Saturday, December 31, 2005

UPDATE: 1228 Walter St SE

1228 Walter St SE was originally listed at 549K. It has now been reduced to 529K.

Original Post

Will it sell at this price?

Unlikely. It needs to be reduced once again.


  1. David -

    I think this one is a good one to watch. Walter Street is only one block long and the houses are identical in size. So the "comps" are crystal clear.

    Here is what the DC property sales records show:

    1214 Walter Street sold for $485,000 in July, 2004. 1245 Walter Street sold for $500,000 in October 2005 (whincing as I type..)

    And this one has been reduced to 529K? Keep us posted....

    p.s. your original post on this said the house was bought in 2001 for 235K. Where did you find that info? Would love to know...

  2. I went to the open house held this past weekend on Walter St.

    Afterwards I googled the address and found my way here to this blog.

    I've been on the market for a home since last summer, and I really liked Walter St. In fact, I would strongly disagree with most of the inane and mindless posts on the original thread about this property.

    Your previous message heads the nail on the head. A very very similar house on Walter St. sold for $485K in 2004, and a second sold for $500K this past October.

    Of all the places I've visited in the past several months, I think this place is really a pretty decent price for the size and location. There are plenty of smaller properties, more rundown homes, in much more marginal neighborhoods asking much higher prices than this place.

    If I accept your premise that the housing bubble in DC will soon catastrophically burst, sending property values plummeting, then sure this place is over priced. But, I've been in DC for almost a decade now listening to stupid people tell me to wait for the bubble to burst, all this time I've been pouring rent down the drain, missing out on tax savings, and losing out on equity.

    My point is this, I'm going to bid on this property, I'll offer less than the asking price of $529K, and if I get the place I'll be very happy.

  3. I am another person who recently bought on Walter St. It may seem overpriced to those who lived here 10 years ago, but this was the best deal around. I paid in the low 500s in late 2005 and feel good about it still. Homes are staying on the market longer these days, but I haven't seen a better deal in Cap Hill since i moved in.