes listed. Well I attended the auction and to my dismay the properties went for well over the $50,000 – $75,000 some of your members estimated. I thought they might be interested in learning the “hammer price” for several of the “hot” properties included in the auction. The prices listed below do not include the 5% buyer’s premium that will be included in the final purchase price.

2305 1st street NW Washington, DC 20001 – $320,000
3004 13th street NW Washington, DC 20009 – $380,000
57 Bryant street NW Washington, DC 20001- $320,000
100 Bryant street NW Washington, DC 20001 – $380,000
475 Florida Avenue NW Washington, DC 20001 – $300,000

If you recall most of these properties appeared to be little more than shells. Good Deal or Not? You tell me.

I would be interested in finding out what your readers think of these prices.”

Another great reader’s take after the jump.

“For the record the WP article has some incorrect facts regarding pricing – 3004 13th St sold for 380,000 – not 304 13th St NW for 300,000 as they printed. Also, no property sold for more than 380,000 and it says 400,000. With the buyers prem of 5 percent the 380 properties may be close to 400,000, but not quite.

So here is my account of the even and the titles they could fall under…

– Good Deal or Not / Watch for this house on HGTV / Crappy Renovations / Foreclosure Feature / House Porn – depending on what the new owners will do with the property.

As previously mentioned on this blog the DC gov had an auction of approximately 30 properties on January 30th. Overall the properties seemed to go for close to or above market value (I am not an agent). It appeared as if the primary buyers were developers as the same people were buying multiple properties. Keep in mind many of these properties will require complete gut jobs. The auction attendance was high enough that the fire Marshall showed up and allegedly many people were left standing outside unable to enter and bid on the properties. I did not see how many were outside, but I can confirm that there was a line of people who had not gone through security when the bidding started.

A couple of notable properties for POP readers were sold.

3004 13th St NW – 380,000.

100 Bryant St. NW – 380,000.

2305 1st St NW – 320,000.

57 Bryant St. NW – 320,000.

1504 6th St. NW – 220,000.

475 Florida Ave NW – 300,000.

333 K St. NE – 180,000. (NOMA BID area) – There is a foreclosed home right next the DC property (335 K St NE) is listed for 160,000 and it is the exact same row home the only difference is the opposite floor plan – so they over paid by 20k?

Here is the Redfin link for the foreclosure – http://www.redfin.com/DC/Washington/335-K-St-NE-20002/home/12134130/bankOwned-3048506

Here is a Google Maps link -the red house in next to the pink house is the foreclosure – the pink house on the right was the DC property.


646 I St NE – 230,000. (NOMA / H St)

1001 Quebec Pl NW – 210,000.

1713 New Jersey Ave NW – 260,000

756 Park Road NW – $160,000.

510 Newton Pl NW – $170,000.

3620 Rock Creek Church Rd NW – $170,000.

627 Keefer Place NW – Pulled from the auction – no explanation.

709 Kenyon St NW – Pulled from the auction – no explanation.”

22 Comment

  • I’m so glad someone mentioned the 335 K street foreclosure–I’ve been curious about it for months (I’m moving to DC this summer so have started poking around the rental and for-sale listings) and would be interested to hear from anyone who’s seen the inside. The street view makes it look like it has new windows, and its insanely high starting price makes me think it was renovated at some point (though who knows what condition it’s in now, especially with the wreck next door). Hopefully getting #333 auctioned off and spruced up will encourage someone to buy the foreclosure next door.

  • I am so happy to see the sale of 1001 Quebec! How soon will the title transfer, and how soon can we see who the buyer is?

  • I’m actually surprised to see how much these property fetched. I was expecting something in the 200s.

  • I assume that this was overall productive for the city to engage in. I hope they are able to repeat the process with additional properties in the future.

  • any idea how much the two in anacostia went for?

