Real Estate

Anyone Ever Hear of the “Lionel Ritchie House”? It’s been renovated and looks pretty dope

By Prince Of Petworth

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From a press release:

“Coldwell Banker Residential Brokerage agent James Kastner, of the Dupont office, has just listed a remarkable property at 2037 1st Street NW. The home, which was once both the neighborhood eyesore and earsore, with loud music playing all night long, has been fully renovated and is now the jewel of the neighborhood. It is being presented for $1.299 million.

Ed. Note: the email said “Apparently, the former owner used to play Lionel Ritchie music on repeat… all night long.”

Ed. Note: that is a terrible/awesome pun.

“The home was literally falling down, and was the source of much concern and frustration for the neighbors,” remarked Kastner. “Now, though, it has been completely rebuilt from the ground up, with meticulous care and stunning details, and is the Grande Dame of the street.” (more…)

“hell of a deal for a former horse’s ass awardee”

By Prince Of Petworth

1325 Irving

Thanks to a reader for sending:

“even tho, you know, it’s a burned out shell…”

Unit A is going for $350,000:

“4 BD / 2 BA

The location alone will make you over look the repair work. Property is being sold As-Is. Extensive damage due to issues with upper unit, however remember price and location. Talk about convenience, Columbia Heights Metro is only a few doors down the street. Shops, Bars, Stores and Restaurants practically at your door.

Unit B is also going for $350,000:

“4 BD / 2 BA

Ultimate opportunity to purchase huge top floor condo unit with four bedrooms and two baths! You will experience the beautiful Columbia Heights neighborhood, a premier destination in the Nation’s Capital. Also within walking distance to Columbia Heights Metro, dining, entertainment, and shops. Welcome home!”

“For years, the D.C. rental market has been best known for fast-rising rents – but it looks like that might finally be changing.”

By Prince Of Petworth

vacancybysubmarket_graph1
via apartments.com

From an email:

“For years, the D.C. rental market has been best known for fast-rising rents – but it looks like that might finally be changing.

According to the inaugural D.C. Rental Market Snapshot, released today by Apartments.com, the balance of power in D.C. is beginning to tip in renters’ favor. Here are a few of the reasons why:

Inventory is way up. A recent surge in supply – owed to the development of 15,500 new apartment units in Washington last year – has led to rents rising by just 1.4 percent from July 2014 to July 2015. That’s significantly less than the national average increase of 3.9 percent.

There’s a “flight to quality” happening in the market. Property owners are loading up on attractive amenities like rooftop pools, dog-washing stations and private theaters to make their units stand out in a crowded market. That means renters are finding themselves with more (and better) amenities than ever before.

Renters can score valuable incentives from buildings trying to lease-up. While move-in incentives are drying up in a lot of markets, D.C. renters can still find buildings that will offer as much as two months of free rent for new lessees.

Renters have a menu of neighborhoods to choose from, each with its own unique market dynamics. Up-and-coming neighborhoods like Shaw, the H Street Corridor and Navy Yard are filling up fast, with vacancy rates dropping 5 percent since last year.”

Well, This is an Awkward Property Listing

By Prince Of Petworth

odd listing

Well – have a look at the listing for 217 15th Street, Southeast:

“Hi I am called ‘To Sweventien’, yes I have had some work done & I hang out near Mass Av& E Cap I have attributes, hardwood flrs,newer AC, hot H20,gas cookn, white Kit Cab & 2 nice baths. My roofie, needs some work,but ther’s $10k 2 help w/ that..take me ‘As Is..but kno we can grow well togethr. Some cuzns hav had Bo-Top, if u want take me up a level, Im OK as a Tri. Room in back 4 ur auto.”

For the curious – it’s yours for $540,000.

LeDroit Market Building For Sale (Again)

By Prince Of Petworth

ledroit
1901 4th Street, NW

The LeDroit Market just reopened in January. Thanks to a reader for the heads up – that the building for sale again but note “Market has just started a 5 year lease with additional 5 year option”:

“Amazing opportunity to own and live in an historic landmark building. Ledroit Park market is downstairs and luxurious 3 bedroom, 2 bath owners unit with top notch renovations upstairs. This property features a gourmet kitchen, custom master bath, huge deck and a private garage with extra storage. Market has just started a 5 year lease with additional 5 year option. Steps to everything.”

It’s going for $1,799,000.

If you had $400k-$500k to buy an investment property – Where would you buy?

By Prince Of Petworth

friday question
Photo by PoPville flickr user Kevin Wolf

I saw this question was on PoPville about 3 years ago. I know DC has changed a LOT since then, and a neighborhood I could afford in 2012, is probably no longer in my price range. I was able to buy a house on the edge NoMA 4 years ago and would like to buy another house in a neighborhood that will experience that same sort of change. I’m working with about 400-500k.”

Despite the fact that DC is apparently sinking, without a doubt I would buy in historic Anacostia or anywhere relatively close to the waterfront east of the river. I’m feeling very positive about long term action when 11th Street Bridge Park gets built.

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