GDoN “Huge storage cellar” edition

1432 T St NW

This house is located at 1432 T Street, NW. The MRIS listing says:

“Stylishly appointed home with porch, patio & parking. Updated kitchen & baths, custom lighting, plantation shutters, & built-ins. Oak floors & warm LED lighting throughout. Windows & skylights galore. Huge storage cellar. Half block to 14th Street dining, shopping and night life. 98 Walk Score. Metro Yellow/Green lines 1/4 mile, Red line 3/4 mile. Open Sun 2-4.”

gdon

You can see more photos here.

This 2 bed/2.5 bath is going for $1,050,000.

40 Comment

  • I Dont Get It

    I love those houses on T!

    • I do too! I have friends who live across the street and I love looking at that row of homes and think, “if only.”

  • Tsar of Truxton

    In a small home like this, do people think a 2/2.5 layout is better for resale than 3/1.5?

    • Interesting question. I think most people paying $1 plus for a house will want a master bathroom. Also, making three BR up there would really shrink the size of the master. So, all in all, I’d say that the 2/2.5 is preferable. But, I could be convinced otherwise.

    • HaileUnlikely

      I think the location is also a factor. I might be way off base about this, but think this location is more likely to appeal to a wealthy single or couple without children than to a family. Thus, given the location, I agree with dcd, though for a similarly-priced house located elsewhere (probably larger, probably not right off 14th St), I’d think 3/1.5 would be better.

      • Tsar of Truxton

        I was just curious because I have a 3/1.5. I am not planning on selling anytime soon, but I have always wonder if it is something I should do before selling. Obviously, I am not off 14th.

        • In what I’ve noticed, having recently sold my 2br/2.5ba and having kept an eye out on what sold, I would say a 2br/2.5ba sells more easily. My house sold quickly and above asking while a similarly sized and even more recently renovated house a block away still hasn’t sold that was 3br/1.5ba.

          • Not sure how this factors in, but 2 bedrooms and 2 full bathrooms is much easier to rent, whether you’re looking to rent the full house or to live in it and rent the extra bedroom. DC continues to have a large population of 20-somethng and 30-something renters who defray costs by sharing homes, and a 2/2 will always appeal more than 3/1 in that situation.

            Of course, not all buyers are interested in renting. But knowing that’s an option might increase the pool of available buyers.

  • Accountering

    I don’t think there is a wholesale “bubble” in DC, but there are definitely places that are getting pretty frothy. My definitely of a bubble is very simple – does a place rent for $500/100,000 sales price. If it does, then the mortgage is covered, and I think it is likely a reasonable purchase. Granted, this breaks down once you get past a couple of million (not a lot of $10,000,000 houses renting for $50K/month!) but using that scale, does this 2/2.5 rent for $5250? I don’t think so.

    • Damn, by your definition Toronto is in a huge bubble then. It makes DC look tame and “affordable.” Houses go for 400-500k OVER LIST. It’s insanity. And I agree I’d never rent this house for $5250.

      • Accountering

        It’s totally made up, but the basic concept is that then you could rent it out and cover the mortgage. It treats the house is if it is worth it’s cash flows, which makes sense to me.
        .
        If places don’t meet this test, then you are relying on future rent increases, or even more appreciation, to justify the valuation. That doesn’t make sense to me 🙂

      • Toronto might be the bubbliest city in North America right now.

        • Yeah, I think so too, but we’ve been here 16 months and people have been saying it the whole time and were apparently saying it years before that. I hear a lot of the same things I heard in the US before the market crashed, so we shall see.

          • I’m from Toronto and it is in a MASSIVE bubble so this calculation definitely checks out! My mom’s condo has more than doubled in value since I moved away less than a decade ago.

          • A condo more than doubling in a decade doesn’t seem that crazy especially with how popular the city has become (and depending on location). It’s the bidding wars and what people are paying for semi-detached and SFH that blows my mind. We’re not looking to buy for obvious reasons, but this semi-detached house I LOVED in Cabbagetown was just listed for $1,498,000 and sold for $2,002,277 in a week! And that seems to be the norm so if your budget is 1.1 mil, better look at houses for 700k and bid 400k over that price. LOL, just typing it makes me want to laugh and cry.

