Good Deal or Not? “Multiple sky lights” edition

This house is located at 172 U St, NE:

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The listing says:

“ECKINGTON IS FIRE!! LOOK NO FURTHER,This 3 bdrm 3.5 Bath with 2 Master Suites is A MUST HAVE! Hwood-flrs on all 3 Lvl, Exposed Brick, Open Kitchen w/SS Appl, Granite Counter tops, Powder rm on the main Lvl, Fireplace w/granite mantel and stone finish,fenced yard w/deck, w/2nd deck off the master Suite, LL Fam/rm w/ Wet Bar, Multiple sky lights, W/Dryer on 2nd LVL..& soo much more”

You can see more photos here.

This 3 bed/3.5 bath is going for $599,500.

52 Comment

  • Do realtors pay by the letter? Why can’t they spell out the words? And why don’t they use standard capitalization rules?

    At least this realtor was more restrained with the SHOUTING.

  • Ehhhh….

    House looks pretty nice but idk if Exkington is quite there yet…

    esp on that side of the neighborhood

    i could see if it were a bliock off of fla. Maybe

  • Yeah that RI Ave hill is going to be a serious impediment to housing prices I think.

  • Does anyone know where I could purchase stair railings like this house has?

    Pretty nice renovation all around. But, I can’t imagine paying $600K to live in Eckington.

  • Nice house, price seems reasonable

  • Seems pretty nice. I like the kitchen. The sinks in the bathrooms are an interesting choice.

  • This house has remained on the market and several other houses have sold or gone under contract near it. Two on Todd Place that need to be completely made over are under contract for the mid 400s. A place on the 100 block of T went for $565k… a place 3-4 doors down from this one went for $521k,,,

    It might be a tiny bit over priced, 30-50k, but there’s more likely something wrong with it (or a seller unwilling to negotiate) that is keeping it from selling when others (arguably not as nice) have sold while this one was still on the market.

    – Unfrozen Caveman Realtor

  • I think DC real estate is absurd in general but 600k seems like too much for that house/location.

    • Do you find all market based capitalism absurd? Or just this instance?

      • Market capitalism being a generally good system does not mean that markets aren’t subject to bubbles, buyer panics, etc from time to time. Its second guessing market prices (which this is not anyway, till it sells, its only a listing, an asked price) that gives markets their value. Now the price sounds reasonable to me compared to what houses in Bloomingdale and Trinidad have been going for – but I’m not convinced the market for townhouses in central DC isn’t a tad bubbly in general.

        • Thank you. Glad to see an adult in here.

          The punch bowl is about to be taken away – many housing markets in the U.S. are really frothy right now. Look at the FOMC statements released yesterday and the subsequent market downturn. It’s a sellers market, which is bad for the buyers. This has nothing to do with underlying supply/demand, but instead is related to borrowing rates and mortgage availability, the standards for which have been loosened significantly over the last 12 months.

          Policymakers are starting to get spooked. Add in the pain of sequestration which will be a long, slow bloodletting. Furthermore, all federal incomes are frozen for a 4th straight year.

          Houses in this area aren’t going to rich lawyers. They are selling to well educated middle class people who are buying more house they can afford on their combined $150K income, probably with a nice chunk of that downpayment coming from a relative. If either one of them lose their job, that $500K house in Eckington is in foreclosure within 6 months.

          • My husband and I are “rich” lawyers, and we just bought a house in Eckington. Not sure what you were drawing that conclusion from.

          • There are a lot of well to do lawyers in town. Tons of partners, and they average 700k a year. That’s one salary.

            This place has the basement which can be rented, and if the new owners have significant financial trouble rooms in the upstairs can be helped out etc. Would be easy to live rent free if you only occupied one of the bedrooms.

            I’m not saying that prices won’t dip some (wouldn’t be the end of the world if they did) just saying there are options. And I don’t see Congress even trimming the mortgage interest deduction anytime soon. I agree they should, though.

          • Interesting. My partner and I bring in just over $100K (which by your standards means we’re poor I guess?), and we recently bought a house for just under $600k. However, it has a basement apartment that we rent for 60% of our mortgage. If one of us lost our job, the other could easily pay the mortgage. I could see your point IF we did not have the rental income, but this house does have potential for a separate apartment, and there is no shortage of renters in DC…

          • Thats cute. Did you just graduate college and start working at the Advisory Board Company?

