Sunday, April 30, 2006

803 7th Street NE #1: Condo

On Craigslist this 1br / den 1ba condo unit is available for sale:

"Affordable luxury in the heart of the "H" Street Renaissance! Blocks from Union Station, Senate Square! 1 Bedroom and den, 1 bath, in-unit full-size washer/dryer, great living room, kitchen! Kitchen features granite countertops, stainless appliances, terra cotta tile floor! Hardwood floors throughout! Large closets and an awesome deck! Unique four-unit building renovated in 2004, great neighbors, pet friendly.

Harris Teeter, trolleys, an awesome farmers market, new restaurants, nightlife, theaters, a yoga studio and much more makes the H Street Corridor the new place to be!"

Located at 703 8th Street NE along the up and coming H Street Corridor NE in Washington, DC.

It is priced at 329K. It has 737 sq. feet. Taxes are 2235. HOA are 205.

Notice the bars on the back porch. This is still a sketchy neighborhood. Also in the Craiglist ad there are 4 picture but none of them are of the front of the building. Why?

Today, there is an open house from 2 - 5pm (April 30th). It has been on the market for 22 days.

Will it sell at 329K?

Very unlikely. It is too expensive for this area. The condo market in Washington, DC area is continuing to decline significantly. They will need to reduce their price.

26 comments:

  1. 145k ..no more...Take it or leave it.

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  2. For those outside the Washington area, this was one of two areas in the city where riots took place after the assassination of Rev. Martin Luther King. Because of the devastating impact of the riots, this place was depressed for a very long time, so it's good to see a comeback.

    That being said, however, this price is not justified at all. You can live near Old Town Alexandria at a lower price and have everything within walking distance as well, and feel a lot safer.

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  3. https://www.taxpayerservicecenter.com/
    RP_Detail.jsp?ssl=0889%20%20%20%200802

    Bought by current owner 6/22/05 for $243,000

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  4. There are bars in the windows of georetown houses too. And probably none on the windows in PG County though there should be.

    Last time I checked Alexandria is walking distance to Capitol Hill, Union Station or RFK stadium.

    www.dcbubble.blogspot.com

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  5. What would be a more reasonable selling price for that area? That's an awfully small condo.

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  6. I sold my Belltown (Seattle downtown) condo in February for $395,000. It is 702 square feet, 1 bed/bath. That is $563/square foot !!! WooHoo !!

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  7. OT, but look at this:
    http://www.eya.com/index.cfm?fuseaction=microsites.welcome&neighborhoodid=6B5240AC-96B6-175C-99CE06061246A2C6
    600k for a rowhouse in Hyattsville? I mean, Franklin's is a nice little bohemian restaurant, but it doesn't transform the neighborhood suddenly into Bethesda. Especially since they haven't broken ground. By the time these things got built, IF they got built, house prices could be SIGNIFICANTLY below the current insanity.

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  8. Georgetown was full of opium dens and brothels at one point in its history. Tiny rowhouse now command high prices there, and have done so for decades.

    Those rowhouses are "tiny" because they used to house poor people at one point. Now it is one of the most exclusive neighborhoods in the country.

    Homes (not condos) in neighborhoods throughout the DC city limits are _undervalued_.

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  9. Yeah, nothing beats looking a photographs on a website to fully understand the nature of a community.

    Why don't you try taking the Metro to Union Station, and then walking over to this condo? Scared? If so, please LEAVE THE ENTIRE METRO DC AREA IMMEDIATELY. Make room for positive, productive people in our nation's capital.

    Thanks.

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  10. Read and learn:

    " Why the Post is whack for local stuff"

    http://www.bloomingdaleneighborhood.blogspot.com/

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  11. 55% of all loans in DC last year were "interest only loans". The insanity is going to end badly.

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  12. Homes (not condos) in neighborhoods throughout the DC city limits are _undervalued_.

    Yet, most in the middle class are willing to pay far more for a townhouse in Herndon and commute an hour into the city rather than live within a few blocks of the capital. They also helped to create suburban sprawl over the past 30 years.

    The reason is obvious, but publically unstatable similar to the notion 500 years ago that the sun didn't revolve around the earth.

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  13. This condo is in a marginal neighborhood. Of that there can be little disagreement. Its asking price is roughly eight times median DC household income. That is outrageous, even more so if one considers that it is not large enough to adequately house the average size household, which is about 2.3 people.

