Good Deal or Not? “FAB-U-LOUS” Edition


This home is located at 1258 10th Street, NW:

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The flier says:

“The FAB-U-LOUS 1200 block of 10th is a hidden treasure! This semi-detached 2BR/2.5BA top-2-btm renov is on a block w/ beautiful, well kept homes & great neighbors! LARGER than it looks w/ great light from N/S/E, high ceilings, wood flrs, gas fp, custom built-ins, stuctured wiring thruout, large MBR w/ tray ceiling, gorgeous kit w/ 3 windows, wine fridge, 2 Juliet balconies, slate patio & PARKING!”

More info and photos found here.

Well no doubt this a nice renovation. I’m also interested to hear what you think about the value of the new wiring (you can see in one of the photos). But this 2 bed 2.5 bath will not come cheap – $693,000? Is the renovation/location that good? Wow, I actually see that the status says, “Contingent (No Kick Out)”. So did they get a good deal?

17 Comment

  • I think it’s priced for current market conditions (could’ve gotten a lot more for it a few years ago, will get a lot more for it in a few years). It looks to be a great renovation. That stretch of Tenth Street is really beautiful and will coninue to see improvements. It’s convenient to downtown, a few blocks from the metro, near restaurants, galleries and shops of Ninth Street, etc.

  • Nice, but almost $700k for a 2br in Shaw? yowzas

  • Does the O Street Crew still gangbang that neighborhood, or are they all dead/in jail?

  • It’s a shame that the last few GDON selections are properties that are already on contingency contract. Clearly SOMEONE thought it was a good deal already if they put a deposit down…

  • Assuming it went for asking, I think that is completely insane. Completely. and utterly. insane.

  • Out of curiosity, do you have in mind other properties in the area that are comparable but more reasonably priced?

  • Ok, I originally assumed the house was a lot smaller than it is, based on it only being 2 bedrooms and on how narrow it looks. Turns out it is 1536 sq ft, which makes it $450/sq ft, which is in line for the neighborhood.

  • This house was a total shell when it sold for $240k in March. The investor who bought it is a friend of mine and does excellent work, and moves quick.

  • Dave, i went into the open hosue when it was $240k and am amazed at the difference from then to now. The house used to be a bit of a trouble spot, and was really bad inside – floors were sagging and had holes, etc.. It is much bigger than it looks – the rear has been added onto and it goes straight back almost to the alley. Nicely done.

  • It’s by no means a good deal, but I wouldn’t call it outrageously overpriced, either. It’s somewhere in between.

  • John Formant is the developer who did this house. I visited several of his properties and everything I’ve seen is top quality! It’s a bit on the high end, but you pay for quality. I think he did those condos on 8th and Upshur — some of the best condos I’ve seen in NW DC hands down! Most rehabs I’ve seen in Petworth are so -so, but his are true quality.

  • Reply to reply to me: Well i don’t have time to go on MLS and search it, but yeah, there was one on the 1400 block of Swann this week, same price, much larger, nicer. And that is probably one of the nicest blocks in DC (in my opinion). I also don’t really like HD finishes which influenced my opinion as well. Finally, I weigh the rental value versus monthly payment and this is way off at 700k on this block. in my opinion. I’m not one of those commenters who disses every GDON (most of them I say are good deals) but this seems significantly high — I would have said good deal at 590, not 690. But what do I know, I’ve had a house on the market for 35 days now.

  • CAHBF — thanks for the response. I really am not trying to disagree with you or debate you, but just understand the market better. I agree with your assessment as to the house on the 1400 block of Swann — it is larger, perhaps nicer, and definitely on a better block. But it is also listed at 799. So, apparently the seller believes it is 100k nicer!

    I certainly am curious as to other listing you’d suggest — including your own!

  • Wow, that’s a seriously good renovation. Beautiful. I think closer to $600k is more like it, but I’m not totally familiar with that part of 10th Street.

    (Is it just me, or are really light wood floors kinda yucky/overdone?)

  • I like the reno but can we please stop painting every renovated house grey!

  • CORRECTION: The developer is Acropolis General Contractors, not John Formant. My partner/dad, Stan Bissey, and I sell houses to John Formant as well as other “all cash” developers in DC. We sell a lot to John, since his desk is next to ours. However, the majority of our business is working with normal everyday buyers and sellers to help them buy and sell their houses/condos. With 40+ years combined experience selling houses in DC, there aren’t many agents out there that know DC and all the good and bad pockets as well as we do. So when it’s time to buy or sell, keep us in mind.

  • Todd beat me to the correction. The investor here is Gus, his company is Acropolis.

    I also went into the building before it was renovated. It was a mess- the roof joists were 2 x 4’s. Pretty amazing. It was all rebuilt now and I think looks really impressive. Those finishes aren’t HD, either.

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