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House For Sale Reasonably Priced?

by Prince Of Petworth March 14, 2008 at 1:00 pm 37 Comments

houseforsale3rdstreet, originally uploaded by Prince of Petworth.

Speaking of the economy a friend of mine sent me this photo from the EYAUrban Web site. Details below. 4212 3rd St NW ($425,000) So a good price?

“Located in NW DC, blocks to the new development at Petworth Metro, and hip Domku, this renovated home provides ample space at a condo price. Features include an open chefs kitchen with granite counters and stainless steel appliances, a separate dining room, breakfast room, finished basement entertainment area, both front and back yards, and a garage. Electrical and plumbing systems have been updated. The windows and the furnace were recently installed.

Comments (37)

  1. That seems like a really good price to me. Perhaps a bit depressing, but this house has a lot more updates and features than mine and is listed for about the same price as I paid for my house a few years ago. I think it will go fast!

  2. A couple of years ago it seemed to be a common practice to invite people into a house just prior to listing, announce a ridiculously low asking price, and wait for people to bid the house up. Maybe this is like that; the market’s changed a lot but every so often someone does this. I saw two houses last year that sold this way, each going for 15-20% over the asking price. It was extremely frustrating for me as a potential buyer to see things dangled into my price range by agents who had no intention of selling there.

  3. If this house sells for $400K, then I will no longer fear my house is dropping in value.

  4. ifnomorehipstersisinyournamethatmakesyouahipster

    I’m sorry, but that price is ridiculous for the neighborhood, for the amount of crime that exists, and because the economy sucks right now. I can’t believe anyone would pay that price to live in a dpressed crime-ridden neighborhood. And it’s on 3rd St… whateva. I wouldn’t pay more than 275000 in this market.

  5. ifnomorehipstersisinyournamethatmakesyouahipster,
    If you wouldn’t pay more than 275K for this house, then why don’t you put in an offer at that price?

  6. actually, that is far from a ridiculous price for this neighborhood. people who don’t have a good sense of the DC real estate market are in for a rude awakening when they start looking at purchasing a home. that is an extremely low price (yes, even in this economy) if the house is as nice as the description implies.

  7. That is a great asking price for the features. I live not far on 3rd street from this house and we have loved every second of it! The neighbors are friendly and the location is great!

  8. Petworth Princess

    “dpressed crime-ridden neighborhood”

  9. Petworth Princess

    wait! it ate my post! I said I disagreed with that description of this community and that with the pending changes coming to Petworth that poster will soon wish they had bought that house at that price.

  10. better price would be high 300’s, the upgrades are ok based on the pics and this market. 275k is a condo price in DC….or a shell.

  11. Yeah, that is a good price, actually I think it’s realistic rather than inflated. But a house on my street that I believe to be a dump, is selling for around $600 k. Does this house have central air? I think not, or it would have been mentioned.

  12. This house is a flip.
    It was sold last 7-8 months ago for about 300K. I went to see itwhen it was on market that time. It needed a lot of updates.

    The new owner/developer updated the house, and now listing for 425K.
    I had an opportunity to see the house after the renovation.

    Of course the house look much nice.
    However, I have to say it was NOT a best renovation job.
    So I should correct my first sentence ” This house is a cheep flip’
    So people who are worried about their house price, keep in mind that your house might not been updated, but most probably in better shape than this house.

    Have you ever purchased a house?
    Do you have any idea housing price of DC?
    Before you put a label “crime-ridden neighborhood” (as you said) and giving the price tag of the house bellow 275K, you should have some reality check. Or at least be respectful to the residents of Petworth.

  13. It seems high to me. And the renovations seem cheap. I can’t keep my eyes away from how bad those railings are. Or that door. Or the crappy job they did with the lattice work. Not historically correct. Cheap looking. And probably just bought off the shelf at Home Depot. That tells me a lot. It tells me that this is a flip (as someone above said) and that the remodeling is just the HD special — stock (and low end stock at that, probably on sale) railings, doors, windows, cabinets. Etc. Not at all worth the price.

  14. I think if they were actually restoring the house using period-appropriate doors, railings, etc. the price would be a lot higher. Two years ago for this price the only thing you could find were estate sales often with a lot of water damage, old band-aid repairs, and awful kitchens needing total renovations. I know because I think I looked at 30 houses before I bought mine. It’s very rare to see any houses for sale in Petworth that have really thoughtful renovations (I see friend’s houses that are great, but theirs are not on the market), so usually the best you are going to do is find a fixer-upper that hopefully has not had the soul stripped out of it, and you can fix it up the way you like yourself.

    and to ifnomorehipstersisinyournamethatmakesyouahipster …uh, clearly you’ve never bought property before or you’d never suggest $275K is a fair price, and you’ve never spent time in Petworth if you think it’s crime ridden. According to the crime maps on the DC website, Petworth has less crime than Columbia Heights or Adams Morgan, where this same house would be $600K-800K, not $475K http://crimemap.dc.gov . Petworth is a great deal.

