Good Deal or Not? Reader Request – Why Has It Been on the Market So Long?

This home is located at 4847 Illinois Ave, NW:

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The flier says:

“large home five brs 3 full baths basement side porch off street park”

More info but sadly no photos found here.

The reader aks:

“The house at 4847 Illinois Ave., at corner with Emerson, that has been on the market for a long time (listed in August 2007 – pre-downturn!). Corner house, nice lot, appears to have basement apartment (which may have been one of those former house-dentistry offices). 5 bed/3 bath. A couple of very nice dogwoods blooming come spring time. No major crime issues in immediate area. What gives? Listed to high? Too big for most? And by the way, what are the “Property is on Farm” and “Soil Study Available” references on Redfin all about?”

The asking price for this home is $660,000. To answer the reader’s question I’d have to say the asking price is way too high. This location is a bit too far from the Petworth metro (in my opinion) to justify that price. Maybe if it was completely renovated (with historical touches intact) but the fact that there are no photos leads me to believe the home probably needs some updating. It’s also curious that the description is so brief. I think it’s a nice home with lots of potential but it is probably $150 – 200k overpriced. This price seems like serious bubble price. I think it’s no accident it has been on the market for 582 days. What do you guys think is a more realistic price?

I have no idea what the farm reference is about. Maybe they have an ant farm…