3 Bed/1 Bath Pre-Renovated Row House in Columbia Heights Sells for $176,000 over asking Price


“Dear PoPville,

I thought you might be interested to know that the subject of one of your Good Deal or Not? columns– 1023 Otis Place in Columbia Heights — closed for $176,000 over asking (list price: $455,000; close price: $631,000), all cash buyer. This must be a record for the neighborhood. I know that the place received 23 offers (in less than three days) so I imagine there will be a lot of buzz about this price for a pre-renovated house in Columbia Heights.”

18 Comment

  • Probably turn it into 2-3 condos, sell them for around $500K (perhaps a little less for basement, more for top unit).

  • I agree – condos are the only way that price makes sense.

  • Man, I sure hope the market doesn’t go bust again or there will be some seriously upset buyers who paid too much.

    They’ll need some seriously luxurious renovation materials to make condos sell for above $450k in that (size) house.

  • “Pre-renovated”? What’s that mean? It’s a shithole and someone should probably renovate it before living in it?

  • “Pre-renovated” means that the house is basically a shell that needs a lot of work to be livable.
    @Jack5 – They’ll be either digging out a basement or adding another story to make this profitable.

  • A “record” in what sense? Amount sold over list? The list was artificially low to generate a bidding war. Looks like that strategy worked, but it may have sold for $630k had it been listed at $650k… As for the price, I’ve seen Columbia Heights gut jobs valued higher (tho I haven’t compared on a square footage basis, so maybe there’s a point there)

  • $449/sq ft for a gut.

  • Wow — $450 per sq ft for a pre-renovated! Means my decent, 2 br + den, 2 bath condo in Lanier Heights must be worth 600K.


  • Except that condos don’t sell at comparable per square foot prices to SFHs.

  • Right, condos are generally more expensive. I bet your 2BR + den really is worth 600K. Just look at the other large 2BRs on the market.

  • I think “unrenovated” would be a better description. “Pre-renovated” made me think the idea was “previously renovated,” like when car dealerships advertise “pre-owned” cars.

  • The house did not need to be gutted. I saw it. It was actually a nice granny house, that could be sweetened up. Also- it had 23 offers.

  • I don’t get your point about 23 offers – what does that mean? Half of them probably escalated to a number that started with a 4 and were never seriously in contention for this house. I still think this is a ridculous price for this house if it’s going to be anything other than condos.

  • We tried to place an offer on 1422 Shepard which sold 145k over the initial asking of 435k. The selling agent was too busy to even return our agent’s calls about a conventionally financed offer with an escalation clause. Not sure we would have stuck it out up to $580. But clearly pricing low to begin bidding wars on granny homes is working out pretty well for sellers. We found our new home a week later, but got it as a pocket listing and had to accept all the sellers conditions. Competition is fierce.

  • 3547 10th Street- completely renovated half a block sold for 925K.
    This place could be a nice unit with a rental.

  • Obviously a flipper/developer – they are the only ones that seem to bring all cash (particularly this amount) to the table. This is a one unit building as it was sold but a developer can turn it into 2 units or maybe more depending on whether they decide what makes them the most. I assume that since this wasn’t a cheap property and needed a fair bit of work that they are going to turn this into 2 units at least.

  • Did any of you who are suggesting that this is an easy conversion into condos actually see the property?

    Comparing this house to 3547 10th is actually a perfect way to illustrate how insane the sale price is here. 1023 Otis Pl is 1400 sq ft, or 2000 if the unfinished basement is included. 3547 10th is more than a third larger, so scaling 1023 Otis up to match implies a price of $851,000. Yet 3547 10th, which sold for only $74,000 more than that, has already been renovated!

  • This, exactly. 1023 Otis Place is a shade under 2100 sq. feet counting the basement. That’s roughly $300 bucks a square foot. 3547 10th sold, already renovated, for $343/sq. ft. That’s about 90K into the Otis property to equalize the square foot sales prices. There’s no way you can get 1023 looking like the 10th Street property for 90K.

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