GDoN Revisited by Hipchickindc – 1213 West Virginia Ave, NE


Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a advertiser. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 1213 West Virginia Ave NE
Legal Subdivision: Trinidad
Advertised Subdivision per Listing: Trinidad
Bedrooms: 6 Baths: 3.5 Parking: Drvwy/Off Street Ownership: Fee Simple
Original List Price: $699,900.
List Price at Contract: $735,000.
List Date: 5/8/2014
Days on Market: 6
Settled Sales Price: $735,000.
Seller Subsidy: $0.
Settlement Date: 6/9/2014
Bank Owned?: No Short Sale? No

Original GDoN post is: here.

The original listing can be seen here: here.

Trinidad. Uh huh. Trinidad over $700,000. We’ve seen it before. A similar home in Trinidad sold for $716,500. this year, but otherwise, the bulk of prices for houses in this neighborhood was in the $300,000’s and $400,000’s.

There were a total of 67 settled house sales in Trinidad since the beginning of the year, which is a pretty good number. In comparison, for the same time period last year, there were a total of 51 house sales in Trinidad.

Investors are pretty much snapping up whatever they can get their hands on over there. Of the 67 recent sales, only 12 were listed on MRIS for less than $300,000. I suspect that many of the investor sales happen pre-market and we are not seeing them on the multiple listing service.

Condo activity in the neighborhood is not quite as brisk as the fee simple sales. However, once investors start catching on to value in an area like this, we are sure to see lots more in the future, especially with the significant stock of small multi unit buildings in the area.

The listing agent was Kymber Lovett-Menkiti of Keller Williams Capital Properties (per above disclosure, the listing agent is affiliated with the same brokerage as the author of this post). The buyer was represented by Erin Stevens of Fairfax Realty, Inc.

61 Comment

  • Sweet…Instant equity.

  • I’m a big fan of Trinidad but this is a bad deal. Nice house, nice location that is only going to get nicer, but for that price you can do a LOT better.

    • You can find a newly renovated 6 bedroom, 3.5 bathroom house in the heart of DC for less than $735k?

      • Heart of DC– come on friend. I live near this house and it’s no Dupont Circle. And yeah, it’s a big house, but size doesn’t trump location. You can definitely still buy near a metro station for this price.

        I think the buyers will be okay in the long run, especially as Union Market continues its insane development pace, but don’t try to frame this as a “good deal”. It’s not.

        • a home like this in Dupont Circle would be 2x’s the price if not more. This has access to all the same amenities as houses in Cap. Hill does but costs approx 500k less. Easy access to major highways, 1 mile walk to metro, union market, H street, 8th street, Union station. Easily a good deal.

          • “Easily” ? I’m guessing you have some sort of heady buzz because this is a comp for you– please come back to objectivity. The seller of this property milked every last dollar out of the buyers. NOT a good deal. Although I suppose as a nearby homeowner I shouldn’t be saying that, I should stay positive and join you in ratcheting up the DC real estate insanity.

          • Look at the other properties listed in Trinidad and compare them to this. Do you realize they can rent the basement out and end up paying the same amount of what 500k mortgage would cost? I’m sure their out of pocket expense will be under 3k. A 2bedroom apartment goes for 2500 and up these days.

          • From what I can recall (and pardon me if I’m wrong), but dcreal has several properties in Trinidad. I personally wouldn’t have spent $735k on this property, but someone certainly did; they’ll be fine in the long-term.

        • It is near a metro, barely a mile away.

        • Perhaps if that metro station is Fort Totten, or south of the river, but you definitely cannot buy this kind of square-footage near a metro station, with H-street level amenities, for under this price.

      • Trinidad in the “Heart of DC”…really??

        • Spatially it is, looking at a map. It’s definitely closer to the center than Petworth. I suspect a lot of people think of the term “heart of DC” socially rather than geographically.

          • Sixteenth Street NW is (almost) the dividing line between the western and eastern halves of D.C. Trinidad isn’t far from the center latitude-wise, but it’s not exactly close longitude-wise.

          • that would be because the term is “heart” of DC not “geographic center” of DC.

          • I see a lot of anti-flip sentiment here. Isn’t it possible there are some that are interested in buying a flip with a low interest rate mortg versus buying a fixer with the same rate mortg but then later borrowing for renovation at a higher interest rate? Not a real estate expert, obviously. Just a serious question.

        • Geographically speaking I can’t think on another neighborhood more conveniently located than Trinidad/Hstreet area. Easy access to everything south of Florida ave, to 295, 395.

          • For me and my partner this is 1000 times more convenient than someplace like Dupont (we ended up buying just south of here, in Capitol Hill). She works in Alexandria and has family further out in NoVA. I work at the Navy Yard and have family in NJ that I visit once a month. Our favorite activites are museums, many of which are a 20-30 minute walk from home, and being out in nature (there are several places like the Arboretum, Kennilworth, Kingman Island, and the Anancostia Riverfront that are a 10-minute drive away). We like being near bars and restaurants but don’t necessarily need to be in the hottest neighborhood. So it’s perfect for us.