  15. Petworth is not a depressed, crime-ridden neighborhood. Yes, there is crime here, but crime-ridden is an exagerated and incorrect description. I’m not saying this for any resaon than I like accuracy. Parts of SE and NE are in fact crime-ridden. And again, does anyone know if the house has central A-C?

  16. Here’s another case to provide some real estate perspective: There is a rowhouse on our block – 600 block of Keefer Pl, NW, just off Georgia – for sale for $249,000 right now. It’s the classic three bedrooms, two baths, and even has a built-out porch on the back.

    Granted, the place is a horrific mess with its windows boarded up and all, but the price is unheard of around here. It’s next door to another (a very cheap flip renovation) that’s on the market in the $400s. So a boarded-up mess goes for the mid $200s, and a Home Depot flip will cost you somewhere in the $400s.

    True, there are quite a few houses for sale on this block in the $400s that aren’t moving at all right now. With the new development in Columbia Heights just a 10 minute walk away, though, it’s only a matter of time.

  17. The repairs don’t have to be period or historically correct.. they just don’t have to look like so cheap. They bought that house about a year ago, but the minimum amount into to it make it saleable and then want 100,000 premium? Over the year ago? What year do they thing this is?

    From trulia, some numbers for ALL of DC:

    Avg. listing price: $674,506
    Avg. sales price: $563,297
    Avg. price/sqft: $405

    So yeah it’s slightly below the average, but me thinks that Petworth in general should be significantly below the average, considering that my rent (and other places that I’ve seen listed) is about half the average for the whole city.

    Zillow says the house is worth about $362,000, other houses around it have basically all sold or are valued in the 300s. A few are just over 400, with some that are way higher, that seem to be still for sale (surprise!).

    Look kids, prices aren’t going to go up for awhile. The market is over saturated. Valuations and prices are falling all over. Sure it’s not SoCal (where prices are expected to decline 40%) but we will see 15-20% percent drop. And in areas like Petworth that are still considered off the beaten path — I expect the drop to be higher.

  18. I have to agree with Inaudible Nonsense. Yes DC is insulated somewhat from the national housing downturn, but not as much in neighborhoods that are considered transitional. I love living in PW, wouldn’t live anywhere else in DC right now, but lots of people consider this to be a very transitional neighborhood. I work in downtown DC and I can’t tell you how many people are like “you live where? are you crazy?”

    100% housing price appreciation over the last 5 years with no significant increase in income is not fundamentally sound or sustainable. It was driven by cheap credit, bad loans and speculation in the securitizing of crappy loans. Even if the house in question is the correct price (and my opinion would be 325-350 is more reasonable and yes I would offer that, who knows the flipper might be distressed), most banks in the current credit crunch will want 20% down and at least good credit to give you a loan. 80K is nothing to sneeze at.

    I’ve lived here for almost a year now, and the houses that were for sale when I moved in are still for sale. In my opinion, I wouldn’t consider buying a house until the fall of next year to give some additional time to let the market correct. A house is something you live in, not an investment, unless you have lots of cash and are willing to ride the always cyclical real estate market.

  19. I think that the inner city neighborhoods such as Petworth will become more desirable as the price of gasoline continues to rise, which somewhat insulates them from the current housing depression. More people see the offset of housing prices compared to the fact that they will need to pay $100-150 a week to fill up their gas tanks to get to work, shopping etc. This price seems somewhat reasonable although you can never go by descriptions and pictures.

  20. more of my friends have been mugged in dupont. petworth is way safer than most areas of dc

  21. I just drove east of Petworth and passed the house. It’s a nice little block, rather untrafficed. When we were first looking to buy, we saw a house on 4th Street, totally unrenovated but well-maintained, being sold by the estate of a widow. I always liked the east side of Grant Circle.

  22. First, that house is terribly ugly on the outside. Rowhomes in that style are a dime-a-dozen in DC. Second, sorry people, but Petworth ain’t happening yet. Columbia Heights has all this new fancy gentrification and all, and crime there is still pretty high. So what makes people think Petworth is going to happen? Where are all the upper-middle-class and wealthy people going to come from to buy all the over-priced ugly ass real estate in DC?

  23. Petworth Banker

    The reason DC is insulated from the downturn has nothing to do with income, prices, or bubbles. Its public police that has helped DC. I know this because I’m a banker and the bulk of loan exposure in DC is not in the sub-prime market for low income folk. Most of the foreclosures around the county (70+ %) are low income earners with sub-prime loans.

