Wednesday, December 14, 2005

Row House in eastern part of Capitol Hill

Offered at 699K

"This is your opportunity to purchase in the Capitol Hill Area. This rare find includes 3 bedrooms, spacious updated kitchen, separate dining room, hardwood floors, walk-out basement, front and back porches, fenced level yard with rock garden, pond and more. Close to shopping, 2 subway stations, stadium ... This just may be the home for you. "

The seller bought this house on 10/21/1997. There is no sale price available.

MLS#: DC5428823

Google Map. Please note that the empty space on the Google imagery next to this property has been developed with solid rowhouses and lofts called Independence Court (image). It is near Lincoln Park. On the the very eastern edge of the Capitol Hill neighborhood.

This area is on somewhat gentrified. Although it is only a few block from the gentrification frontier.

Will it sell at 699K? Possibly. The price is a little high considering the growing inventory and the growing reluctance of home buyers due to bubble concerns.

5 comments:

  1. David: Nice house - around the corner from me. I'm the guy that posted the Walter Street/D Street rent vs. buy comment the other day.

    A year ago, this house would have sold in a day. You think it's "possible" it goes for 699K? I agree - when pigs fly.

    There is simply too much inventory and buyer psychology has shifted from hysteria (must...buy...now) to fear. There are comparable houses close by that have sat for months at this price level.

    And I can tell you with certainty that this house, if purchased in 1997, would have cost less than 200K. If I had to guess I would bet $169,000 at that time. The house is in the 1300 block of South Carolina Avenue, SE, and in 1997 was comparable perhaps, to living in Baghdad today. No Mullahs, but lots of crack dealers.

    Enjoy your blog - keep it up.

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  2. possible. However, unlikely that it sells at 699K. It is worth more b.c it is right next to the Independence Court development.

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  3. An interesting thing about Independence Court is that many of those houses have already been "flipped" by investors. The development was finished just a few years back - it's less than 3 yrs. old if I remember right.

    The DC property records only record the last sale, with date and amount, so you can't tell some of the houses there are on their third owner in as many years.

    Real estate bubble? Nahhhhh.....

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  4. 200 K ...NO MORE

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  5. 200K..NO MORE? Harsh, dude (or dudette, as the case may be). I think fair value, in a 6% mortgage environment, is probably in the 300's, maybe even "upper." 699 is way bubblicious. Problem is, the downside is often just as irrational as the upside. In other words, these prices may go way below fair value due to fear...

    We shall see.

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