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Reader Requested – Good Deal or Not?

by Prince Of Petworth October 20, 2008 at 1:00 pm 13 Comments

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A reader writes the following about the house for sale at 1208 Fairmont Street, NW:

“It’s at a great location and I think a good price, but it’s been on the market for so long there must be something wrong. It looks like a deal fell through and I’m wondering if that happened after the potential buyer had it inspected. The lack of photos also bothers me.”

The flier says:

“BACK ON THE MARKET. GREAT INVESTMENT OPPORTUNITY IN PRESTIGOUS COLUMBIA HEIGHTS. FOUR LEVEL ALL BRICK TOWNHOUSE ZONED R4. HUGE BACK YARD, BRICK GARAGE, FRONT & REAR BASEMENT ENTRANCE. CLOSE WALK TO SUBWAY, SHOPPING & SCHOOLS. QUIET NEIGHBORHOOD, CALL FOR CODE. SUBJECT TO THIRD PARTY APPROVAL.”

You can find more info and some photos here.

The asking price is $550,000. Seems like a great deal for a 4 level rowhome in Columbia Heights. Any ideas why it hasn’t been snatched up yet? My guess is that it probably has something to do with “Third party approval”. Do you think $550,000 is a reasonable price?

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