          • Interesting. I can see that being a part of it, but I think there’s more to it than that. I do hear a lot of people say they “can’t sell because they can’t afford to buy anything else.” Also, rent (as compared to DC or NYC) is not crazy expensive. We live downtown and pay $1938 for a 1 bedroom + den, 2 full bathrooms and that includes all utilities, parking and a storage locker. And it was $1900 the first year.

        • Put Vancouver in that top list too. Toronto for the longest time was quite affordable. A bit of a forgotten international city from the luxury build-out elsewhere. No longer.

    • I rented a room in “3” bedroom housing on this street or $4000. (one of the bedrooms was a makeshift room in the basement.. pretty sure it was illegal because it didnt have an egress). Great location, but I can’t imagine anyone paying more than $4000/month in rent for one of these rowhomes.

    • That’s a pretty solid metric. This is how Southern California got massively bid up during the housing boom/bust – the rents in places like San Diego were barely covering 50% of your monthly costs if you put 20% down.
      Sounds like Toronto is in a similar bubble. When potential cash flows diverge wildly from purchase costs, you’re in trouble.

  • So glad to see one of these houses featured! I love the exteriors but am pretty unimpressed by the inside and wouldn’t pay that much for it (slash can’t), but also expect someone will.

  • HaileUnlikely

    I do love this location. This is the same size as my house. It is admittedly finished more nicely than my house, but I actually like the upstairs layout less. If money were no object, I’d buy this in a heartbeat, and I’d love to live at this location, but in the more relatable scenario of being on the market for a house at this price point but no higher, I don’t know if this is what I’d pick.

  • Seems well priced.

  • Are there no photos of the “huge storage cellar”??

    • Nice way of saying “unfinished basement” or perhaps someplace that’s basically a crawl space.

      • Yes, unfinished basement that can’t be categorized as such since the ceiling will likely make you duck to walk thus we have ‘huge cellar’

    • HaileUnlikely

      Unfinished basement per Redfin listing (this listing may indicate the same, I don’t know; I’m more familiar with Redfin listing format than MRIS so I always just look up the listing on Redfin)

    • I guess I just figured that since they mention it in the listing, there would be a corresponding photo.

      • Yeah, it does seem odd to call out a feature and then not provide a photo of it. I would guess that the owners have it pretty full-up with stuff while the house is on the market, so photos weren’t a good idea. Still, it would be nice to see what kind of condition it’s in. A clean and well-waterproofed space for storage adds some value, even if you can’t live in it. Something damp and musty…wellllll…

      • I don’t think houses on that row or the similar ones on S St. have basements. Probably a crawl space.

        • This is correct.

          • HaileUnlikely

            Oof, that’s a lot of money for 1254 square feet with no usable basement. I don’t need a rentable basement, but I want a basement that I can comfortably use for storage, maybe exercise equipment, etc., without having to duck or literally crawl.

        • Incorrect. Houses on the east end of that block don’t have much in the way of a basement. As you get towards the west end of the block, they do.

  • This is probably just a pet peeve of mine, but I hate it when they include photos of everything in the neighborhood. I know whole foods, studio theater and le diplomate are close by, as does everyone else looking in that area.

    • HaileUnlikely

      I wonder what proportion of buyers for properties in this price range are local (from the DMV metro area) vs. from far far away. I don’t have any idea, but I could see those photos adding value for somebody moving here from San Francisco.

  • From the pictures of the back of the house, seems to be a row house between two pop-backs.

  • HaileUnlikely

    Hmm. I don’t see any laundry machines. Are the laundry machines in the living area and just not shown, or did I miss them, or are they in the basement/crawl space/whatever?

    • I was wondering about that too.

      • HaileUnlikely

        p.s. I have absolutely no problem with them being in an unfinished basement, as long as a normal-sized adult doesn’t have to bend down or crawl on their hands and knees down there. I’d rather have them in a basement than upstairs, honestly. I don’t know many adults who have lived a full life without their washer leaking and flooding the house at least once. I’d infinitely prefer to have that happen in the basement than upstairs!