Good Deal or Not? “20ft cathedral ceilings” edition

This home is located at 1956 2nd St, NW:

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The flier says:

“Beautiful 3 BD 2.5 BA row home w/ english basement on quiet tree lined street in historic Ledroit Park! Boasting crown molding, 2 f/p, eat-in kit, formal liv-din room, in-law suite, sitting room, jacuzzi, patio and off street parking for 4 cars. MBR has 20ft cathedral ceilings while the 2nd BR comes with a private balcony.”

You can find more info here and more photos here.

I think I’ve featured this home before as House of the Day so it’s pretty sweet to be able to get to see inside. What do you think of the home itself? Think it’ll go for $899,500?

33 Comment

  • as a homeowner on that block, i certainly hope so!!!

  • no way. saw it last sunday.

    a “bit” overpriced

  • I know this sounds naive but who are the people who can afford 900,000 for a house? My husband and I collectively make almost 300,000/year and we can’t afford a house in the city that is both 1) relatively safe (no thanks trinidad) and 2) reasonable walking distance to metro. Do these people have kids? the recession certainly isn’t hitting the housing market in DC. I know we need to just suck it up and live someplace sketchy for a few years and hope it turns out ok.

    • Well, if someone has saved for downpayment for years, and then is lucky enough to have equity in what they sell, they can do a jumbo loan. Truly, $900K is not that much these days.

      And PLease god, no more exposed brick. Ever. It looks terribly dated, and anyone who has ever ripped an elbow open on the damn bricks agrees with me. Bad idea.

      Pics also too small and place too cluttered to evaluate.

    • It’s easier for people who have “non-traditional financing” – a euphemism for people who either pay cash (inheritances, investments, whatever) for their homes or put so much money down (say, 35% instead of 5%) that their loans are much easier to manage.

      And then there are the people who just make a shitton of money.

    • how much can you afford to spend on a house with your 300,000 income?

    • The traditional guidelines are that you should spend <30% of your income on housing. That gives you a ceiling of $7500 per month to spend. That's a lot of house at 5%. I'm not sure what you mean by can't afford a house unless each of you has 4 ex-spouses you're also supporting.

      And everyone's first house is sketchy. No one buys their dream home the first time out. Either it's in a crappy location, or it's a crappy house or both.

      • We manage to spend about 20% of our income on housing (24% if I stop working) in Petworth and we make less than half what a 300K household makes and we are a 10 minute walk from the metro.

        So, yeah, you should have plenty of options at 300K.

        • That’s what I was thinking.

          Now saving for a downpayment and closing costs is another issue altogether, but if you’re really having a problem, look at your expenses. Move to MD for a year, get a 2 bedroom apartment, put your kids in public school and save up. You should have the money in a year.

          Also Silver Spring is a metro stop and is reasonably inexpensive and safe compared to other locations.

        • I second that – we’re doing just fine spending about 20% of our not quite three figure combined income on a first home we’re happy with in a neighborhood that we’ve loved for years. We also don’t have kids and don’t plan on it for some time.

          I think it comes down to personal expectations. We realized early on in the hunt (after drooling over some gorgeous $300-350K houses) that granite counter tops, stainless steel, and crown molding weren’t in the cards this time around, and that’s ok with me!

    • really? there have been a number of good deals in bloomingdale, shaw, some featured on here. these are all blocks away from a new harris teete, the ny ave safeway, metros, 395, etc. redfin is your friend

  • Declutter, declutter, declutter…who can see the house with all that crap in it. It just makes it look smaller.

  • This is very similar to a home my husband and I purchased 4 months ago. Here are the differences:

    – Our house is significantly closer to the metro (only 1.5 blocks)
    – Our house has a carriage house
    – Appears as though our house was more recently updated than this house.
    – We have the same number of bedrooms/bathrooms– layout is very similar. Both have in-law suites. However, this house has about 300sf more than ours (our bay does not extend to the second floor).

    The house we purchased was a GDoN over the winter. It listed at 849k– once we found out the sellers had to sell and move quickly, we took a very hard negotiating stance and managed to settle for $780k.

