Dear PoPville,
I happened to leave the house yesterday afternoon just as the bidding was about to begin for 1952 2nd Street NW, which is a house in very poor condition on the Ledroit Park side of 2nd St. It ended up selling for $625,000 + 6%, so about $660,000! A real-life example of the economics of the real estate market right now, and why row houses get ‘flipped’ into two units. I guess they will spend $200-300K on renovation, which means they will need to make well over a million selling it.