          • now you are just getting manic. Im not saying Trinidad isnt a cool hood in its own right. But its fairly isolated in relation to everything NW has to offer. Granted those neighborhoods are more expensive. But if a buyer say wasn’t so pressed for a newly flipped house. They could easily get a move in ready home in one of them.

          • What you think NW has to offer over NE is subjective. I don’t work in NW, I don’t grocery shop in NW. Everything I do in NW is social only and I have those same options here in NE. It’s more convenient for me to get to the Nats stadium, Eastern market, Maryland, va, can be on 14th and U in 10 mins. I lived in Petworth before here and cutting across town took forever.

          • “But its fairly isolated in relation to everything NW has to offer.”
            And Dupont is fairly isolated in relation to everything NE, SE, SW, and the suburbs have to offer. So who cares? You act like there are no amenities outside of NW DC.

          • No Anonymous im not. But my man said that he couldnt think of a more convenient central neighborhood than Trinidad. A neighborhood that isn’t convenient to most of DCs hot nw hoods is by virtue NOT the most convenient hood in dc. maybe shaw or Bloomingdale. as they are convenient to both NW and NE. But you can’t really argue that there aren’t more walk-ably significant hoods to the west. From my place in Mount Pleasant I can walk to Cleveland Park. Adams Morgan Ustreet Logan Circle Columbia Heights. Petworth. The Zoo. Rock Creek Park. I bike in minutes to Gtown and downtown. I am blocks to the green line but can also walk to the redline. Not saying there is nothing of Virtue in NE. Of course there is.

          • @johnny:
            Seriously? I commute from my H St to Cleveland Park daily. This person will be easily able to. And if I didn’t work there, I’d see no reason to go there. I used to live and work in Dupont Circle and now have no reason to go there either. My friends who live in NW prefer to visit me at H St.

            And it is much easier to get to Virginia and points south by car from this area than NW. It’s even easier to get to Baltimore whether by train or car than NW as well.

            The only “hot” neighborhood I go out of my way to visit is U Street. It’s easy to get to by the 90/92.

            Cleveland park is dying. half the restaurants have closed in the “hub” of the neighborhood. Based on the last time I went to the Uptown, it’s on its last legs.

            Pockets of Dupont Circle also are fading.

    • Care to explain? Better how?

      • Can you explain how paying an insane 3 quarters of a million dollars for a flip on West VA ave in NE translates to instant equity? I assume you are the buyer. Yll make money in time with the rise of union market area and ivy city. But you’ve paid top dollar for that hood. I dont think yll be cashing in insane amounts of equity any time soon.

        • OK Johnny boy. No I’m not the buyer but I have instant equity. If you get your hands on a shell or gut job you’ll figure out what I mean.

          • Nothing to see here folks. Just a guy with skin in nearby real estate and commenting positively on Trinidad regardless of reality.

          • I comment on every neighborhood. If this house was one block south would you feel the same? People complain on here all the time about housing. Here you have a home that was kept a single family and it’s considered over the top. Funny!

          • dcreal – YOU just got instant equity, not the buyer of the house above. And good for you, I guess, though I wouldn’t brag about it on a blog.

          • I bought in mount pleasant 6 years ago after the market took a dump. got a deal on a fixer. Over the years I did just that. Fixed it up, and I am sitting on…. Plenty of equity. Thats why it pains me to see people do this. They’ll have equity in 6 years too. But nowhere near ROI I have. And for the record. Occasionally some 700k homes in MTP still pop up in need of work. But I think you pretty much have to have cash nowadays if you want to play ball for a fixer in that neck of the woods.

          • The original comment was rather oblique — I don’t think there would’ve been so much confusion if dcreal had said, “Sweet! Instant equity for me.”

          • Johnny- don’t you think that people who buy homes in Dupont and Georgetown today prices will have less than a ROI as you also? These owners can take control of their monthly expenses for the next 5yrs and probably be able to save a ton of money that will offset the slow equity.

          • touche textdoc. his original comment was confusing.
            Dcreal- I wouldnt be caught buying in an established neighborhood either. And I wouldnt be caught buying a flip. Never be the richest house on the block is like the oldest rule in the book. and for that. these people are fools. Not because they should have bought a million dollar house in dupont. But because if they weren’t so into shiny things they probably could have made a tidy bundle buying a move in ready home with out the sheen in a better neighborhood. That is all. And thats no slight to trinidad. Id be happy to live there and work on another house. and probably will sometime soon.

  • brookland_rez

    Trinidad has really taken off.

  • 3/4 of a mill for W. VA ave. they are going to be sitting on that for a while.

  • KSB

    Major credit to Kymber – she’s an incredible agent! This isn’t my place, but she has a way of making properties shine.

  • It’s a very big house. Not sure why the price is so surprising. Even in further-out neighborhoods or the ‘burbs it would cost that much. My mother-in-law lives 45 minutes outside of the city and her house is worth 3/4 mil, and it only has 3 bedrooms.

