Good Deal or Not? “Total Renovation” Edition


This home is located at 1019 Otis Place, NW:

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The flier says:

“Total renovation of a fine Victorian by OC Dev. 4 levels including legal income unit. Top level features master suite and roof deck. Open floor plan and top of the line finishes including Bosch appliances, hardwood floors, vessel sinks, granite, marble. .. 2 car garage.”

You can find more info and IMG_4038

14 Comment

  • I love this place. Beautiful, beautiful, beautiful. If I had the money, I’d pay something close to the asking price.

  • Nice job, but I still think it’s over priced by about $50K.

  • Great reno – I especially like the secured parking.
    Tour photos stink – can we see the entrance to the rental unit? Also they only have a photo of one full bathroom – so I reserve judgement on how good a deal this is. Could be a bit over value by $45K or so.
    There is a comparable listing for $729 (
    Those are the only two that are priced that high – which mean overimproved for neighborhood (probably two nicest kitchens on the block) and they aren’t likely to appreciate that much over the next 3-4 years.

  • Has a basement rental unit and dedicated parking. I think this is probably reasonably priced for DC.

  • wow, bravo! I 2nd anon1:40

  • Decently overpriced for the neighborhood. This is a flipper, bought in January for 330K, looks like the flipper is just trying to test the upper bounds of the zipcode in terms of price.

    As far as comps go, there have been half a dozen homes sold within a ~3 block radius in the past 12 months and the most expensive comp I can find is 640K, or $310 per sq/ft. This on is listed for $381 sq/ft. It was renovated, but wasn’t “brand” new.

    Most I would ever consider offering for this place, in this housing market and in that specific area would be $700-710K. Their price is just too far above the comp ceiling and anyone that pays it is going to not get a dollar of appreciation out of the place for the next 5 years…then again that may not be important to some.

    • I think the square footage on redfin is before the 3rd story addition, as it says 2 stories. If the 3rd story is 350 square feet that brings this to $326 per sq/ft. Plus this place has an awesome roof deck that is probably 250 or 300 square feet itself and if you include this as living space you are then at $290 per sq/ft. So a bit more reasonable.

      I agree that this is the top of the market right now, there are a lot of foreclosures in the area that are holding prices down. But if homes can sell for this price, I would imagine that those foreclosures will be snatched up pretty quickly by developers.

  • The basement brings in 1500 a month? wow, that is pricy for Otis and 10th, though the kitchens for both the main level and the basement are awesome. So is the deck!

  • Otis St. between 10th and 11th is just great! It has some beautiful houses, mostly 3 stories. It is quiet and peaceful and yet no more than a 5 minute walk to the metro. I think this is a great location. Also, I love the third story with roof deck!

  • This is the best of GDoN, How much down payment do I need to get this house, I am going to the Nursing Home to shake my mom for some money:)I get to be on her health insurance very soon, *healcare reform, nursing home reform, and cash from parents reform.

  • Check on the legality of the rental unit — place is only listed as a SFR with DCRA.

  • The door can really make or break the character of an old house. I must commend those who worked on this place for finding or preserving something that works really well with the house and still allows more light to flow through a narrow house. I mean I love that no one is bothered by an aweful white door from Home Depot with fake leaded glass covered with a broken 1960s storm door that merely serves as a security door or better yet a brand new plastic one that you might find on some wonder in the burbs.

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