Real Estate

Good Deal or Not? “EXTRA-LARGE private garage parking” Edition

By Prince Of Petworth

This condo is located at 2357 Champlain Street, NW:


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The flier says:

“Open 2 bed/2 bath Loft apt in boutique Greenwich on a quiet street in Adams Morgan with EXTRA-LARGE private garage parking and storage – only one in building! Wonderful kitchen w/ Uba Tuba black granite counters/bar, SS appliances (gas cooktop), gas FP, Juliet balcony overlooking courtyard, wash/dryer, travertine baths, HWF, and high ceilings!”

You can find more info here and a virtual tour here.

We judged this building about a year ago. As always, I psyched to be able to check out the inside. Which leads me to a question I’ve recently had – do you think it’s easier to sell a place with furniture in it? I have a tougher time appreciating it when it is empty. Of course we’ve seen some ridiculous furniture in GDoN posts. Which do prefer – furnished photos or vacant?

Anyway, what do you think of this condo? Does $595,000 sound reasonable for this 2 bed/2bath?

Dear PoP – Real Property Assessment Question

By Prince Of Petworth

“Dear PoP,

I am considering submitting an appeal on my recently assessed Property Taxes. I am a recent first time home owner, so I am new to the “fun” world of taxes regarding property. I feel that my assessment was quite high. I compared my assessment to every house on the block and I am probably the most heavily taxed on the block (I have the Homestead Deduction, as does 90% of the houses on the block). I bought a 1909 rowhouse that needs quite a bit of work. It is liveable, but needs quite a lot of finesse to make it shine. Of the 24 or so houses on my block, I would say 60% have been renovated nicely (i.e. gutted, updated, etc…), 30% need some work, and the final 10% need substantial work. My property falls in the 30% pool of needing some work. I was shocked to see that the majority of the renovated homes have substantially lower taxes then my house. I called into the DC Real Property Assessment Division and spoke with my designated assessor and he mentioned that my tax assessment was more or less based on other home sales and most importantly my actual purchase price of the house. “Even if that house needs work and isn’t as nice as your neighbors, you paid that much for it, you are going to get taxed about that much for it.”

My immediate thought is I paid $x.xx amount of dollars because that house was worth that much to ME. But how much is it worth to the city? If I felt like paying $1,000,000 for the home, should I get taxed for that amount?

With my house needing quite a bit of work compared to the other “nicer” houses on the block, should I be taxed that much more than them? Avg is a solid $80,000 assessed value more…

Should I submit an appeal?”

You should definitely appeal the assessment in my opinion. I appealed once for a similar reason and won. And also don’t forget to file for the deduction if it is your primary residence. Here is the discussion we had last year. Did anyone’s assessment go up?

Good Deal or Not? “2 fireplaces” Edition

By Prince Of Petworth

This home is located at 909 T Street, NW:


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The flier says:

“Renovated rowhouse in Logan/U St. 4 BR/2.5 BA owner’s unit. 1 BR/1 BA legal rental unit ($2,000/mth income). LR & DR w/ 12′ ceilings. Kitchen w/ granite & stainless. Custom stained glass. 2 fireplaces. New front roof w/ real slate. New Pella windows. 3 zoned HVAC units in top shape. Fenced backyard. 2 Metros w/ in 2 blks. Secured parking only steps away, pre-paid for 1 yr!”

You can find more info and photos here.

I believe I’ve featured this as HoTD before so I’m happy to finally get a look at the inside. I’m digging the master bedroom. Well this falls $100 short of the PoP house porn threshold – does $999,900 sound reasonable for this home with a 1 bedroom legal rental unit?

GDoN Revisited by Hipchickindc

By Prince Of Petworth

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, and as a real estate salesperson in Maryland. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Properties: 6 Grant Circle NW

Original List Price: $350,000.

List Price at Contract: $364,950.

List Date: 01/13/2010

Days on Market: 20

Settled Sales Price: $370,000.

Settlement Date: 02/22/2010

Seller Subsidy: $0.

Bank Owned?: No

Type Of Financing: Cash

Original GDoN Post is: here.

Recent Listing is: here.

I realize that this is the third Good Deal or Not Revisited (GDoN-R) that is a cash deal. This one was a request by a reader for a revisit, but the prevalence of cash deals in our current real estate market is definitely worth noting. There is a very active investor market in play at the moment. I had an agent tell me the other day that he had 100 showings within 6 days of putting a house on the market. (That property was in the north end of Columbia Heights.)

This property is somewhat different in that a) it was not a foreclosure, and b) it started off with a list price in the mid-$300,000’s. The original list price for the property was $350,000. A couple of days later (possibly because of the traffic they were seeing?) the list price was bumped up to $369,950. There was an initial contract during what sounds like (from comments on the original PoP post and from the listing comments) a multiple offer situation. It came back on the market, went under full contract on 02/13/2010, and settled a mere nine days later. A shortened transaction time is a huge benefit of cash deals for Sellers. With new lender requirements, both internally generated and new legislation affecting the lending process, I am telling my buyers who are utilizing financing to plan on a 45 day timeframe from contract to settlement. (We used to expect a 30 day turnaround.)

I have to say that Grant Circle is my second favorite circle in DC, so I am not surprised at the appeal of the location. Between the Beautiful Life tree and the proximity to Metro, I personally think it’s an awesome location. Additionally, both the house and the lot are quite large, even by Petworthian standards. In the comments to the original GDoN post, there was a bit of discussion regarding the costs to complete the renovation of the property. Unfortunately, I did not get into this property when it was available, so I am not able to comment on the extent of the work required, despite the pictures provided in the listing.

