Real Estate

Good Deal or Not? Reader Request – Why Has It Been on the Market So Long?

By Prince Of Petworth

This home is located at 4847 Illinois Ave, NW:


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The flier says:

“large home five brs 3 full baths basement side porch off street park”

More info but sadly no photos found here.

The reader aks:

“The house at 4847 Illinois Ave., at corner with Emerson, that has been on the market for a long time (listed in August 2007 – pre-downturn!). Corner house, nice lot, appears to have basement apartment (which may have been one of those former house-dentistry offices). 5 bed/3 bath. A couple of very nice dogwoods blooming come spring time. No major crime issues in immediate area. What gives? Listed to high? Too big for most? And by the way, what are the “Property is on Farm” and “Soil Study Available” references on Redfin all about?”

The asking price for this home is $660,000. To answer the reader’s question I’d have to say the asking price is way too high. This location is a bit too far from the Petworth metro (in my opinion) to justify that price. Maybe if it was completely renovated (with historical touches intact) but the fact that there are no photos leads me to believe the home probably needs some updating. It’s also curious that the description is so brief. I think it’s a nice home with lots of potential but it is probably $150 – 200k overpriced. This price seems like serious bubble price. I think it’s no accident it has been on the market for 582 days. What do you guys think is a more realistic price?

I have no idea what the farm reference is about. Maybe they have an ant farm…

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 Virginia, 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 Property: 529 Newton Pl NW

Original List Price: $189,000.

List Price at Contract: $189,000.

List Date: 12/03/2008

Days on Market: 59

Settled Sales Price: $165,000.

Settlement Date: 03/09/2009

Seller Subsidy: 0

Bank Owned?: YES

Type Of Financing: CASH

Recent Purchase and Re-Sale?: It’s complicated. See comments below.*

Original GDoN Post is: Here

Recent Listing:  Here. Continues after the jump. (more…)

Good Deal or Not? Converted Rowhome Into Condos Edition

By Prince Of Petworth

These condos are located at 3538 13th Street, NW:


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The flier for unit #4 says:

“Sophisticated renovation of grand Victorian semi-detached to four 2 BR, 2.5BA luxury condos. Unit 4feels like a house and boasts 1700 sq’incl 2 Master BRs w/ bas en suite, huge priv roof deck and balcony, chic kit open to huge entertaining sized lr/dr. Fab features incl. new inlaid hardwood flrs, coffered ceils, stunning BRs, w/ d. Pkg Avail. FHA app”

More info and a virtual tour found here.

Wow, it looks like a nice large open layout. It doesn’t seem to have too many original details. But is sure seems huge. So the price for this unit is $629,500. All of the units have 2 beds and 2.5 baths. Unit #3 is going for $549,500. Unit #2 is going for $529,500. And Unit #1 is going for $439,500. Any of these sound reasonable? What do you think of the renovations?

Good Deal or Not? Weekly Wed. House Porn Edition

By Prince Of Petworth

This house is located at 3103 Cathedral Ave., NW:


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The flier says:

“You can expect: 5 Lrg bdrms/4.5 spa-like bths, Stately center hall custom home. Chef’s Kit w/ Sub Zero/Viking/Granite/Cherry Cabs, Detchd 2 car Grge, Hrdwoods, Fenc’d yard, Mouldings galore, Lrg Windows, Cathedral views, Frnt prch, Spacious rooms, LRG DR, Walk-in’s/pantry, Finished basement, Wired for sound, W/ D, Xtra Fridge. NEWLY PRICED 200k REDUCTION!”

More info and photos found here.

With house porn posts I’m usually more interested to hear what you think about the house itself rather than the price but for this one I’m actually curious about the price. Even with the 200k reduction it is on the market for $2,299,500. And I gotta say, I wasn’t blown away by the photos. Does this price seem insanely high? I realize it is a big house in a prime location but my jaw didn’t drop at the photos. What do you guys think?

Good Deal or Not? Colorful Condo Walls Edition

By Prince Of Petworth

This condo is located at 1020 Fairmont Street, NW:


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The flier says:

“Wonderful top floor renovated 2 BR in smaller building. Great character with high ceilings, gleaming wd flrs, nice wood details, charming bath w/ claw-foot tub and subway tile, spacious kitchen w/ window and open to living room, nice window w/ great light and views, 4 closets, beaut building hallway with original tile, common patio w/ grill. Steps to retail, restaurants, & metro.”

