Tuesday, November 08, 2005

605 I Street NE


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.

3 comments:

  1. 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.

    All 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.

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  2. The hous is located on the gentrification frontier.

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  3. I 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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