    • Guessing your mother doesn’t have to deal with much street-crime just around the corner, eh?

      • She’s had some stuff stolen from her property and a car keyed so I’d say it’s on par with what the average resident in Trinidad would experience.

      • She’s had some theft and minor vandalism, so it’s probably on par with what an average Trinidad resident would experience crime-wise. But her odds of being killed or injured in a car accident are much higher…

  • The reason that this place sold for $735K is because that is what it is worth. No, you cannot get a single family townhouse for $735K near a metro in DC, try $850K minimum. Also, this exact same house in Capitol Hill, Dupont Circle, Truxton Circle, Bloomingdale, Shaw, Logan Circle, Georgetown, Glover Park, Navy Yard, Chevy Chase, Tenleytown, Friendship Heights, Cleveland Park and Adams Morgan, would go for north of $1M.

    • Absolutely. We live a block from Eastern Market and paid the same for our house, but it’s only half as big (and these days is worth more like $915k). I think this would go for at least $1.5 mil where I live.

    • If you’re talking about a brand-new flip, a rowhouse near a Metro station might be $850K, but I’d think you could land something non-flip near the Georgia Ave.-Petworth Metro or the Fort Totten Metro for less than that. And even a flip might not cost quite that much — a nice flip on the 600 block of Quebec Place NW (near the Georgia Ave. Metro) sold for something like $830K not long ago.

  • Agreed on the Petworth Georgia Ave price, however, that is because that neighborhood is more similar in it’s development stage to Trinidad. If this exact same house was located close to that metro, I think it would go for around $775K, maybe more. You also have to look at potential when investing in a house. Which neighborhood has a brighter future, Petworth or Trinidad? It’s subjective, and only time will tell.

  • For that price you could buy on a very nice block near the petworth metro station. Less dicey than trinidad, closer to metro

    • For that price you can buy a 1 bedroom in Georgetown or 2bedroom in logan. You can’t get this size of a house 1 block from Petworth for that price unless it’s been popped up. And we know most houses thsts been popped up were converted into units.

    • I’m not so sure I’d call Petworth “less dicey” than Trinidad. If you were talking about Cleveland Park sure, but Petworth is just as much a developing area as Trinidad is (if not more so).

    • I’d say that near the Metro, southern Petworth and northern Park View are less dicey than Trinidad.

  • I bought two blocks from this in October and paid half the price. My house is slightly smaller and not newly flipped, but still shocking to see the explosion in prices since I moved in.

    This was also only on the market for a few days, smaller than the WV Ave house and likely sold for way higher than asking:

  • “Condo activity in the neighborhood is not quite as brisk as the fee simple sales. However, once investors start catching on to value in an area like this, we are sure to see lots more in the future, especially with the significant stock of small multi unit buildings in the area.”

    The curse of the commentator –
    And so it begins….

    • As an aside, I think this pop up is kind of adorbs. I much prefer the post reno look of the building as compared to the pre-reno google street view.

    • Wow…and there are 4 units in this development.

      • Building sold for 225 last year. Top floor unit is on the market at $549K. Good luck with that. I’m all for the neighborhood and all but if condos start going for $550K then the W. Virginia sfh with 6 bedrooms is an absolute steal at 750K.

  • “bulk of prices for houses in this neighborhood was in the $300,000’s and $400,000’s. ”

    Yes, but many of those in that price range are unrenovated and several were purchased by investors for the purposes of rehabbing and selling (i.e.: flipping). For example, the unrenovated home in the 1400 b/o Morse that sold for $435k and is currently being gutted.

  • I meant to post this here instead of up there:

    I see a lot of anti-flip sentiment here. Isn’t it possible there are some that are interested in buying a flip with a low interest rate mortg versus buying a fixer with the same rate mortg but then later borrowing for renovation at a higher interest rate? Not a real estate expert, obviously. Just a serious question.

  • I say good deal. Yes, this is Trinidad, but the key is this in Southern Trinidad. The southern part of Trinidad is already quite gentrified and has gotten much safe. Then, as people have pointed out, I don’t know if you can get a renovated house this big at this price anywhere reasonably close in.

    In addition, the location is quick walking distance to most of H St, so that’s a lot of dining/enetertainment that they can walk to. People have made comparisons to Petworth, but H St NE has more options in the way of dining/nightlfe than Petworth does at this point.

    • I’m sure the new owners will be thrilled when their 750K 6 BR corner DC row house is an 8 minute walk to Whole Foods. Best renovation on the block and anti-flip sentiment aside, they’ll be laughing all the way to the bank soon enough.

  • The Zillow zestimate for that house right now is $458K. Very sudden change.

    • A “Zestimate” is not an accurate valuation. It’s done with an automated valuation model (AVM) and can’t accurately address the block to block changes in pricing in an urban area like DC.

      • House to house, even. I live in a row of small houses that are all identical in size and layout. Zillow’s estimate (I refuse to use their term) for each house differs quite a bit. And a few of the houses that have been recently renovated are valued at several 10s of thousands lower than those that haven’t been touched in decades, which makes no sense.

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