Good Deal or Not? “luxurious and tranquil spaces” edition

This home is located at 468 Ridge St, NW:

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The flier says:

“The owners have spared no expense of time or money creating luxurious and tranquil spaces, first floor offers an oversize living warm hardwood floors all leading to an generous gourmet kitchen. Above has two large size bedrooms and two baths, High ceilings, w/ w carpet. southern exposure garden/patio and two car parking.”

You can find more info here and photos here.

What do you think of the renovation? The original asking price was $559,900. Now this 2 bed/2.5 bath is going for $524,900. Sound realistic?

There is also another for sale on the block at 431 Ridge St, NW for $400,000 (but they don’t have many photos so it’s hard to judge.)

19 Comment

  • Two bedrooms? No basement? In a part of town that most people buying in DC like to avoid?

    I wouldn’t be surprised if this goes for under $500k, but I don’t have a great sense for this area. It does look nice and has two parking spaces.

    • “In a part of town that most people buying in DC like to avoid?”

      Why would you say that? Clearly you don’t have a sense for the NoMa and Shaw development. If there are any areas that offer very good investment potential, this area is one of them. O St. Market, grocery stores, city vista right there, close to metro, etc. Clearly you don’t know the city.

      • Maybe I should have said “a lot” of people like to avoid. I try to avoid it. And I was referring to the tourist/teenager hellhole that is Chinatown, which is several blocks to the south. Some people might see owning near this as a bonus, but nobody I know.

        I think Truxton Circle and Shaw both offer good investment potential, but I would question if buying this two bedroom house for over $.5 million would fall into the “good investment” category. But as I said, I don’t have a great sense for this area of town, and this house has some nice amenities.

        • Chinatown is a huge asset to this location, as well as the Safeway/Busboys and Poets 1.5 blocks aways. So you might have to walk by a some teenagers on your way to Matchbox or 50 other restaurants — big deal.

          And what about all the people that bought in Yale Steam Laundry or City Vista? Any of those 2 bedroom condos would be in the same price range, but without a second level, two car parking, or a yard.

          A new Yale building is coming up a block away. The rentals there will be outrageously expensive, and will promote more development. This confirms that people with high incomes value this area, and that it will continue to transition quickly.

        • you don’t know anyone that likes chinatown?

          i think that says more about you, than it does about chinatown.

  • I saw this house…nice on the lower level, grotty on the upper level. However the 2 spaces of parking behind a gated security system (encloses this building and four neighbors) is a rarity in this (or most other) neighborhood.

  • Those blocks still feel a bit scary, and I know there’s been a string of robberies and muggings around there recently. That said, five years from now you’ll be wishing you had bought now. With all the Shaw/convention center developments coming to the north and west, and the NoMa and Mt Vernon Square development to the east and south, this area is going to change a lot.

  • It’s plenty far away from Chinatown. It’s not like that’s the main draw for that location, although it is nice to have a movie theater and some great restaurant options so close.

  • I wouldn’t call this a scary area at all. If you are afraid of people who are not upper middle class then maybe?? It is a residential area with not much going on yet. I wouldn’t associate it at all with Chinatown or the gross areas around North Capitol street.

    • I was a couple blocks south of here volunteering for Sunday Suppers last weekend; I got there early and was sitting in the locked car waiting for everyone else to show up. Let me tell you, there are LOTS of scary people wandering around there, and I’ve lived in some rough parts of DC. Upper middle class people don’t wander aimlessly around dark empty parking lots carrying a knife!

    • No, but I am afraid of the people that beat a man to death because he’s gay and the possibility of getting messed with by one o the different crews running out of the low-income housing on 9th.

  • yes. the neighborhood is sketchy.
    and yes its also awesome and close to a lot of things.

    you’re really not going to convince people either way though.

  • coming late to the party…I looked at the house next door that was for sale a few months ago (the white free-standing one). With that house, there was an unfortunate situation with the back of the property being under a parking easement for the church on the corner. A similar arrangement may apply to this house? Worth looking into if you are interested in the house.

    The house next door was not in good shape and cheaply remodeled; it was listed for $450K and did not sell. The convenient location and cute, quiet street (I visited at different times and days) were appealing, however.

  • I lived in this neighborhood for awhile and just moved to Bloomingdale, and I have to say this neighborhood is not scary at all. Yes there’s crime, but there’s crime all over the city. To be safe in any city means being cognizant of the situation of your in and your surroundings.

    However, I think the asking price is much for a two bedroom. It will have to go under $500k to be reasonable.

  • I have to agree with Mary Beth, i too used to live in this neighborhood, right on next block over, and while its no dupont or cleveland park, it is a great residential neighborhood. common sense and awareness is good advice for ANY city neighborhood, so lets not single this area out as being bad. people need to look past ideals and really see potential in an area when it comes to real estate. this part of shaw is set up to be a very sought after area…. the city vista project, o st market, convention center plans, and eventual city center (old convention center) will drive prices up in this area beyond belief, just watch. a whole string of new rowhouse condos just went up next block over on 4th, and the prices for them are about the same as price for this house! the property itself, while tasteful and with some nice ammenities (ie parking), probably is still a bit overpriced, i would expect it to slip another $10-20K before it sells.

  • Looks like some top end renovations…why is the price unreasonable for that? Maybe its not chinatown or shaw, but still worth it I think.

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