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Flashback: July 14, 2009

by Prince Of Petworth — April 14, 2017 at 12:00 pm 6 Comments


1923 12th Street, NW

Good Deal or Not? No Photos but Great Location and Unusual House Edition

The flier says:

“MAJESTIC WONDER ON THE AVENUE! Older rehab of large home only steps to U St. Large & one of a kind! Definite fixer upper but worth it! Large rooms with open flr plan, sizable expandable yard with parking! this is the opportunity to own unique property for homeowner! Acquistion/Rehab money available! Property sold “as is” and seller may refuse all offers.”

More info found here.

Normally I don’t like to post homes without pictures but I think this one deserves an exception. It is a really unusual home in a great location. Obviously, it’s going to need a lot of work but I’m curious what you think about the price. It says it was assessed for $917,000 in 2008. The asking price is $775,000. Do you think that seems like a good deal given all the work it likely needs? Think it will be bought and divided into condos?

  • CPT_Doom

    Well it was obviously a good deal, as the individual apartments in the now-renovated building are, according to Zillow at least, worth as much as the whole building back then.

  • ChefD

    Great deal accounting for everything. Sold for $690K in 2009. Refinished as three units that sold a year later in 2010 for $747K, $633K, and $599K.

    • textdoc

      A good deal for the developer, certainly.

  • KellyKapowski

    Oooh I very much like the idea of revisiting GDoN many many years down the road! I wonder if we could even find examples of places that didn’t end up being good deals in the long run? (all post-housing collapse of course).

    • crazy

      I think any deal in the DC area that has occurred more than a year ago was a “good deal” in the sense that the market continues to go crazy. I felt like I was really going out on a limb paying $315k for a rowhouse in ledroit park back in the day; now good luck finding one for less than seven figures.

      • wpk_dc

        +1. Me too buying a 3-story row house 1.5 blocks north of U Street in the late 90s for $398K. Definitely a pioneer back then but the gamble paid off.

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