  • Vonstallin

    David Tumblin Says:
    February 2nd, 2009 at 12:16 pm
    I am so happy to see the sale of 1001 Quebec! How soon will the title transfer, and how soon can we see who the buyer is?


    1001 Quebec Pl NW – 210,000. is crazy for that ratt filled shell. I live about 10 doors up from this and been waiting to see it sell for a while now. Glad it will get moving.

    It will need at least 200K worth of work.

  • So do people think they would have sold for less had a realtor been involved in listing them?

  • DG-Rad – 2321 High Street SE in Anacostia went for $35,000. The starting bid was $50,000 with no takers so it was reduced to $20,000 with $10,000 increments. The bidding went up to $30,000. There was no bidders at $40,000, but someone yelled out $35,000 so it was accepted.

  • Aye, Vonstallin. And I understand its been going around and around for years, with occasional coalitions of neighbors tring to buy this house that is the anchor point for a 10th Street view of Raymond Recreation Center. I’m sure it easily needs $200,000 worth of investment, but they can be sure we will all stand behind their efforts.

  • I gotta say I am shocked at how much these properties sold for. There are lots of houses for sale around here on the regular market, in much better shape, at similar or lower prices. And you can actually see them before buying them. Is this just auction fever?

    I just don’t get why these same investors wouldn’t be just buying some of the many, many messed up properties on the normal market instead. Much easier to buy, certainly prices seem favorable compared to what these guys paid for these dumps. And no restrictions on occupancy, etc.

    Well, I’m glad they’re sold, but it makes no sense to me.

  • Chalk one up to the efficient market. You can bet the developers (who you must assume know the market as well or better than anyone) weren’t going to overpay, so, logic says, that these houses are worth at or more than what the developers paid for them and the fact that other properties (that we lay people consider similiar) are languishing on the market means that they are worth less than what they are listed at.

  • Vonstallin

    David Tumblin Says:
    February 2nd, 2009 at 1:20 pm
    Aye, Vonstallin. And I understand its been going around and around for years, with occasional coalitions of neighbors tring to buy this house that is the anchor point for a 10th Street view of Raymond Recreation Center. I’m sure it easily needs $200,000 worth of investment, but they can be sure we will all stand behind their efforts.

    I remember when the property could have been had for under 100K, but nobody wanted to pay the DC Tax lean on the place. it was about 56k in the late 90’s.

    This was at the Court building and I heard it was WAYYYYYYY over pack with people trying to buy houses. They said the line was outside the door and around the place and people couldn’t get in.

    I’m sure the company selling them (Alex Copper) was glad to see that.
    I wanted to try and get this place for a second time, but i would have maxed out at 75K, lol poop on me haaa haaa.

    I cant wait to see how this house comes out. If the right person get it they can so sooo much with that location. The only bad part is that the Hood likes to hang out on that corner, but with new tenants that might make them relocate.

    thank you DC for finaly doing something about these rat holes.

  • Anonymous at 3:09…

    I was there and while you might chalk this up to an efficient market, don’t chalk it up to the developers knowing what to pay…for one, I was around a bunch of developers in line/during/after and all of them were shocked at the prices these houses were selling for…the developers I was talking to all thought they would sell for high 100Ks…they knew the properties worth something would all take quite a bit of money to rehab and all the restrictions/convenants wouldnt make it an easy project.

    On a different point..DC is the real loser here…the auction started with I’d say over 300 people outside, waiting in line (me included, and the developers)…the fire marshall closed the auction to the point where it was one out, one in…so I made it in on the third or fouth house..by that time two of the better houses we’re sold..It would of been in DC best interest to either find a bigger room or allocate the people into holding rooms until the house they wanted came up for bid, then do some sort of exchange…by rules you had to have a 10K check for each house you wanted to bid on..they didn’t enforce this..but they could of…the point is that DC left out 250 potential bidders..the houses theoritically could of gone for more had everyone had a bid.