    All of that information tells me this, unless the housing market has significantly improved in 4 months, this house is overpriced. I hope for my sake it sells for a price closer to asking– it will make me feel great about my negotiating skills! That being said, I think it is more realistic that this will settle around 800k-820k.

  • $900k for THAT location? no thanks.

    • you must not know this location – it is a really great block with a ton of people on the street thanks to Parker Flats.

      captcha: lion unicorn

  • For reference, jumbos are now at about 5.6%, so to estimate, a $750,000 loan (putting down $150,000) would be about $5,700/month including things like taxes and such. If a household makes a combined $300,000 a year, say $180,000 after tax and after other stuff, that’s $15,000 per month, or $9,300 per month after paying for your housing.

    Yeah, $9K a month for food, entertainment, whatever, can’t see how they could live on that. The person with a household income of $300K really should stop complaining.

  • “20-foot cathedral ceilings in MBR” are only useful if you have a crapload of art to store, as these owners do. That house should have been staged for sale. As is, it looks like somebody’s attic.

  • How can you even tell with the pictures as small as they are…? What an awful real estate website.

    CAPTCHA: Boiled Blood

  • Gotta love the person making $300k/yr coming onto a blog about gentrifying neighborhoods, complaining to a bunch of people that are living in the city on much less about how hard it is to get by. WON’T SOMEBODY PLEASE THINK OF THE HIGH INCOME EARNERS???

  • Yeah I really don’t understand the small pics thing. It’s terrible marketing.

    CAPTCHA: brownies emergency

    Good captchas today.

  • This could sell as Tabard Inn II.

  • What is this Captcha thing?

    I think they need to get that house staged if they want to sell it for anywhere near the asking price. It’s like they’ve wallpapered every room in that house with small picture frames.

  • The comps over the past year show that the house is a minium of 150K overpriced.

    You might get lucky and some drunk homebuyer might come along and offer high 7’s for it, but I wouldn’t be on it.

  • In (partial) defense of the commentor with the $300k income… s/he did mention kids. When you have a kid, the city takes on a whole different dimension. We bought pre-kid in Columbia Heights on a combined income of a little more than half of $300k. Most of the time, I am perfectly fine living where we do – but we’re not facing the prospect of DCPS yet. Though the times that I question living here with a kid are generally few and far between, they tend to be due to something fairly awful, like the shooting on/at the CH metro last year.

    And like the $300k commentor, I really do wonder who these people are who buy very large $900k houses in areas where the public schools are questionable, unless they’ve already secured a spot in a good charter or are currently in-boundary for a good DCPS (which begs the question why they’d be moving to Ledroit Park, or Shaw, or CH).

    But s/he is right that even with incomes of $300k, you still have to choose metro proximity or relative safety. (I’d also venture to guess that with incomes like that, you may be looking at a combined $1-2k of student loan repayment per month.) Personally, with that income, I’d probably look in Mt. P, decide the school thing wasn’t worth it, then bite the bullet and buy a semi-fixer-upper for $800k a mile-plus from the metro in AU Park, Chevy Chase DC, etc.

    • I see where you are going with this, as I too factored in school loan repayment, but it still sounds a little ridiculous to question housing costs in the city from someone making 300k annually. If you have 9k post mortgage to live off of, you are doing far better than most people with children living in the city.

      You should be able to find a decent charter or parochial school whose tuition is manageable. If your goal is to send your child to Sidwell or St. Alban’s…then you have a problem…that most people on this blog probably won’t sympathize with.

      CAPTCHA: methadone tussling

      How interesting…

  • Great deal if you are stealing additional funds from your company. See the dc tax office crooks who stole money from the tax payers.

  • People, on the photo site, go to options, and click “full size.”

  • It’s even junkier “full size”.

    Love the captcha: cleanup or

  • This house is WAY overpriced for it’s location. $900K will get you a much nicer home on the Hill right at Eastern Market or a killer rowhouse in Col Hgts in walkable neighborhoods close to shopping, restaurants and pubs. You’d have to take a cab anywhere you went from this side of LeDroit just for safety purposes.

    I wonder who the real estate agent is because they needed to have done a better job of prepping that seller to bring the house to market. It looks like an episode out of Hoarders.

    just my 2 cents.

Comments are closed.