          • I am a “rich lawyer” who has moved to Eckington. Great value and location. Just look at how close it is to downtown compared to other more expensive neighborhoods that are on the Green Line (as opposed to the Red Line). Sure I can afford a lot more but everything else just seens too expensive.

      • Wow you’re jumpy… The median household income in the city is like $60k and it seems like houses are selling for 10 times that. I’m just saying the disparity is crazy. It would be one thing if this was like downtown or on top of the metro or something but really it’s not particularly convenient even.

      • FYI, the homes assessed value in 2012 was 263k. Are you telilng me 600k a year later doesnt sound absurd?

        • You assume the house was in the same condition in 2012. I’m going to wager that it wasn’t, so no, it doesn’t seem weird that the value would jump. Tax assessments are lagging indicators.

          Also, taking the averge price per square foot in a city with 14 million dollar homes and 150K homes doesn’t tell one a whole lot. Do you know what the median price per square foot is?

        • There are few jurisdictions that property assessments have any relationship to fair market value at all.

          I bought my place for 250k under assessment. I’ve seen many places sell for twice or three times the assessment.

          Generally, the assessment will be altered once a sale happens… but in between sales, its generally very slow to adjust to market forces.

      • Finally at nearly $600 per sq foot this is well above the city average of $425

        • That figure doesn’t include the finished basement, which if you assume is ~500 sq, pushes the price per sq foot to the sub $400 range. With a little work, that basement could be rented for ~$1500/month. In light of those numbers, I don’t think this price is unreasonable, although there’s probably a little bit of room to negotiate given nearby comps.

        • You know how an average is calculated, right? Not everything is going to be “average”.

          • What about this home is above average at all? Not it’s location, not it’s interior for sure.

          • This house is 2 miles from the US Capitol. That’s hardly average.

            thomsenite, how familiar are you with the DC housing market?

          • Anacostia is also 2 miles from the US Capitol Building

            Huuuuuuuuurrrrrrrr deeeeeeeeerrrrrrrrrrrrr.

            Got any other brainbusters?

          • If you want to argue that being 2 miles from the US Capitol is a feature of an “average” house, be my guest smart guy.

          • js,
            no, being 2 miles from the capitol is not average. so what? that has nothing to do with RE prices. this is a more expensive home than a vast majority of the homes in this neighborhood.

          • First of all, average price per square foot, especially in the absence of any other measurement, is a terrible way to compare properties – especially if you’re looking at the average across the entire city.

            Second of all, there’s no reason to think that this house is below average across the city. This general area has been getting above average prices for at least a year now.

    • If these furloughs and budget cuts take affect – so will the housing market.

  • I don’t understand why “vessel sinks” haven’t gone away yet.

    And when they do, they’re going to look incredibly dated in the houses that still have them.

    • I couldn’t agree more. They’re so impractical…

    • I actually love our vessel sink because I still get a large basin (with relatively small vanity to fit in our tiny bathroom) and room to stash things around and underneath. Granted our vessel is a little taller and not as wide at the base as those in this house.

  • Hm, this one a few blocks away is renovated, more square footage and priced the same. It’s been on the market for 93 days according to Redfin. I’m thinking this house might be overpriced at $600k even though it appears to be a nice reno.

    Side note: when are developers going to stop putting those awful busy tile back splashes in kitchens? They seriously make me dizzy and both of these houses have them…

    • Totally agreed on busy tile backsplashes (and on using more than one tile pattern in a bathroom, for that matter).

      The backsplash here actually looks restrained in comparison to some I’ve seen. 🙂

  • Did anyone notice that the property taxes are listed as $13K a year? That’s got to be a typo, but if it’s not, it could explain why it hasn’t sold.

    • if it was just renovated, it might have previously been charged at the vacant rate. once someone moves in, it could get reassessed at a lot less.

  • I just recently moved into Eckington. It’s a cute neighborhood and is getting nicer and nicer. The renovations for this house look good, but this house is priced optimistically. Maybe houses in this neighborhood will eventually reach these prices, but I don’t see it happening right now.

    • Similar houses nearby have already sold for close to listing price on this house.

      There’s either something wrong with it, or the seller is totally unreasonable and will not negotiate. He’d have sold it already if he was willing to come down to $565k, because a less nice house already sold for that much 1 block over.

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