GDoN? “Short distance to NoMA Metro, Union Market & H Street” edition (reader request)

DC8505847 - Exterior (Front)

This house is located at 650 Orleans Place, Northeast. The listing says:

“Fully renovated beautiful open floor plan end unit with high end finishings! Custom kitchen cabinets w/SS appliances. Crown moldings & hardwood floors throughout. Large master suite! Beautiful natural stones and tile work! Fireplace, exposed brick wall, & skylight! Fenced-in paved backyard, 1 car parking. Short distance to NoMA Metro, Union Market & H Street! Whole Foods & Street.”

You can see more photos here.

This 3 bed/2.5 bath is going for $749,999.

39 Comment

  • justinbc

    Seems like a pretty decent deal to me, given the apparent condition + corner lot + parking.

    • Yeah they have open house today and tomorrow. We live nearby and stopped over. Lots of natural light and nicely renovated. Seems like a deal based on the area.

  • Deal. Will easily be a 1mil in less than 5 years

    • In that ‘hood? I prefer NW

    • Please don’t use that logic as the soul reason you buy a place. Maybe you’ll be right, but you’re much more likely to be wrong

      • All of the new Condo developments around H street and soon to be in Union Market will drive prices up for single family homes.

    • That’s wildly optimistic. It will probably go for 700-750 but the prices in this neighborhood are not shooting up any more. There is no way this is worth near a million in five years. The rooms are cramped and the lot is tiny. The windows on the side of the house are nice, but the interior still looks very dark from the pics.

    • ~30% increase in 5 years? How much do you want to bet that this won’t happen?

      • Have friends who bought at just over 700k and 3yrs and just appraised for 890k 2 blocks from here.

        • Sure, but that’s 3 years ago to this day. The rate of increase has definitely slowed since then.

        • Hey, you know what? The same thing happened all over the country in the early 2000s. Do you know what else happened? The market crashed. I know DC isn’t the rest of the country, but that doesn’t mean that the same thing will never happen here. You can buy this house hoping it will continue increasing in value, but don’t hang your hat on it.

          • THANK YOU!! People, you are delusional, this will not continue at this pace and will take a dive once rates go up. Your same house that is $750k now will cost a borrower $1M without any appreciation. Glad your friend’s place “appreciated” for that amount. but it’s an investment meaning there is significant risk. Most of you look right past that. BTW I’m a homeowner in DC

      • A 30% increase from prices around 500 to prices around 650 can happen in a few years. Once you get above 700 prices grow MUCH more slowly. There just aren’t a lot of buyers out there who have that kind of cash, and aren’t that many banks that can lend it. Once you’re above the limits on jumbo loans it’s simply a lot harder to finance. My EXTREMELY optimistic estimate for this place in 5 years would be 820.

        • You think there aren’t thousands of DINKS in DC who both earn over 100k who can easily afford homes over 850k? You don’t get the DMV region at all.

          • Maybe that can afford overextended loans for $850k, watch and see what a 2% rate hike will do to that scenario.

          • What Whole Foods?

          • Whats a DINK?

          • They will change the lending ratios again–don’t you worry.

            Homes already cost over 1 million dollars in the suburbs–if you haven’t heard 7 of the 10 wealthiest counties in the country are in the DMV. Yes, you get less square ft. and a weaker school system, but more and more people are trending toward that than living 60minutes away from the office. Again, you don’t get the DMV market–homes have always been and stabilized well above the cost of housing in the district. DC is still catching up to the cost of housing in Chicago, San Fran and Boston.

            DINK=Dual Income No Kids.

        • And I should add, catching up to the cost of housing in Fairfax, Howard, Montgomery, Arlington, etc. counties.

          *Whole Foods is opening down on H St.

    • A bit far fetched. However, I do believe its proximity to the exploding NOMA business/commercial district and WF could yield 3-5% appreciation on an annual basis. However, I’d argue that this place would only sell for $1M in a few neighborhoods in the district (gtown, dupont, etc.).

  • Living room looks pretty challenging and no basement, however, it’s walking distance to noma metro and upcoming WF. Therefore, I’d guess that it goes for around asking.

    • Check out 631 Orleans Pl NE as a point of reference. Nearly identical house with similar level of renovations just sold for $655k. $100k is a lot to pay for 4 extra windows.

      • At a closer look, you’re probably right, considering that two houses on this block sold last week for well under seven. An extra 100-150 square feet and a parking spot is not worth $100K. I do prefer the deep & narrow layout that this place possesses vs. shallow & wide layout that 631 and 634 have, just gives it a bigger feel.

        • 150 extra sq ft at 450 a sq ft is 67.5k

          Would people pay $30k for a parking spot? I personally wouldn’t but a lot of people would, I think.

          • #650 is only 100 extra sqft per Redfin. #631 sold for $386/sqft, so that comes out to $38.6k in terms of added interior space – quite a bit off the $100k extra asking.

          • Anon: unless I’m reading it wrong it says 631 was sold over 2 years ago

            Prices have gone up since then.

          • The difference in these homes seems to be the finishings. The others dont seem renovated as much as this one has. theres a few on 7th and nearby that are better comparisons. agree with others the 1 million+ is a ways away, but 750 seems like a good deal for this home.

          • @ h st II — Per Redfin, 631 sold just a week ago at $386/sqft. Check again.

  • Rayful Edmond would be proud!! 🙂

  • I’ve seen some of the houses on this block and they are TINY. No basement in this one either, and the railing on the banister (along with some of the other finishes) is laughably McMansion-esque. As the previous posts illustrate, though, there’s some wild speculation going on around H Street.
    It’s still not necessarily a BAD deal given the location, but the idea that it will be worth 7 figures anytime soon seems pretty silly.

    • I don’t think it is wild speculation. Check out what is going on in this area and the next three or so years of development that is permitted and/or actually underway around there. In addition the “no basement” feature is a blessing not a negative – 90% of people I know with a basement cannot legally rent it out (for one million expensive reasons or another) and the others have loads of flooding, structural or maintenance issues with their basements…. The parking space is also a positive – those go for around 25K plus in this hood which is of course much cheaper than a parking space in Dupont or Logan Circle…. Some people above say they prefer NW but NE is so much more dynamic these days and has a lot of promise.

    • there are 2 types of houses on this street – shorter and longer. this one is the longer home but yes, no basement. dont think any of the homes on this street have a basement or even potential to dig one out. i do love the railing and tilework though – nice to see that level of detail in these homes.

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