605 I Street NE is offered at 520K. It was bought at 450K on 5/25/05 . It was renovated. On top of all this 20K in closing costs are offered. The house is located on the very edge of a gentrifying area in Washington, DC.
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20K of closing costs, plus there would have been closing costs on the purchases, plus there would have been renovation costs, plus the cost of holding the thing for half a year, plus the opportunity cost of not just buying a CD.
ReplyDeleteAll that has to add up to less than 70K, or you didn't make any money.
And you have to get 520K for it.
I don't know; "gentrifying" to me means "hasn't gentrified yet." Maybe when it has, it will be worth 250K. Maybe. Maybe he just got the digits mixed up on the ad.
The hous is located on the gentrification frontier.
ReplyDeleteI know that neighborhood well. David's point that it is on the "frontier" is euphemistic brilliance. It is, indeed, getting better. You are less likely to be confronted by a strung out crack addict there than you were a few years ago - at least during daylight hours. 500 grand is absolutely ridiculous. I would pay 100K and rent the thing - wouldn't live there for any price.
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