Real Estate

This has been a week of good deal or not previously featured on PoP. This particular condo at 2128 11th Street was featured in a judging buildings post. People seemed to like the building so when I saw a condo for sale I thought it’d be interesting to see if you thought it was a good deal. The flier says:

“MUST SEE, UNIQUE PROPERTY! Clean lines and open flow are emphasized in this bright unit with window walls in the Living and Dining rooms. Large Master Bath features 2 sinks, tub and shower. Bamboo floors, stainless appliances, granite and marble finishes. Large private balcony with a panoramic view. Parking included, two blocks to U Street metro.”

More photos and info found here.

So in this location, in this building, is a 2 bedroom, 2 bathroom for $635,000 a good deal or not?

This home at 925 O St, NW was a previous door(way) of the day. (Interestingly this is the second former door of the day I’ve seen for sale…) Anyway, the flier says:

“ESTIMATED $1800 FROM 2 BR MAKES THIS HOME AFFORDABLE & A GOOD INVESTMENT. VERY UNIQUE SPACIOUS & LIGHT FILLED CORNER HOUSE. OWNER’S RESIDENCE HAS 3 BR 2.5 BATHS. SPACIOUS LIVING ENTERTAINING AREA W FP, GOURMET KITCHEN WITH FP DECK, MASTER SUITE W FP & LOFT. PARKING, WALK TO NEW CONVENTION CENTER VERIZON CENTER GALLERY PLACE & O ST. MARKET.”

More info and photos found here.

I’ve always liked corner rowhomes. This property was originally priced at $1,249,500 but is now listed at $997,500. Ed. note: the Web site says a prior price was $975,500. I’m not sure if they increased the price. Is that possible? So for this home at this location is nearly a cool million a good deal or not? How much value do you add to a corner home?

Those of us who were around DC before the early 2000s, a relatively short time ago, can remember areas like Columbia Heights and Bloomingdale being dotted with several abandoned, boarded houses per block. Around that time, with the introduction of an internet bidding system, there was a major overhaul of the management of government owned real estate. It was deemed that the federal government was not in the business of residential property management and that this extensive inventory, comprised of houses that had been financed with FHA loans and were ultimately foreclosed upon, needed to hit the market. Thus began the speculative housing boom that revitalized many areas of the city.

As the market got hotter, the prices escalated, properties got renovated and re-sold, and there were fewer and fewer affordable shells on the market. Now that we are seeing a changing of the tide in the economic landscape, bank owned properties or REOs, are starting to appear on the market once again. The current bank-owned inventory is not, however, being managed by the federal government this time around, simply because for several years buyers did not frequently utilize FHA loan products.

Within the past month, I helped a couple of first time homebuyers make a deal on a bank-owned property in the Truxton Circle neighborhood of NW DC. (The house is pictured above on the far right). The property had been sold in August of 2006 for $500,000. When we wrote the offer, it was listed at $249,000. It was in surprisingly good shape for a foreclosure, and anybody that’s been perusing the market lately in DC knows that it’s tough to come by a decent one bedroom condo in NW for under $300,000. Not unexpectedly, two other offers came in at the same time ours did.  Story continues after the jump. (more…)

Thanks again to DC realtor Kevin Wood for compiling this list of home/condo sales for zip codes – 20011, 20010, 20009 and 20001. Kevin notes: “You might want to let readers know that if they know of a property that has sold but is not in the list, to ask me and I can look it up for them. Agents manually enter the “sold” information and it sometimes takes them several days, so there could be things that sold yesterday, for instance, that are still listed as being “under contract” and thus not in my list.”

Click below on “September Sales” for the full list in pdf format.

September Sales

Often folks are saying that for prices in Logan Circle etc they’d rather purchase west of the park, so I figured it’s about time I test that theory. The flier for this home at 2635 Woodley Place in Woodley Park says:

“Lovely 5BR 4.5 Bath Wardman TH w/ crown molding, wainscoting, skylights, marble baths, HWD, FP, French Doors leading to Huge deck, MBR with private deck with park vistas, fully finished in-law suite on lower level. Off street parking through the alley. Property is in great shape but being sold as-is.”

More details and photos found here. So after looking at the photos do you think $1,200,000 is a good deal or not? Or would you rather get a huge rowhome in Columbia Heights or a luxury Condo in Logan Circle?

The flier for this penthouse at 1355 Shepherd Street, NW says:

“Breathtaking sunlit treeptop penthouse in Columbia Heights with Soaring Beamed Ceilings and Chef’s Dream Kitchen. Enter into your home through a private staircase leading to a stunning living space with 15+ ft. ceilings, open layout, arched palladial windows, gourmet kitchen with stainless steel appliances, granite countertops and generous cabinet space. Complete renovation in 2004 did not overlook an inch of this unit. Hardwood floors throughout, new windows, new systems, crown molding in every room. Spacious bedrooms with generous closet space, and separate spa-style master bath with oversized jetted soaking tub, double sinks and separate shower. Full sized washer/dryer off master bedroom in separate laundry room for extra storage. Small back deck leads to landscaped yard. 1 car garage comes with the unit, along with potential to rent an extra garage. Short walk to METRO and bus lines. Absolutely breathtaking space to live in and entertain guests.”

More info and some pretty fresh pictures can be found here. This is a pretty interesting property, make sure you check out the photos. So for a 2 bedroom/2 bathroom at this location do you think $460,000 is a good deal or not? I’m also curious to know what you think about the home itself?

The flier for this house located at 1465 Florida Avenue, NW says,

“Great find in the USt corridor. Lots of original features , hardwood floors, separate dining room, pocket doors updated kitchen and systems, patio in the rear. 3 blocks to Green line metro, shops and restaurants.”

More details can be found here with a cool virtual tour.

Now this is another really good location but I’m guessing the house needs around 100k put into it to make it really nice. But I suppose you could do small projects piece by piece. So do you think $589,000 is a good deal or not given the location and the condition of the home?