GDoN “brazilian tiger floors” edition (reader request)

1404 Decatur St

This house is located at 1404 Decatur St, NW. The listing says:

“The Roupas Group presents state-of-the-art luxury renovation designed for entertaining with built-in audio & brazilian tiger floors. Gourmet kitchen with spacious living, dining, & family rooms, private deck, landscaped yard & secured parking. MBR leading to upper level retreat/office & 1/2 bath with Expansive city views. Legal 1020 sqft lower level rental with 2BR/2BA & front and rear entrances.”

GDoN

You can see more photos here.

This 5 bed/ 4 full/2 half baths is going for $1,199,000.

43 Comment

  • This house has been on the market forever and has seen at least one 100K price drop, so not a good deal. Nice exterior, though.

    • Whoops – “100K” should’ve been “big.”

    • I know everyone says it’s overpriced, and that may be right, but two things: (i) A year ago I sold a condo in Columbia Heights and, to this day, I can’t believe what we got, and (ii) no one is taking into account the rental income. I have to believe a 2 br 1000 sq foot rental, even a basement, will go for $2000 a month. With 20% down and a 3.5% loan, that’s an annual mortgage payment of less than $3000, with someone else paying more than 40% of your monthly nut. Not a bad situation.

  • This house has all of the bells and whistles. Surprised it’s still on the market.

    • …says the selling agent

    • HaileUnlikely

      Hey Petworth Agent! Why is this house tagged Petworth? It is clearly in 16th Street Heights. I don’t normally split hairs about that sort of thing, but it is west of 14th Street, not exactly in disputed territory.

      • Probably because it is a developer and agent that are unfamiliar with the area and know that generally Petworth sells to a broad audience. U

  • HaileUnlikely

    Has this house been on GDoN already this year? If not, then one very much like it, almost certainly by the same developer, has been. Anyway, I completely agree with JS – not a good deal.
    .
    In other news,the same developer also owns the house adjacent to this one (1402 Decatur). It is listed for $1,099,000, and is also in my opinion not a good deal. (Developer bought it in October for $575K and regardless of what improvements they made, in no universe could it possibly warrant a price over half a million dollars higher six months later. I like that one (1402) better than this one, though. Actually, I kind of like 1402; I strongly dislike this one.

    • HaileUnlikely

      p.s. Developer bought this house for $450K in December 2014.

      • So what if the developer bought for 450k? That should NOT be factored in on the sale price as long as there are comps to support the asking price. You always seem to mention this as if it’s a factor.

        • HaileUnlikely

          I think it is a factor into whether or not it is a “good deal.” Virtually nothing that anybody else could have gotten for $450K a couple years ago could possibly be a “good deal” at $1.2M today.
          .
          Could it possibly be worth $1.2M? I don’t know. Is $1.2M a good deal? F*ck no.

          • Wrong. If a house in Chevy Chase somehow sold to a developer, for cash, for $300k, and a year later they renovated it completely and sold it for 700k, under your logic it wouldn’t be a “good deal.” A good deal is 100% based on what a similar condition house, in the same area, goes for.

          • Agreed. When factoring in whether it’s a “good deal” it’s definitely a factor. Add in that 1.2 mil is a pretty nice budget it’s certainly not a good deal.

          • HaileUnlikely

            I said “virtually nothing,” not “literally nothing.” What you just described is so extraordinarily rare that it is basically irrelevant to what we’re talking about here. Within the universe of what developers actually do, virtually nothing that sells for $450K in December 2014 and is now listed for $1.2M is anything resembling a good deal. There might be a small non-zero number of cases that are legitimate good deals, but they are outnumbered by bad deals by a margin of probably 10:1 or more. And this house has been on the market at various prices not too much higher than this since the middle of last fall. Given that it’s still on the market, I’m thinking this is probably not such a good deal.

          • HaileUnlikely

            To put it a lot more bluntly: flips are hardly ever good deals. Really expensive flips are even less likely to be good deals. I feel pretty safe in saying that a flip that has been on the market for 6 months, and after multiple price reductions is still priced higher than anything else in the neighborhood save for one huge house that is up for conversion into *seven* condo units is decidedly not a good deal.

          • Then the issue is price and not having supporting comps- not what the developer bought the place for. Your emphasis seemed to be on what the developer paid for the place and their potential profit.

          • HaileUnlikely

            Correct. It is. There’s no way in heck they put more than $300K of work into the house. If they got what they’re asking for (they won’t), they’d be turning nearly a half million dollar profit on this property. A half million dollar profit for a seller who bought the place a year ago is almost always incompatible with the deal also being a good deal for the buyer.

        • But are there comps to support this asking price? And _are_ there any fully comparable properties — ssimilar in size and location AND are newly renovated?
          .
          I get the feeling that in some cases, the developer hopes to set/establish the (very high) comp by which future renovated properties — ideally, the same developer’s properties — will be priced.
          .
          I’ve seen house prices go up dramatically in my neighborhood in the past 4-5 years, as well as the creation of condos that are more expensive than actual houses were 4-5 years ago. Sure, part of this is demand… but I attribute much of this to developers snapping up the available properties (sometimes even before they have a chance to go on the market), renovating them, and setting new (and very high) comps. The presence of “luxury” everything drives up prices; it’s a self-perpetuating thing.

          • Pardon grammar/typo errors in the above — was changing some things around and didn’t quite finish.

          • They’d probably point to 4416 14th – closed at a shade under $1.1 million – as the relevant comp. This is bigger, hence the higher price. I don’t think they’ll get it, but there’s at least one similar property out there.

          • Fair enough. I was just speculating as

  • Tiger wood is pretty, but so soft and hard to maintain. Some friends of mine put it into their place and their dog has scratched it up pretty badly.

  • Ashy Oldlady

    Um, floors made from the bones of tigers have been outlawed in the United States for over 50 years.

  • i guess the seller believes its a good deal b/c of the “legal unit”. I wonder if it has a certificate of occupancy. hmmm…

    • According to PIVS, they were issued a certificate of occupancy for a two-family flat on March 2, 2016. It also says that they purchased the house in December 2014 for $450,000, and lists all the permits and inspections they got.

  • Like others, I think this is overpriced.
    .
    If I were going to spend this kind of money in a house in that general area, I’d want one of those fully detached beauties on Emerson (and whichever other streets have similar detached houses). Though I vaguely recall that the last such house on GDoN seemed overpriced too..

  • Very nice house but they need to be thinking closer to 1M.

  • Nice house, very high asking price. It’d be a “good deal” listed anywhere south of 900K, my guess is that market is between 900 and 1.05.

  • Definitely not a good deal. Also, does anyone else find the design choices to be a bit outdated. I am all for a modern aesthetic, but the white high gloss cabinets, kitchen vent and tiled marble in the bath reminds me of an early 2000s Miami condo.

  • Does this mean that the floors are like barbershop floors? You know, used to have hair on them, but it has been removed?

  • PDleftMtP

    Makes me feel better about our listing price. The market’s a little soft, though.

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