Good Deal or Not? “has to be seen to believe” edition (Reader Request)

This home is located at 918 C St, NE:
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The flier says:

“Awesome, complete renovation of wonderful Cap Hill home; 3BR/2BA up (incl amazing mstr suite w/ lux BA & walk-in closet) plus legal 1BR & den bsmt unit w/ C of O; main level has open flrpln. .. has to be seen to believe, w/ fab Kit open to Fam Rm, dramatic dining, LR w/ fp & Pdr Rm. .. new roof, new CAC, new Kits & BAs (incl lower unit); close to all that dntwn DC”

You can find more info here and photos here.

The reader writes:

“I live near this house, and I would be shocked if it sold for the asking price (quietly hoping). I’d like to see what other folks think.”

I’m surprised there are so few pictures for a house that was completely renovated. It makes judging much more difficult. But from the photos they do show do you think this 4 bed 3.5 bath (with basement rental) will go for $829,000? If not – what do you think is a more realistic price?

27 Comment

  • I remember looking at the house when it was a foreclosure on the market last year. It’s a big house but the major downside is that it doesn’t have parking. Nice location though. Here’s a video virtual tour:

  • The house at 12th and C NE sold for this amount, but it might have been a one-off. Similar specs I think.

    I’d be ecstatic if it went for this.

    Needs more pictures and the square footage can’t be 1000, so that may be a misprint. Bad RE agent, poorly listed.

  • Ugh. What’s with all the acronyms? What the hell is a “C of O”? The ad practically has the same number of abbreviations as it does whole words…last I checked, neither fliers nor online space came at a per-letter premium.

    That said, the few pictures that are available look nice, but the price does seem a bit high.

    • Certificate of Occupancy.

    • Real estate is all about acronyms; they’re very easy to decipher once you’re exposed to them a couple of times.

      • maybe so, but i feel like realtors are stuck in 1993. once upon a time realtors were the only ones to read the listings and i have no doubt that acronyms worked just fine. but to keep this relic of the past in the internet age, where people actually read listings? just use plain text that everyone can understand, you idiots.

  • I don’t think the price is out of line for what’s been asked (and gotten) around this area in the last year or so. There’s been a lot of turnover on 10th and they’ve almost all gotten asking or above (prices ranging from the mid 700s to the mid 900s). Seems fair.

  • Equidistant to Eastern Market, Union Station and H ST. Still (relatively) quiet street (if you discount the morning influx of traffic). Access to two large dog/kid parks. Mostly working professionals in the neighborhood and a mix of old and new residents. What’s not to like?

  • Way…waaaay overpriced.

    By a look at the comps that have sold in a 4 sq block radius around that house, it is about ~130K over weight.

    Then again, this is just a flipper shooting for the moon. Bought for 460K 4 months ago, they are simply trying to catch a break, perhaps an overly energic home buyer unfamiliar with DC.

    Problem is, the people with that kind of money to throw around are usually pretty savvy. That and Redfin has really taken the mystery out of RE for the masses. There isn’t much you can do when you can drill down comp prices to the sq/ft level and do money/distance/time comparisons with the click of a button.

    • I’m not sure I see what you mean. The comps I’m looking at make this seem a little high (maybe) but not $130K high. You seriously think it’s worth under 700K on that block with a legal rental unit?? I don’t think so.

      • People need to understand that RE in places like the hill is highly variable and literally changes from block to block, and just because “some” house on the hill went for a million bucks, doesn’t mean all houses are that valuable, especially ones more than a mile from the nearest metro stop.

        Look at the comps, yes there are homes that have sold for this amount, but in all cases they were either bigger (more sq/ft) or substantially closer to the cap building.

        Look at some homes that are currently on the market or have recently sold in the 3rd to 7th street SE area right behind the cap building, in or near Eastern Market or South Cap metro stops. There are a vast number similar size homes that are listed for or have sold in the 650-800K range, most with either yards or garages. This place is simply overpriced

        Another big issue is this place doesna’t have a back yard, not even a small patio, you walk out into an alley right out the back door (see aerial).

        • Yeah, no. You’re not looking at comparable comps if you think this is $130k overpriced.

          And it’s not that highly variable with distance. It’s fairly linear with distance from the Capitol and then number of beds/baths which tends to correlate with sq ft.

        • Not to sound to picky..but its “more than a mile from the nearest metro stop” This house is less than a mile from 3 metro lines (Red/Orange/Blue .7 from Union and .75 to Eastern Mkt). I’d say that is huge.

        • Yes, they vary block to block – this is a block away from my house, so I know the block quite well. You seem to be overlooking the fact that this has a legal rental unit.

          Also, the square footage listed is the lot size, not the square footage in the house itself – it’s not an indicator of how much room is in the house. The comps that I looked at in the immediate area ranged from 700K to 900K. Agreed the lack of backyard isn’t cool, but it’s balanced by the rental unit.

          829 might be a bit too high, but the assertion that it’s $130K too high is simply wrong.

      • Like Joker said, it sold for $455K in February. Do you think they really added almost $400,000 in value in four months? Seems unlikely to me.

        • Most people buying a house are incapable of managing this level of renovation on their own. Also, most homeowners who buy a house do not have the cash on hand to renovate to this level (otherwise they’d buy a fully renovated house and save the hassle).

          I’d say the seller left money on the table, not that the developer added X dollars.

  • I doubt it’s waaaay overpriced, the way things have been going in Capitol Hill. The renovation looks pretty nice, and the legal apartment is a real plus. An absence of parking is not that big of a deal in the walkable parts of Capitol Hill; street parking works out pretty well. There seems to be no picture of the yard, though, which is a bad sign. For that kind of money a cute little patio is pretty essential. A nicely landscaped backyard, even if very small, plus a home that is not state-of-the-art would probably be more attractive to a lot of people than an immaculately renovated home with no good place to hang out back.

    • There is no yard, or at least there wasn’t when it was on the market as a foreclosure. VERY small patio out back, possibly just enough for a table and a barbecue, maybe not even that. That said, it’s a big house in a good area, so I don’t think it’s WAAAAY overpriced.

  • Priced right.

    Captch: between heineman.


  • the kitchen walls are nauseating.

  • great location and looks nice. it’s hard to judge whether they’ll get asking at that price, not because its overpriced so much as it is just a lot of money and there aren’t as many folks who can pay over $800 as there are who are paying $600 or $700 something on the hill. There are definitely houses that are another 5 blocks north-east that are newly renovated and no bigger that are going for $750, so it’s not hard to see this going for over $800.

    • My thoughts exactly. My partner and I have been house hunting in the neighborhood and $800+ is a bit too much for us– we’re looking for something around $600 or maybe as much as $700 if it has a rental unit. And there certainly are similar homes in that location that were going for $600-700, although prices shot up a few months ago (a temporary summer thing I hope). There’s a nice-looking Victorian half a block from the Eastern Market metro that’s being offered for less than $700k.

  • Nice renovation (I would like to find out who did it and save their name/number in case I ever need a renovation done), but they made some strange decision: why no double sink in the kitchen? And why the granite in the basement apartment?

    As to price, the lack of a backyard is the big reason why it is overpriced right now. I’d say 720k-760k is more reasonable, and that assumes a rental rate of 1200-1400. Of course, with interest rates the way they are right now (SUPER low), it’ll probably go close to the 760k figure. It does appear to be a nice house, just no backyard.

  • Already under contract! That did not take long, which I guess makes this a good deal.

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