(Was it a) Good Deal or Not? “bathrooms which will make your jaw drop” edition

This home is located at 605 Upshur St, NW:

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The flier says:

“Drop dead gorgeous renovation w/ all new windows, new furnace & CAC, gourmet kitchen w/ top of the line Energy Star appliances, ceramic bathrooms which will make your jaw drop, and beautiful new hardwood floors, decorator paint colors throughout, custom large deck on rear and 1 car garage w/ automatic opener. Extra loft/den area would make great office/playroom or exercise area!”

You can find more info here and photos here.

So people ask me how do I pick homes for GDoN and rental options. GDoN posts are homes that I usually pass during my walks. Exceptions are houses that are emailed to me by folks. Rental options I usually find via craigslist but sometimes requests are emailed to me as well. These are normally indicated by “reader request, owner request” etc. So don’t hesitate to email me with interesting homes/rentals you come across.

Anyway, I saw this house last weekend and thought it would still be for sale when I planned on posting it today. I was (happily) surprised to see that it was already under contract. I’ll admit, I didn’t think it was going to go for this asking price. But I do think think the renovation looks good. And since you guys are better at searching the archives of this site than I am, didn’t another renovated house on this block go for a similar price? What do you guys think of the reno? Are you surprised that the asking price of this 4 bed/3.5 bath was $575,000?

26 Comment

  • My jaw did not drop at the sight of the bathrooms.

    • At best I dropped my Home Depot credit card at the sight of the bathrooms.

      • I was counting the seconds until someone would chime in with the Home Depot thing. You’ve got to get some new material! It just doesn’t hold water to characterize a renovation this way. Many of same materials from HD are sold at the design centers and elsewhere. It’s the workmanship stupid. Hey, if you have a Home Depot credit card, I’m sensing some designer narcisim here. Please post pictures of your house… This is a really great value!!

      • AGREED! new. material. needed. Or at the very least, swap in Lowe’s once in awhile.

  • Seems like a good amount of space for the price…standard flip cabinets and finishes though.

    Did anyone else notice the photo of the backyard look a little wierd? The fence on the right looks like it aligns with the middle of neighbor’s garage and cuts back over when it gets to the actualy garages.

    I guess the property lines could be off…I though they usually extended straight back from the dividing lines when rowhomes are right next to each other.

    Almost seems like half the neighbors yard is inside of this house’s fence?

  • I don’t think this is a good deal. For that price I would want a complete basement unit. The way it is, you’re looking at another $40K minimum to make it a legal rental.

  • I don’t like full gut jobs in old houses. For MY $575,000, I would insist on original woodwork.

    But someone else (clearly) is happy to find a totally blank slate.

  • I really like that stretch of Upshur and I love the nice big back yard and garage (though Upshur is a little busy/high-traffic).

    Clearly the house was in bad shape – if they had to replace staircases! I agree that the fixtures are bottom of the line big-box items, but I do not get the preoccupation with that: they are cheap and cheap enough to replace! Especially if you’ve got enough scratch to cough up $575k. It looks like they did a good job on the gut and I would expect fewer quick-and-dirty ‘gotchas’ on a full gut than on a refurb.

    WRT Pricing: I’ve been building a foreclosure map of Petworth for about a month – it includes Petworth and west to the park – there is plenty of “shadow inventory” building. There is nice stuff in 16th St. Heights that is close to this in price – detached, less hood-y. Roomier.

    I’ll say this is too high – try again at $475k and it will move fast! I’m thinking of the GDON on Rock Creek Church recently as a true ‘comp’.

    • I guess I should read the whole post: it is under contract. Let’s see if it closes (appraises) at that price.

      • Less than a month on the market- i would be it probably went under contract very close to the asking price

        • I don’t doubt the contract was at or close to asking, but whether or not they manage the financing is another thing. That’s all I’m saying.

    • $475? No way. It will go for roughly the asking price. Just look at the comps. More renovated houses will soon be hitting the market near here, and I expect them to go in the $500s as well. Petworth is on the way up, and housing prices reflect that.

  • Comparing this to the house that was posted last week that was slightly smaller, more poorly rehabbed, and $100k over this price, I think this is a fair deal. Looks very solid, spacious, and complete. True that the street is busy. If the Upshur corridor continues to improve, and the Great Streets improvement goes according to plan, this will be a good house in a nice location.

  • My jow did not drop at the bathrooms – seem pretty standard. My other fave part is “designer paint colors” – I think they mean “color” – its all the same.

  • POP, did you actually go in the house? I’m curious about the attic. Does it have real stairs going up there or the little “dutch” stairs that are half-ladder, half-stairs? Could you get furniture up to that attic den, or would you have to buy a bunch of IKEA stuff and build it up there? How high is the ceiling?

  • Of course it is a good deal – did you see how much room that fridge has for organic vegetables?!?!?!

  • The bathroom was not jaw-dropping, but I’d be happy to drop my pants there.

  • The price is too high
    How many bathrooms do you need?
    I just don’t get it

  • Last year 2 houses on the 700 block of Upshur sold for almost the same price – pretty much identical comps. Not everyone might like these full renovations, but I think this one is fairly priced.

  • Fairly priced, but so sanitized. Not a drop of character, but I guess that does truly make a “blank” slate.

  • This house is going to be really hot and really cold. Where are the vents, returns, and ductwork for the central air conditioning? I haven’t spotted a single one in any of those photos…

  • Psyched that this comp in Petworth went for so much. You haters are just jealous.

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