16 Comment

  • Well, let’s be clear, this house isn’t even close to liveable in the present condition. It probably needs at least $150k to get there. Still, for someone with the time and money, $475 for that location is a good deal.

  • “As any of my buyers in this price range will tell you, housing inventory in DC under $400,000. is super tight at the moment,”

    Seriously? There is plenty of available housing in DC under 400K. I mean boatloads of housing under 400K. Maybe not in the more desirable areas of NW. But much of DC is under 400K. Maybe even under 300K.

  • Nate:
    Most of the inventory below 400K is in SE DC/ Anacostia area — and most people aren’t exactly fighting to move to that area.

  • What about NE and almost all of Petworth. Much of CH near Sherman, GA Ave., Harvard, Park Morton area. Those areas can’t be over 400K. Don’t get me wrong, I hope they go to 500K.

  • I’ll let my buyers speak for themselves. I know there are at least a few of them lurking here.

  • that place is a serious dump, but it is a good investment location.

    really though, anything that sells in 19 days was a good deal. the bank obviously wanted it gone.

  • I just closed on a home last month and I can tell you that finding a house for less than $400,000 in Columbia Heights (west of Sherman) is extremely difficult. I’ve looked at them all, including this one, and the ones that are listed often need an enormous amount of work. Although it’s tempting to buy a house like this one, the amount of cash you need to make it livable (ie, sans rats) usually prohibits the sale to first-time buys like me.

    If anyone can find a CH house at $400,000 a reasonable distance from Georgia Avenue that’s livable, I say grab it. And even if it’s not livable, you’re probably getting a fairly good deal.

    If this house didn’t need $100,000 of work, I’d have bought it.

  • Anon, FWIW I am selling a lot of houses in this kind of condition to first time buyers who are working with FHA 203k loans.

  • Well, I remember my search for a place in the CH/Petworth area, and I agree, it was difficult finding a place below 400K that didn’t need another 100-150K in order to make it habitable — or the house was located on a terrible street. I still believe that Petworth is the last best kept affordable area in NW DC, but the area is improving and the prices reflect so.

  • Even in Petworth, when all is said and done (renovations included), it is tough to find an end price of less than 400,000. There are some great rowhouses close to the metro from the mid-300s, but assuming you want a decently renovated house (refinished floors, maybe a new kitchen, upgraded electric, etc.) you are likely going to go over that 400K price point.

  • I second, third, fourth that finding a house that doesn’t need massive amounts of work for under 400k is difficult but not totally impossible. We were looking in the under 350K range and that pretty much included houses that needed to be gutted. The second we found one that needed minimal work (turns out a little more than anticipated but definitely nothing close to a major fixer upper) we jumped on it. There are some further north but for us close proximity(10 minute walk or so) to the metro was pretty important.

    I think we probably compromised on the location a bit to get in the range we wanted but at the end of the day we are very happy with our choice.

  • For Sale by owner on the 1300 block of Meridian – needs new roof, windows, brick re-pointing, and the rear of the house could use some help, including replacing the porch. I have never seen the inside and don’t know the price. The owner inherited the property and is looking to deal… though they probably think it is worth more than the market. Here’s the number 877-926-1773.

  • Seriously? This place? I can’t understand why anyone would want to live on Hiatt Pl NW. The property backs up to DC USA, it’s across the street from a huge, windowless shell and several other half-renovated condos that have been idle for years, and lets be honest: the human and vehicle traffic on Park between 16th and 14th is terrible. That entire stretch of road is a *disaster* and I see no evidence of that fact changing any time soon.

  • Watch for another foreclosure sale featuring half-completed renovations in a year or two…

  • I actually placed an offer on this place in the first go round, back in May. I can tell you that it does need some work. It would be livable for 50k and the basement could easily be renovated as a rental unit. It has large bedrooms, a parking space, a terrace atop the garage, etc.. With $150k this house would really be quite a great investment. I am surprised it went conventional, it seems to have been an ideal candidate for a 203k. It will be interesting to see what indeed becomes of it.

  • Anon 2:55 – do you think someone would put $46k down on a place and then walk away from it? See that’s what people weren’t doing and that’s why we are where we are now. No skin in game…

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