Good Deal or Not? 2003 Pricing Edition


This house is located at 4119 4th Street, NW:

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The flier says:

“NOT A SHORT SALE OR FORECLOSURE. Needs a few touches. Paint, pull up carpet, sand floors, minor repairs and move in. Finish renovate the kitchen and basement later. Make an offer.”

More info but sadly no photos found here.

Well, because there are no photos we’ll have to assume the place needs a bit of work. But even so, this reminds me of 2003 prices. It can be yours for $225,000. Sound reasonable?

Full disclosure: I live on this block. I’m not sure if that helps or hurts the value…

10 Comment

  • I love the chairs on the porch. Looks live you’ve got a great block.

  • That is scary cheap.

  • What do you mean by 2003 prices? That was nearly the peak of the market – I would have thought $225K unthinkably low in 2003.

    This seems like a pretty good deal if it’s livable and doesn’t need to be gutted. At that price you can assume it has had few if any upgrades. You will almost certainly be looking at kitchen, baths, wiring and plumbing upgrades eventually. But that doesn’t mean it’s not worth it and you couldn’t do that work over a long time while living there. If it’s been generally well-kept and has nice original details, floors are in decent shape, etc.. it sounds like a good deal.

  • scary pricing.

  • This seems really, really cheap. Would love to see the inside!

  • I think 2003 was pre-peak in Petworth. I got my house at that time at around this price and within a year or two it had miraculously appreciated 50%. But this price seems low to me now. I’d think it’s worth the work one might need to put into it. And like the ad said, space it out if you have to.

  • It’s hard to see how this wouldn’t be a good deal, as long as the buyer is ok with doing some work. I say go for it!

    I also agree about 2003 prices not being the peak. I know because I bought my house in October 2005 which I think turned out to be the very top of the peak. Just a few weeks later I had the open house to sell my condo on a day when the top headline in the Washington Post officially announced the housing boom was over…and my condo sold for $30k less than it appraised for a month earlier. Really pitiful timing!!

  • Am I missing someting? How many bedrooms? And yes, it’s nice and cheap, probably original 1920s kitchen, or maybe renovated in the 50s. That block of 4th Street is nice and quiet, at least I think so. We don’t live too far, on the other side of Grant Circle.

  • TOBY: Click on the link that says “MORE INFO” and you will see that it has 3 bedrooms, 1 bath, street parking, combination steam and gas heat, a fireplace, no dishwasher, an unfinished basement, and wood floors. From the notation that it is move-in ready but the kitchen and bath could be renovated later, it is assumed that they are dated.

  • Wow – that describes my house in terms of condition, one block away, but I paid a “bit” more for mine in 2007 (I do have one more bedroom and bath in the basement). If no major structural issues, then its a good deal. And “dated” can actually work. People really love my kitchen.

    Careful with what’s called a fireplace in this area. Often is it an unvented gas heater built into a fake chimney – but definitely unvented. but way cool in terms how antique look.

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