    I would say the houses most people were interested in (Columbia heights, Ledroit Park, etc) went for more than they should of…however when you throw 200 to 250K in on renovations…you got a pretty sick property that will fetch as much as the next rehabbed house on the block..in both cases around 650 to 700K…which is a profit.

  • For all the bad news we read, the DC market is really not that bad, and this auction reflects that. Sure, it would have been better had they gotten a bigger room, but this is absolutely fantastic compared to, say, an empty room, or minimum bids across the board. In short, I’ll hold off on preparing my apple selling basket and such!

  • I give props to the DC gov for finally getting their act together. They get these properties off their books and in the hands of people (hopefully) who will renovate them and improve the neighborhood around them while they’re at it. On top of that, they can take the proceeds and put it to good use (again, hopefully).

    Great idea – they should do this more often. Nothing worse than the scary, boarded up, abandoned house on your block. Okay, there are a few things worse than that, but you get the point.

  • It will be interesting to see how many of these properties actually close and stick to the covenants.

  • Give us an update in 60 days, and let us know how many buyers have gone to closing.

    The winners didn’t have access to the properties in advance, but I’m hoping that they’ll still be able to get financing to rehab the properties.

  • A caveat here was the expectation that buyers turn the properties around within 18 months.

    Alex Cooper holds real estate auctions frequently on upper Wisconsin Ave, although not as well publicized.

  • The following were to have been sold today:
    District of Columbia
    10:23 AM – 509 Webster St., NW, Washington, 20011 Dep. $45,000. RA
    10:29 AM – 1309 Maple View Pl., SE, Washington, 20020 Dep. $28,000. RA
    11:00 AM – 2110 38th St., SE, Washington, 20020 Dep. $10,000.
    11:32 AM – 2215 Hunter Pl., SE #204 & PS #20, Washington, 20020 Dep. $21,000. MHS
    11:34 AM – 1923 Rhode Island Ave., NE, Washington, 20018 Dep. $41,000. MHS
    11:36 AM – 1225 Wylie St., NE, Washington, 20002 Dep. $30,000. MHS
    11:38 AM – 621 Malcolm X Ave., SE, Washington, 20032 Dep. $18,000. MHS
    11:40 AM – 719 16th St., NE, Washington, 20002 Dep. $29,000. MHS
    11:42 AM – 812 H R Dr., SE, Washington, 20032 Dep. $28,000. MHS
    11:44 AM – 3912 8th St., NW, Washington, 20011 Dep. $5,000. MHS
    11:48 AM – 1266 Oates St., NE, Washington, 20002 Dep. $28,000. MHS
    11:50 AM – 1931 17th St., NW, #304, Washington, 20009 Dep. $9,000. MHS
    11:52 AM – 1316 Emerson St., NW, Washington, 20011 Dep. $19,000. MHS

  • I biked past this house last night – saw the mortgage sign out front
    2305 1st street NW Washington, DC 20001 – $320,000

    This house is a huge bow-front brick victorian in a row of beautiful houses in a nice section of LeDroit Park. It looks like it has 3 full stories plus a basement – probably 6BRs at least. It would probably sell for 550K to 700K if fixed up, so even assuming it’s a shell, I still think it’s a good deal.

    I had a little pang where I wished I was rich and had all the free time in the world for a project like this, but then reality struck. Congrats to whoever bought this house!

  • “nice section of LeDroit Park”

    Someone got killed about 2 blocks away about 1 month ago. Another person got killed about 3 blocks away about 1 year ago. The little cafe/store on RI&1st has been robbed like 4 (!!!) times in the last year.

    Architecture looks nice, but this area is far from being a great neighborhood.

  • For people thinking these houses went for too much, don’t forget to add about 15000 in Buyer’s premium. lol

    Alex Cooper is a auction house that targets newbs. The same thing happens at all their auctions. Stuff goes for about market rate or a bit higher. And remember, there is no such thing as “winning price” at their auction – the seller has the right to refuse all offers if they don’t like the high bid.

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