    The reason DC is unique is because our city has some of the most progressive affordable housing programs in the country (I know some you you will dispute this but if you know anything about the lendimg market here you know I am right). Instead of defering portions of loans, or providing loan rates to low income people DC has relied on developers proving price breaks on a % of units built that are set asside for low income people. That in combination with lower rates has make DC a model city for affordable housing, and the success is proven by the current husing crisis that is going on all over the country.

    Aditionally, a house on Quincey just sold for 550,000 and another on 4th for 535,000 so I would say this house is right in line with current prices per sf in this neighborhood.

  24. i am an agent. i have toured that house and interviewed the owner to be the new listing agent. i told him the reno job was crap and he needed to cut prices ASAP to sell it.

    i have bought and sold a few houses in that immediate area. we sold one for 615k that today would go for 450k, and that was in ’05.

    i think the house in question today is worth about 375k. in fact anything with a 3 in it will get it done. 399k.

    problem is to buy that you still need cash and who has cash?! hahahah

  25. I agree with the Agent above, and no central AC is a big negative. high 300k and this will sell.

  26. Anon 3:14–

    I see stats like hat thrown out there all the time, and they’re completely misleading. Even if the statement “more people are mugged in Dupont than in Petworth” is true (and I have no idea if it is or is not–I don’t have the stats in front of me right now), there are literally tens of thousands of more people strolling through Dupont than in Petworth. Perps go where they are more likely to find victims–and a neighborhood such as Dupont has about 20x the street traffic that a neighborhood such as Petworth does. It would not be at all surprising to find that more people are mugged there. And it says nothing about how “safe” the neighborhood is overall.

    And I agree with those above who say that the house is overpriced. $425k for a 3br in PW, with substandard renovations, is way too much. IMHO, $325-$350k seems about right.

  27. I wish nobody buys a house from an agent that does not know how to use capital letters and ends his posting with “hahahah”.

  28. ifnomorehipstersisinyournamethatmakesyouahipster

    I do own property in the district… And I have owned property that was done by a cheap flipper. This is obviously a cheap flip, and therefore, does not deserve to be sold for 425,000. We shall see how long this house sits on the market. There are plenty of overpriced homes in Petworth that are sitting on market for almost a year. Just check the MRIS. If you don’t have access then check with a realtor.

  29. So after looking at the additional photos available in the MLS listing, I retract my earlier statement that this could get 400k. I can’t really comment on the ‘cheapness’ of the flip, not having seen it myself, but it just doesn’t seem as put-together as I had originally thought. I’d say $360-$370k now.

  30. Home prices in Petworth are still increasing!

    the Washington Post Real Estate section on Saturday had a map showing DC by zip code and whether housing prices have increased or decreased. Zip code 20011 (Petworth) had a median home price of $400,000 in 2006 and $423,000 in 2007 — an increase even though the total number of houses sold went down by about 100 houses. The prices were based on the sale of over 300 houses in 2007 and almost 500 houses in 2006. The stats are based on single family houses and townhouses and don’t include condos.

    Yes, there are still houses selling for $325-$350K, but for that price you’ll either get a shell or an estate sale in pretty awful condition.

  31. Anon home improver

    Just kidding. HA HA HA.

    i mean just kidding ha ha ha

  32. PetworthRes, excellent news! I think the more important thing is whether the prices are relatively stable at least. It’s probably to nobody’s interest to see prices falling significantly.

  33. “Zip code 20011 (Petworth) had a median home price of $400,000 in 2006 and $423,000 in 2007

  34. Well, some of 16th St heights is included, but if you look at the area the size of Petworth compared to 16th St Heights is way larger. It does not include the far north of DC – I think Shepherd Park & Takoma DC which are 20012. It does also include Chillum and Riggs Park which I think are less expensive than Petworth around the metro.

    I found a map online – though this shows prices for 2004-05, not 2006-07

  35. The zip code numbers are inaccurate–as 20011 is huge. It includes all of 16th Street Heights and Crestwood. So using the Washington Post zip code price indicator and saying that Petworth’s average home sale price is $423,000 is misleading. A good example of this is zip code 20002–which includes prime (pricey) Capitol Hill and extends North to SoFlo/Trinidad and Eckington. It lumps many subdivisions into one statistic. BTW–Zillow is really not very accurate. It takes basic public record information–and comes up with a base-line of what your home value might be. The problem is that the public records in DC are often wrong. Finally, Zillow does not adjust up or down for condition/improvements.

  36. > Finally, Zillow does not adjust up or down for condition/improvements.

    I think it will if you go in and make the edits. You need to tell it that you spent 20k on a kitchen, and it’ll bump you up accordingly.

  37. nomorehipsters

    ifnomorehipstersisinyournamethatmakesyouahipster seems a wee bit cranky.

    PS: i am totally not a hipster. can you be 40 and be a hipster anyway?


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