Good Deal or Not? Past Tense Edition

By Prince Of Petworth

This home is located at 1314 Girard Street, NW:


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The flier says:

“Unique home w/ contemp/traditional flair! Eclectic style with something for everyone. Expansive LR/DR w/ banded parquet hrdwd flrs, Chic kitchen w/ custom euro cabs, cork flrs, Spacious MBR suite w/ clawfoot soaking tub/shower, exposed brick, charming rear yrd w/ fish pond, 2 off str pk spaces, In-law suite rented for $900/mo, Metro, Target, Tivoli 3 blks.”

You can find more info here and a virtual tour here.

Well, this one went under contract in less than 7 days but I think the inside looks super cool so I still wanted to share it. What do you think of the house itself? Asking price was $649,000 for this 3 bed/3.5 bath.

Good Deal or Not? Weekly Wed. House Porn Edition

By Prince Of Petworth

This home is located at 3028 N Street, NW:


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The flier says:

“FANTASTIC NEW LISTING in the heart of East Vill of Georgetown. Highly-distinguished, prominent, classic Federal of exceptional scale, quality & sophistication. 6BR/5.5BA. Beautifully proportioned public rooms; tall ceilings; VERY large, south-facing terraced garden; glamorous pool & pool house w/ FB; 4-CAR PRKG! Property has been meticulously maintained & completely restored to exacting standards.”

You can find more info here and a virtual tour here.

Thanks to a reader for sending this one in. She also notes this home made the Wall Street Journal. Last week’s house porn is going to be very tough to beat. What do you guys think of this one? I’m digging the pool, not so much the kitchen…

Good Deal or Not? “EFFERVESCENT PERSONALITY! FELICITOUS LOCATION!” Edition

By Prince Of Petworth

This home is located at 639 South Carolina Ave, SE:


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The flier says:

“EFFERVESCENT PERSONALITY! FELICITOUS LOCATION! MAGICAL 24- PANE WINDOW; BEWITCHING LR-DR/FLAWLESS FLRS, SUBTLE BEAMS, APPEALING BRK FPL & WALL! UNLEASH YOUR CULINARY TALENTS IN A DRAMATIC, SPACIOUS, BRILLIANTLY EXECUTED NEW KIT. DELICIOUSLY DEEP, SOUTH FACING GDN! ALL SWEETLY CENTERED AT THE HILL’S EPICENTER: 1/2 BLK TO PARK OR METRO; 1.5 BLKS TO E MKT & BARRACK’S ROW. COME MEET THIS COY COQUETTE!”

You can find more info and photos here.

While the language in the flier, “come meet this coy coquette” makes me want to puke – I actually really do like this home. The location is pretty killer as well. What’s your favorite part of the house? Does $629,000 sound reasonable for this 2 bed/1.5 bath?

Good Deal or Not? “Updated table space kitchen” Edition

By Prince Of Petworth

This home is located at 2236 11th Street, NW:


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The flier says:

“Rare Opportunity in Logan/U Street. Bright and open detached two bedroom, open Den, two and a half bath townehome. Updated table space kitchen with stainless steel and granite, Oak hardwood floors, soaring ceilings, oversized windows, central air, large basement suitable for storage, rear deck/yard with 2 car parking. Just minutes Metro Green line, U street corridor, cafes and much more.”

You can find more info here and a virtual tour here.

I walk by this house all the time and have really been looking forward to getting to check it out (virtually). What do you think of the reno? Do you think $539,000 sounds reasonable for this 2 bed/2.5 bath? I think it may be important to note that there is also a vacant lot next door also for sale…

Good Deal or Not? “HIGHLY EFFICIENT” Edition (Reader Request)

By Prince Of Petworth

This house is located at 3829 10th Street, NW:


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The flier says:

“HIGHLY EFFICIENT in every way. The renovation is superb, the location is ideal 2blks to Metro & resturants. 3 lovely BRs w/ HUGE closets. 3.5 BAs w/ granite, ceramic & nickel. An open floor plan adorned w/ crown moldings, tray ceilings, chair railings, hrdwd flrs, surround sound, intercom, granite, stainless appl, 42’bambo cabinets, breakfast nook, full entertaining bsmt, 1 car garage, 2 car pkg pa”

You can find more info and lots of photos here.

What do you think of the reno itself? Does $639,000 sound reasonable for this 3 bed/3.5 bath?

GDoN Revisited by Hipchickindc

By Prince Of Petworth

In real life, hipchickindc is licensed as a real estate broker in the District of Columbia, and as a real estate salesperson in Maryland. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Properties: 4824 7th St NW

Original List Price: $165,000.

List Price at Contract: $165,000.

List Date: 10/12/2009

Days on Market: 4

Settled Sales Price: $151,155.

Settlement Date: 12/01/2009

Seller Subsidy: $0.

Bank Owned?: Yes

Type Of Financing: Cash

Original GDoN Post is: here.

Recent Listing is: here.

To better understand this property, please indulge me for a moment while we take the time machine back to the DC real estate market circa 2005/2006. Up to approximately that point in time, property values had escalated for several consecutive years, at an unreal pace. Lenders were bending over themselves to lend money to pretty much anybody who could fog a mirror, including investors. Down payments were non-existent or very low. In cases where down payments were necessary, it was possible for investors to cross-collateralize off of equity in other properties. In this climate, the price to acquire shells (and otherwise crappy properties) went through the roof. (Note that the subject property was purchased in 2006 for $375,000.)

From about 2006, the investor market dropped back considerably. As prices began to fall on fully renovated properties, investors could not make the numbers work. For a while there, I expect that the majority of properties purchased with renovation in mind were bought by end users (owner occupants). Some folks at the time blamed speculators for both driving up the market prices, and for the bust after they all dropped out of sight. Continues after the jump. (more…)

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