(Was it a) Good Deal or Not? “NO BELLS OR WHISTLES HERE” edition

This house is located at 709 7th Street, NE:

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The listing says:

“NO BELLS OR WHISTLES HERE. Sometimes the best things in life are pure & simple, no need for frills. Rainbow Property’s velvet-smooth & simple design, like the snow or a beach before being walked upon, allows no distraction to exist. Pure, as in organic – no man-made laminate or prefabrication. Just earth & elements from mountain & forest. Stone, steel & wood bathed in stunning natural light.”

You can see more photos here.

This 4 bed/3.5 bath was listed at $774,500.

23 Comment

  • What are they talking about, no bells and whistles? It’s a beautiful house, but the listing description is nothing but “cute.”

  • Those Rainbow folks write the strangest descriptions….but they do a lovely job on renovations.

    • bfinpetworth

      I bought a rainbow house and just love it. As always, there are a few little things that need some remedy, but overall, they do nice work. They also use Jennifer Macomber as the designer – you’ll notice a lot of the same materials and pallet in their properties. She loves white marble. This is the first house of theirs that has used light wood flooring instead of the dark stained flooring they normal install. I like the lightness of it.

  • For that amount of money in that neighborhood, I kind of want some bells and whistles!

    • Clearly you don’t hang out in “that neighborhood” or you’d know how foolish you sound.

      • It’s not that posh, don’t front… not sure how much it went for in the end, but $719K is a lot for 7th and H

      • I know you’re probably proud of your neighborhood and would like to think that it’s special, but let’s be realistic here. It ain’t Dupont.

        • Right, that’s why this house would go for a lot more in Dupont.

          • Yeah, no offense, but this is not an unreasonable price for this size a place in this neighborhood. And no, I don’t live in the neighborhood – i live a mile away in a neighborhood where I wish prices where at this level.

        • There’s no way you could get a house like this for $774k in Dupont. We had Dupont on our radar while we were house-hunting in this price range, and nothing ever came up. The closest we got was a house on 14th that was extremely small and another on 11th that had to be gutted.

          We did, however, see a lot of houses like this one in the $700-800k range near H Street. So I’d say the price is about right. We’re not fans of the open floor plan, and wanted to be closer to a metro, so we ended up buying a smaller house with a traditional layout near Eastern Market for the same price.

  • I think it’s a great house (even though I hate open floor plans). I particularly like the layout of the kitchen and the fact that they use soffits above the cabinets. Very neat lines. Probably what one would expect to pay for that area.

  • Really!? Please stop with these absurd descriptions in RE listings.

  • Why would you pay that much for a house in that location?

  • Well, what you really have to ask is, do you think the renovation was worth 300K dollars?

    The answer is unoquivacally, no.

    Anyone here can buy these homes like the flippers do and renovate them at enormous savings.

    This company bought this place 4 months ago for 470K and listed it for 300K more. You are paying $200 a sq/ft MORE than they did, when they put about $60 sq/ft into it.

    Would I pay that much for that address? Not a chance. The comps aren’t there and owning the most expensive home in a neighborhood on a sq/ftg basis) where there is a large existing stock of cheap homes isn’t very smart as you have to live in it for 8-10 years before you can sell it and break even, and thats at todays insane appreciation rates which are completely abnormal and unsustainable.

    I mean, really…$550 a sq/ft? That is high end Cleveland Park pricing and looking over comps there that have sold in the past 6 months, there are quite a few that have sold in the 400-500 sq/ft range, and lets be honest. This location ain’t no cleveland park.

    • Fair enough, but you’re talking about what YOU want in a home. A lot of people would prefer this location over Cleveland Park– perhaps they work nearby, or like the neighborhood, or want a better investment. My realtor was trying to push me towards Cleveland Park, and I could have found a similarly-priced property there, but there was no way in hell I was living all the way out there. The commute would have been better coming from the suburbs. Cleveland Park’s a good place to raise kids, and convenient if you happen to work off the Red Line, but if those two things aren’t a factor I don’t think it’s that attractive of an area to buy.

      And some people don’t want to deal with a house that needs major work. From what I’ve heard it’s also hard to compete with developers when bidding on gut jobs.

    • looking at zillow, there are a couple houses across the street from it that sold a year or two ago with the same number of bedrooms and maybe the same bathrooms that sold for 750-790. those houses had more sf, one might have had a lot more. it’s also hard to tell because sometimes zillow doesn’t count basements. i dont know if they are consistent.

      4 bedrooms have fetched the price before on that block. and the area has appreciated 10-15% since those houses sold.

      774 doesnt seem outrageous. there is one for 750 for sale around the corner from it

    • This is not a high price at all. Mr. Faison usu. price his listings relatively low.

    • There are cheaper houses in need of work, if you can get one. The developers pay cash and buy houses faster than us “normal” buyers can even get a bid in. Its really competitive. Buyers who intend on living in the home after rehabbing simply cant get a hold of the homes until after they’re flipped.

      Believe me, I tried for a year to buy a house in need of renovation. $370,000 in cash with an immediate closing is a better offer than waiting 30 days for a bank loan to go through.

      • To jason,

        That’s an interesting point that you raise: “The developers pay cash and buy houses faster than us “normal” buyers can even get a bid in. [Its] really competitive.”

  • This house is relatively on par. A similar house a block away (on Morris) recently sold for $827K or $610/sq ft. I realize this may be above Cleveland Park pricing, but that doesn’t mean it is too high. This is a desirable area for people that work downtown and the H street revitalization has really had a positive increase on pricing in the area. I’m not a real estate agent but I’d guess that on average $/sq ft in capitol hill is higher than cleveland park.

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