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Good Deal or Not? “Similar properties in terrific H St location sell over $1.1 million” edition

by Prince Of Petworth June 20, 2014 at 12:55 pm 32 Comments

512 12th Street Northeast

This house is located at 512 12th Street, Northeast. The listing says:

“Turn this into a Capitol Hill gem! Family owned for 50+ years this Victorian is waiting for a new owner and fresh ideas. Over 3500 total sq ft of blank canvas, an incredible opportunity to blend new vision and immediate sweat equity. Cash or construction loan financing only. Similar properties in terrific H St location sell over $1.1 million.”

You can see more photos here.

This 4 bed/3 bath is going for $799,000.

  • Man, it needs some work, but for that amount of space we definitely would have jumped on it if it were available when we bought last year.

    • Anonymous

      for what looks like a shell? I’m guessing you got a much better deal a year ago than now (though that’s probably true for most folks who bought last year vs. today).

      • For 3500 square feet? Yes. We wanted a shell, I would much rather put my own touch on a place than pay for someone else’s.

        • Anonymous

          To be honest, I’m having a hard time imagining how that place could be 3,500sqft. Large 3-story (+basement) Bloomingdale victorians are around 3,400.

          • Anonymous

            Fortune for the sellers they don’t depend upon your imagination.

          • Anonymous

            Oh yea? You’ve done this before, eh? Never seen a misleading/false listing have you? Ok dude…

  • Anonymous

    Same here! I like this location a lot, too. Convenient to the Hill amenities as well as H Street.

  • Anonymous

    Man, a shell on Hst for $800k…

    New York Housing Prices, Here we come!

    • Administrator

      With DC zoning we can aim as high as San Fran.

  • dcreal

    If this is NOT in a historic district I see a Pop Up in the future and this houae becoming 2units.

    • Anonymous

      You could already do two units as-is without a popup.

      • Anonymous

        pop-up to get 3 places! wheee!

      • dcreal

        Yes. I meant where each unit has 2floors and split up into condos.

  • ShawGuy

    The “cash or construction loan financing only” part is disappointing. That means this is only available to a developer.

    • dcreal

      How else would one buy this if it’s not cash or construction loan? This home wouldn’t appraise for the asking price as-is.

      • HaileUnlikely

        Even if it appraised for asking price, an honest appraiser who isn’t trying to win a popularity contest would rate it C-4 (or worse), which would DQ it from conventional financing anyway.

  • Anon

    Oh, wow, that woodwork! I love it. I hope whoever buys this appreciates what they’re getting. That said, it’s a LOT of work – more than I’d want to take on.

  • Anonymous

    I’m going to go with really bad deal. $800K for a shell in that location? No.
    I do love all the original woodwork though. Too bad some developer is going to rip it all out and make some blah “luxury” condos out of it.

    • Anonymous

      You clearly have no idea how valuable “that location” really is.

    • Administrator

      I get the skepticism. For me this location is a hike/bus/2016 street car ride to the red line. Unless I my wife and I both get jobs on the Hill, I wouldn’t move here without parking. But that is just me–they will get this price and flip it because a lot of people love this location. Plus the historic zone runs down 11th and East on E. With another level they can get two big condos out of this

      • Anonymous

        Street parking is plentiful here, FWIW. And lots of us can walk to work here (plus with so many employers moving to the ‘burbs the highway access is ideal for someone who works out there). Might not be a convenient location for you but it is for many of us.

        • Administrator

          Street parking might be plentiful now, but in a few years these will all be popped into condos. Plus, I often park this far away to enjoy H street amenities. For this much bank, I want a spot. I can’t come home from work and fight for street parking at my age.

          That being said. I do love the access to 295. A great benefit that capital hill has over anywhere NW save chinatown.

  • ExWalbridgeGuy

    Do any mortgage experts here know if the FHA 203k loan would be considered a construction loan for these purposes?

    • Construction loans are very different (even though the intent of a 203K loan may be somewhat similar). This is also a good bit above what the 203K limit would be anyway.

  • Anonymous

    thanks for the good laugh. so let me get this straight – you pay $800K for a house that needs a minimum of $250K to make it remotely livable, and then you’re expected to reap the questionable reward of a $1.1 mil sale?

    This just screams – ‘Hey, somebody died here and were cashing in’ FFS – sell it as is for what it’s worth, which is well south of $800K

    • Anonymous

      lol. when this sells in a week for asking we’ll see about this.

      • Anonymous

        hehe, yea. I was going to say something about “let’s see who has the last laugh”, but it’s more of a cry I’m afraid.

      • anon

        sorry, but this house doesn’t even have the bones to justify that. It’s got 2x4s holding up the basement joists for starters, a near certainty of structural issues and probably untreated termite damage. Aside from size and location this house has very few redeeming qualities.

        And while the Sim City crowd likes to crown everything a pop up candidate, it has to have an appropriate foundation to prevent it from collapsing on itself.

        I’m not saying it won’t sell for that, just that it’s not good value for that cost.

    • h st ll

      With a pop up it will be 2 units over 2400 sq Ft each. Top unit with roof deck would probably go for a million, bottom 850k.

      They just did something similar at 8th and h, top unit sold for 800 something I believe bottom is 799k. And this is a nicer location…

  • ET

    Based on the price and how much work this is going to be the only people that are going to be on the shortlist for getting this is a developer. Now a super rich person wanting to move to DC who has $700,000 cash and want to do a place themselves and not pay for someone elses work/taste maybe, but I don’t bet there are many of those around.

  • Anonymous

    “Family owned” . . . the Adams Family?

  • Kenny G

    I was thinking Manson family.


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