More info and photos (including colorful walls) found here.

This 2 bed 1 bath is going for $359,000. How much of a premium would you give to living on the top floor? And I’m curious what you think of the color choices (I know they can easily be painted over but I’m still curious). If you think the price is not realistic what do you think it’ll go for?

Good Deal or Not? 2003 Pricing Edition

By Prince Of Petworth

This house is located at 4119 4th Street, NW:


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The flier says:

“NOT A SHORT SALE OR FORECLOSURE. Needs a few touches. Paint, pull up carpet, sand floors, minor repairs and move in. Finish renovate the kitchen and basement later. Make an offer.”

More info but sadly no photos found here.

Well, because there are no photos we’ll have to assume the place needs a bit of work. But even so, this reminds me of 2003 prices. It can be yours for $225,000. Sound reasonable?

Full disclosure: I live on this block. I’m not sure if that helps or hurts the value…

Good Deal or Not? Cool Condo Building Edition

By Prince Of Petworth

This condo is located at 436 M Street, NW:


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The flier says:

“PRICED BELOW ASSESSED VALUE! Amazing Space! Beautiful tri-level condo in well established 9 unit association. Over 2200 sq/ft. Feat. spacious living/dining area, huge kit, 2 large br, 1.5ba, full fin lower level, loads of storage + wonderful private yard. Pet friendly!”

More info and photos found here.

I think this is a really cool looking building. And the condo itself seems large and well done also. But it ain’t cheap – $589,000. Sound realistic? What do you think of the condo itself? I’m curious what you guys think of the kitchen floor?

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 Virginia, 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 Property: 1457 S St NW

Original List Price: $899,000.

List Price at Contract: $849,000.

List Date: 12/31/2008

Days on Market: 29

Settled Sales Price: $849,000.

Settlement Date: 02/27/2009

Seller Subsidy: 0

Bank Owned?: No

Recent Purchase and Re-Sale?: Nope. Last sale was in 2001 for $250,000.

Original GDoN Post is: Here.

Recent Listing: Click here. For the virtual tour, make sure to click the film strip icon at the top left of the listing.

As I was perusing the sold GDoNs to identify today’s subject, I was struck that these recent settled sales did not show a substantial deviation from the list price. As I dig into these, I tend to find at least one price reduction. What is clear, however, is that right pricing gets the buyer in, and the number of settled sales is picking up.  Continues after the jump. (more…)

Good Deal or Not? Prison Door Edition

By Prince Of Petworth

These condos are located at 2543 13th Street, NW:


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The flier says:

“Incredible 2-level contemporary townhouse condo in HOT Columbia Heights! Features include bamboo flooring, gas f/p, pocket doors, recessed lighting, exposed brick, open layout, balcony off of master BR, 2 patios, Kohler fixtures, and MORE! Low fees! Almost 1600 sqft! Close to metro! Needs finishing touches and repairs. SOLD STRICTLY AS IS!!”

More info and photos found here.

I first noted this condo because of their prison like doors. But now looking at the photos it looks like they did a good job. Both units have 2 bedrooms and 3 bathrooms. I’ve never heard of that before. Unit #1 is offered at $499,000. Unit #2 is offered at $599,000. I’m a little concerned that it says being sold “as is”. Do you think the price reflects that?

Good Deal or Not? Weekly Wed. House Porn Edition

By Prince Of Petworth

This home is located at 2031 O Street, NW:


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The flier says:

“Ideally Located. Ellegance Surrounds you in this Spectacular 4BR, 3.5BA Masterpiece. Featured in Dupont House Tour! Lovingly Restored to Original Grandeur w/ a Graceful blend of Magnificent Period Detailing & Top-of-the-Line Modern Amenities! Handsome Hdwds, Lux MBR Ste w/ Exquisite Marble BA & Sitting Area, Custom Granite Chef’s Kit, Inviting Formal DR, Spacious LR, LL Fam/Media Rm, & Much More!”

More info and a sweet virtual tour found here.

Those that love wood and original details are gonna love this one. For the curious the price is $1,795,000. As with all house porn editions what do you think of the house itself?

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