Comments on: Good Deal or Not? “architectural gem” edition

By: Pj

Pj — Fri, 06 Jul 2012 17:44:42 +0000

House is already under contract (in matter of days).

By: Anonymous

Anonymous — Wed, 04 Jul 2012 14:21:11 +0000

Is this an estate sale? The surface aspects of the home show beautiful original detail, so kudos for that. Some of the possible (and likely) structural issues would be of concern. Some listed (windows, stairwell, mold, water damage), which are costly and this is to get the home in live-in condition. Although I am tired of developers buying these gorgeous old homes to chop up into condos and sell for market-rate premiums, I disagree with the posters who think this place would not be suitable for developers. It seems like this is chalk-full of problems that not many SFH buyers would want to manage.

By: anonymous

anonymous — Wed, 04 Jul 2012 14:07:38 +0000

The lot is large, but the house itself is very shallow, and the adorable turret-like spaces just contribute to the lack of usable floor space. It’s been kept in a state somewhere between benign and deliberate neglect; most of the windows need to be replaced/repaired, there is significant water damage to and bowing of the plaster ceilings, and there is long-term mildew/mold emanating from the basement. The staircase needs repair.

Oh, yeah– the master bedroom is on the third floor and the laundry is in the basement.

The house has a one-car garage and a two-car parking pad in front.

Don’t get me wrong, the house has a lovely air to it and walking through it feels like stepping back in time… but!

By: soozles

soozles — Tue, 03 Jul 2012 22:34:51 +0000

This! This is my dream house. I would kill, kill, kill for it. Or pay whatever. Of course, that will never happen, but dang, it’s gorgeous. Sigh.

By: Anon X

Anon X — Tue, 03 Jul 2012 21:51:16 +0000

Only 10.5′ ceilings? I insist on 10.75′.

By: anon

anon — Tue, 03 Jul 2012 19:55:32 +0000

This house will probably sell as a single family home since it’s not priced to attract any developers. My guess (I’ve bought/renovated two homes in DC) is that it’s no more than 4000 sq ft including the basement but probably less. Let’s keep it simple and say you could chop it up into 4, 1000sq ft condos at $450 per sq ft (that is a HIGH per sq ft price for the area)you’re looking at $1,800,000 overall. After throwing a very conservative $500,000 in construction, $150,000 in Realtor fees, cap gains tax and misc.. that would be a $50,000 net to the developer–hardly worth all the effort, risk and stress. Even at $500 per sq ft, not worth it.

By: shipsa01

shipsa01 — Tue, 03 Jul 2012 19:33:53 +0000

That one also reminds me of this one from Eckington that was on the market a few weeks ago: http://www.redfin.com/DC/Washington/1813-N-Capitol-St-NE-20002/home/10072478

Only exception of that one is that it actually looks like it didn’t need any work. This one on 13th Street, I have a feeling, is probably going to wind up like the one on North Cap – beautiful from pictures, but half a million in renovations.

By: shipsa01

shipsa01 — Tue, 03 Jul 2012 19:26:05 +0000

Agreed! I also hope a developer doesn’t buy it and turn it into 6 units.

By: Prince Of Petworth

Prince Of Petworth — Tue, 03 Jul 2012 19:24:05 +0000

Here’s the Good Deal or Not? with photos we did on 1300 Fairmont:

http://www.princeofpetworth.com/2010/11/good-deal-or-not-sorry-i-couldnt-wait-until-wed-edition/

By: JS

JS — Tue, 03 Jul 2012 19:16:30 +0000

I don’t think this is massively underpriced. See this UrbanTurf article from last year (http://dc.urbanturf.com/articles/blog/sale_of_columbia_heights_home_highest_ever_for_neighborhood/3858) about 1300 Fairmont. That house sold for $1.4 milllion, which the article states was $300K more than any prior sale in the neighborhood. If this place needs some work, I can see the price being reasonable.