Good Deal or Not? “a bit of New Orleans with side entrance” edition

by Prince Of Petworth November 18, 2010 at 1:00 pm 21 Comments

This home is located at 1307 S St, NW:

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The flier says:

“$100K Price Drop! A Real Duplex! Front 2Br/1Ba bilevel unit has great income stream. Rear owner’s 1BR/1.5BA unit is a bit of New Orleans with side entrance, wonderful garden, almost new Kit w/ exotic granite, s/s appls Upper master ste has almost new double vanity sink with marble top and porcelain undomount sink, tiled shower. Expanded yr round sunrm on main and enclosed porch up”

You can find more info here and photos here.

This is certainly an interesting set up. You think it would be ridiculously expensive to combine the units into one home? I’m def. digging the garden. Does $889,000 sound reasonable or is it gonna need another price drop?

  • Saxony

    I know the similar sized ones on the 14oo block of T go for 700-800. So it seems overpriced. Understand this is a duplex, but in this real estate market nuances are ignored.

  • jdm

    I guess it’s kinda cool that you get a dog with the house

    • TaylorStreetMan

      yeah, how much for just the dog?
      the courtyard with separate living space does remind me a bit of a New Orleans-style home… homesick now.

      but still a little pricey. They’re really selling U St, I think.

  • Anonymous

    900K and you have to fight for a parking space on the street?

  • SF

    Further evidence that there is still a bubble in the DC housing market, and/or developers/listing agents who are wildly out of touch with reality. See also: that horrible Tennessee Avenue place with the popup that was on here a day or two ago– originally listed for over $900K.

    • Anonymous

      prepare to get righteous vengeance flamed down upon you for suggesting the dc housing market may be anything other than amazing. these guys don’t want to hear it.

      • Elmer Fudd Gantry

        The DC housing market may be overpriced, but I guarantee someone will shell out at least $850,000 for that location and a rental unit. I’m not saying it’s right, but that’s the way it is.

    • Tres

      To be fair, an un-representatively large percentage of the homes PoP features are aggressively priced.

      If DC is in a bubble, it’s a bubble that encompasses all of DC-metro, which has seen the most price home price appreciation in the country in the last year. Ultimately, local home prices are supported by the local economy — jobs available in the area. In our case, those are provided by the gov’t and related industries. For this “bubble” to burst, those jobs would have to go away, or lending would have to revisit sub-prime.

      • SF

        See, I’m most worried that lending is still the problem. I was pre-approved for a loan this year, and I can tell you that the pre-approval ceiling was far, far more than it should have been for somebody with my income and student loans, breaking every debt ratio I have ever heard of. When I asked the loan officer if this wasn’t the kind of thing that got us in trouble in the first place, she didn’t have an answer.

        • Anonymous

          Same here.

        • Tres

          I had the exact opposite experience, sterling credit and all. I seriously doubt you’d be able to close with these lenders. It sounds like they’re trying to attract your business under false pretenses. Too good to be true.

          If your case was representative, we’d be headlines about lending right now. Who was your lender?

  • ess

    My gut reaction was terrible deal, but I’ve changed my mind. If the front unit rents for $2400, that would cover $450k. And if you can raise the rent to $2700 a month (that seems optimistic, given the kitchen, but not crazy), it would cover half a million dollars of a 5% mortgage. So you’d pay under $390k for a 1br/1.5 bath.

    http://www.redfin.com/DC/Washington/1433-S-St-NW-20009/unit-1/home/9869615 shows a comprable unit selling for about the same price this May, and it doesn’t seem to have the nice backyard or the potential to at some point move into the larger unit and rent the smaller one, or to combine them. While the other one didn’t require you to be a landlord, it probably had a condo fee.

  • MT

    That math does not work if you are looking to make any money…covering a mortgage does not make a good investment…It is overpriced by $150k+

  • MT

    It would also show a lot better if it weren’t so freaking cluttered!

  • I Live On That Block

    I selfishly hope it goes for that since I live around the corner in a much larger house.

  • ET

    It already had a $100 thousand price drop which shows how overpriced it was originally. I am sure this hurt the owners mightily….

    Still seems over priced but not a realtor so I can’t say.

    However, I am from New Orleans and while there are a few house the do have side entrances, that is not a particular NOLA architectural feature.

  • Goku

    We need a “the housing prices are too damn high” party in DC………

    • Xi

      you know, the housing prices in DC aren’t THAT bad. my friend from NY is buying a $600k studio, and my two other friends can’t find a 1 bedroom to share for less than $2700. the sad part is none of their incomes are much higher than mine! curses to the high cost of living in DC but thank god it’s not as bad as NY!

      • Anonymous

        dc is nothing at all like ny.

  • Anonymous

    I recently put an offer on a house that was on the market for about this price (but sold for a lot more). It was a block off Barracks Row, maybe a slightly less desirable location than this property.

    It was similar in the sense that there was a carriage house in the backyard that could be rented out. What made it better was the main house was larger, and nicer, and it also had a basement apartment that was ready to rent. The $5000/month mortgage that I would have had would have been greatly offset by the $3000 or so I’d be bringing in from the rental units every month.

    With all that in mind, I think this property is a bit overpriced. The area’s great and the rental unit helps with the price, but it still looks tiny. It will be interesting to see what it sells for.

    • Kim

      I actually think that’s a more desirable location than this house, especially when you consider that a lot of people with the means to plop down $900,000 for a house are more established in their careers, which usually means they’re slightly older and may not be as interested in being near a ton of “hot spots.” They may also be interested in finding a good area to raise a family and, IMO, the Hill is one of the better places within D.C. limits to do so. Heck, I’m 27 and I’d rather live on the Hill. I think it’s one of the most desirable locations in the city.


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