(Was it a) Good Deal or Not? “Currently 2-Meters on property!” edition

This home is located at 1243 New Jersey Ave, NW:

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The flier says:

“* * * U-N-B-E-L-I-E-V-A-B-L-E * * * Absolutely Stunning! This gorgeous private residence in in EXCELLENT condition! Lower Level unit has front/rear entrances and a private patio to make it an outstanding in-law suite or separate unit (Currently 2-Meters on property!) Beautiful hardwoods throughout, 3600 sf of home awaits you! GREAT LOCATION: Easy walk to METRO, City Center, China Town”

You can find more info here and photos here.

This 10 bed/7 bath was listed for $750,000 and has gone under contract in 6 days. We actually looked at this property back in Nov. ’10 when it was listed for $888,000 and then dropped to $799,900. I guess $750,000 was the magic number.

26 Comment

  • Dear Jerkbag,
    Thanks for messing with all of Shaw’s and TC’s comps.

    No love,
    Your neighbors

  • i love the stone of ages plaque!!!!!

  • Um, excellent deal???

  • andy

    dude, it’s not formstone, it’s FieldStone! Wow!

    • it makes all the difference you know.

      • is Fieldstone not a product like formstone?

        • Was just looking it up on Wikipedia:

          Formstone is a type of stucco[1] commonly applied to brick rowhouses in many East Coast urban areas in the United States, although it is most strongly associated with Baltimore. Formstone is commonly colored and shaped on the building to imitate various forms of masonry compound, creating the trompe l’oeil appearance of rock.

          Formstone was patented by Albert Knight of Baltimore in 1937,[2][3][1] although a similar product named Permastone had been invented in Colombus, Ohio, eight years prior.[3] The name Formstone was actually brand name used by Knight.[1] Permastone, Fieldstone, Dixie Stone, and Stone of Ages were names used for a product similar to Knight’s Formstone, particularly in other cities.[4]

          Oh, and I thought this was a great quotation: “Film director and Baltimore native John Waters described formstone as ‘the polyester of brick.'[citation needed]”

          • Thanks, for looking it up on Wiki (I had asked what’s the difference between the two). I had googled it,and got a page that stated Fieldstone was natural, but couldn’t remember where I read (Wiki) that it was just another name for Formstone.

        • sorry, i was being sarcastic.

          • I believe Textdoc was answering my question (I wasn’t being sarcastic). I thought fieldstone and formstone were similar products, but I got a hit on google that stated fieldstone was natural, it must have been Field Stone (two seperate words) instead of fieldstone (one word). Either way, I appreciate Textdoc replying back.

  • If I recall … and I could be wrong … the last time this was shown on PoP, the photos proved that the owner cheaply renovated the property, which would give one the impression that they bought at a low price, put in the least amount of cash, and hoped to flip it for a mint. When they couldn’t, they probably started taking a big loss and decided to sell for a cheaper price to recover costs and/or break even; even when a lower cost for such a large property would fudge with all other comps in the area. Hence my frustration. So if I’m right, my post is warranted … if not, so sue me … I’d like my house, which I’ve put a lot of cash into to appreciate not flounder due to foolish investments that were not made with the intent of improving the neighborhood. I now step off my soapbox. 😀

    • Dont sell your house in the next 6 months. It wont matter after that.

      • very true … I’m in for the long haul anyway. Thanks for the words of support though!! 😀

        • then yeah. it won’t matter. plus your neighborhood will absolutely SOAR in value as you find yourself stuck between two growing and hot areas full of more dense buildings with over priced condos.

          you’ll be fine.

  • I would say someone who bought in 2005 and tries to sell in 2011 is not “flipping”

    If you’re not trying to sell or refinance in the immediate timeframe this should have little impact on you.

    Use Code : 024
    Exemption Code : 1
    Tax Class : 001
    Tax Rate : 0.85
    Sale Price : $0
    Sale Date : 2005/09/13
    Deed :
    Sale Type : BUYER=SELLER
    Deed Date : 2005/09/13
    Other Owner : LAI-WAN WONG
    CPMS Address : 1243 NEW JERSEY AVE NW

  • We’ve talked about these properties before. Yes, it has great curb presence and appears huge, but it’s really not that much bigger than any other decent-sized three level rowhouse. Imagine that the door is on the narrow side rather than the wide side, and you’ll realize it’s not as massive as it seems — just oriented differently. And because of the orientation, it appears to have no yard whatsoever.

    I’m not saying it’s a bad house, but $750 for a 3-level rowhouse in that neighborhood with a mid-grade renovation doesn’t really seems all that ridiculously cheap to me.

  • Can someone explain to me how this sold so low? (Seriously) There are “bidding wars” for homes priced in this range that are 3 BR row houses with less than half the square footage. Is it ALL based on the location?

  • The traffic on NJ Ave is a big drawback for this location, as is the current high school and impending construction of its replacementkayz.

  • it could be the fact that it does have the “field stone” layer over the brick as well. Personally I wouldn’t buy it just for that reason – even though this one looks better then most of the houses that this has occurred to.

  • It’s haunted I’m sure.

  • I looked at this house last year. It is a really strange space. I remember walking through room after room wondering what the spaces were. My exact memory is hazy, but I think it had a very small living room on the main floor and an odd basement kitchen. I think it was maybe used as some kind of boarding house with a shared kitchen. It was a facinating place, but I really rember thinking it was so odd that I’d have no idea how to live in the space.

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