The House For Sale is Nice…

by Prince Of Petworth February 11, 2008 at 11:17 pm 9 Comments

IMG_6818, originally uploaded by Prince of Petworth.

but the house next door seems to be abandoned. I know we’ve sort of discussed this in this past, but this is a perfect example, we’ve left the hypothetical. So if you love a house for sale but the one right next door is deserted with broken windows etc. how much $ do you take off the asking price? Or will it just be more aggravation than what’s it’s worth?  Or would you expect/hope the abandoned house to be purchased and renovated?

  • mark

    Actually, both houses are listed for sale, but don’t look for the shell to sell any time soon: another, beautifully finished house directly across the street just sold for the same price they’re asking for the shell.

  • Annonymous

    or is the listed price already accounting for the property next door?

  • Col Hts

    Not that we’re trying to sell, but …

    we have a similar problem in that our neighbor on one side is really letting his house fall into the crapper, and our neighbors on the other just have no taste. Even if we were to put our house on the market, we know we’ll be affected by the conditions around us. Many, many houses on the block are either beautiful rehabs or long-standing owners who care for their properties, but we’re caught between a neighbor who couldn’t care less and another who cares for all that is ugly. And we expect neither to go anywhere for a long, long time.

  • Anonymous

    or maybe they (the one in disrepair) don’t have the money for the upkeep on their house. this is still a mixed economic class neighborhood. and property taxes have been going up steadily even with the homestead exemptions etc.

  • Mark

    Anonymous, it’s an abandoned house, a totally uninhabitable shell. According to DC sales records, it was purchased in November 2004 for $430,000 by someone, whose mailing address is outside DC, and who apparently now trying to sell it as a condo conversion for $590,000. He is not currently receiving the Homestead Deduction. There is a gentleman by the same name who works for a Title Company, which has a DC phone number, but I do not know if this is him. So here is someone who was driving the price up during the height of the housing boom, and who (I’m sure) still hopes to turn a profit on his investment. Until the market ponies up for him, though, the house will sit, vacant and decaying, out of the owner’s sight. Personally I hope he’s really taking a beating in this market. The house for sale next to his is bank-owned, btw.

  • And watch Mr. Bourne cry poverty when he is “forced” to sell his shell for a measly $500k (for an equally woeful 16.2% ROI) on a house which he sunk absolutely no money into rehabilitating.

    I get the sense that a lot of property flippers think they’re entitled to 100-150% ROIs on their “investment” properties and are having a difficult time coming to grips with the real estate market correction.

    As for the house ont he left, from what I can it’s a beaut. I love the colors they chose.

  • Mark

    The houses on that block (13th between Monroe and Otis) are really singular in my experience. They have that beautiful woodwork on the eave at the roofline and a tall, slender, imposing beauty. The prices have been driven so high that there’s a great temptation to make them condos, but as single family homes they can be majestic. (Take the virtual tour of the one across the street at http://slideshow.mris.com/slideshow.cfm?ListingKey=10438447909).

    The vacant property is a blight on the neighborhood, yes, but to let one of these beauties fall apart while you hold it vacant for three plus years is a really a shame in its own right.

  • Anonymous

    Mark, I was referring to the neighbor’s house that col. hgts. was talking about. But now that you mention it, there was one house on my block that experienced the same thing, bought at high in market, still tried to flip, couldn’t sell, vacant for 2/3 years, now rented. But at least it’s occupied and it is a lot better than when I first got my house almost a decade ago.

  • Anonymous

    If the house is vacant, you might try to get it classified as such. The new DC property tax rates for vacant properties provide good motivation for those sitting on them to sell at market prices.


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