    Is the neighborhood improving? Yes. However, a rational buyer, in a rational market, would demand an appropriate "risk premium," to use the currently fashionable term. We are in the waning days of a mania, though, and the market has not yet returned to rationality. Why pay Georgetown prices for property in blighted neighborhoods? Ahh...because those prices will go EVEN HIGHER. Right. The bubble lives, for now.

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  14. I looked in area north of H and I wouldn't buy because the prices were comparable to the prices south of H, in the real Capitol Hill area. why pay the same prices to live next to an abandoned house with broken windows and graffiti? or, (true story), $600,000 to live near H street where a group of men were sitting around drinking liquor on the sidewalk?

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  15. "...live near H street where a group of men were sitting around drinking liquor on the sidewalk?"

    we call that "character" in DC proper, and it comes at a premium.

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  16. "commute an hour into the city"

    More like an hour from Herndon to Tyson's Corner in the mornings. The additional 14 miles or so from Tyson's to DC go quickly for people willing to ride share.... for those who aren't willing: add another 45 minutes unless they leave Herndon no later than 6:30 am.

    Here, I'll state the reason you allude to: "Institutionalized Racism"

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  17. Bryce, I'm confused. Are you saying there's no housing bubble in DC, because of racism? Or that there is a bubble because of racism? Or that housing is undervalued, because of racism?

    I wouldn't live in Herndon, or Tysons, or any of those places, even if you put a gun to my head. I will, however, continue to rent, affordably, in DC until the housing mania subsides. How much do you think it costs to rent a 700 sq. foot, one-bedroom apartment in the "H Street corridor?" I'll bet you could find one for under a thousand dollars. How much will it cost to buy the place posted here? Hmm...the answer is a helluva lot more.

    Your posts seem to indicate you are peeved because people are picking on DC. If it's any solace to you, Northern Virginia's housing market may well get spanked harder than DC's. But DC will get spanked, too. Of that you may rest assured.

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  18. I just signed a lease to rent a complete 2 story rowhouse right near Union Station. My house is in a better location than this, and is bigger. And I'm only paying $1200/month. I will take what I've got any day over this property.

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  19. dcbubble said...
    There are bars in the windows of georetown houses too. And probably none on the windows in PG County though there should be.


    This is true. The bars are kind of a legacy from the bad old days. Just because there's still bars there, doesn't mean it's that bad. Having said that, the area that this house is in is still pretty sketchy though.

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  20. Saw a friend who has a cute house near this. The guys shooting up in his backyard are starting to perturb him.

    Jerkstore

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  21. Bryce;
    "Make room for positive, productive people in our nation's capital."

    You mean folks like George W. Bush, Dick Cheney and Donald Rumsfeld?

    Subkommander Dred

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  22. You mean folks like George W. Bush, Dick Cheney and Donald Rumsfeld?

    How about Ronald Reagan?

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  23. Anonymous said...
    145k ..no more...Take it or leave it.

    __________________________________

    I remember when you could pick up a condo for $35k, and that wasn't that long ago. Honestly, I'd say it's still worth that. It basically a friggin' box with $1,000 worth of kitchen and plumbing fixtures. How much for the box itself, mayb $3,000 worth of materials. Shitbox. Anybody even paying $145k is insane.

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  24. http://dcbubblemeter.blogspot.com/

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  25. At April 30, 2006 4:11 PM, DropThePrice said...
    https://www.taxpayerservicecenter.com/
    RP_Detail.jsp?ssl=0889%20%20%20%200802

    Bought by current owner 6/22/05 for $243,000

    --> Please learn how to properly search the DC property sales database. Your information is incorrect. Gracias.

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  26. In response to you Bryce, I say:


    "I agree with your sentiments wholeheartedly. We are committed to not only live in a neighboorhood, but to so in one where we are not responsible for kicking other people out of their homes as a result. This is, indeed, a mixed class/ratial neighborhood and we feel blessed to be a part of it. Do we have alchi's on the corner routinely, yes. But we know all of them and we employ them in our home projects and do whatever we can. As a former resident of New Orleans (here since 2002), many people in this area (particularly VA) need to get a grip and learn how to live with one another. Moved here from Shirlington where noone was even interested in bidding you "Hello" for fear that that they would be found out as not having the proper SUV of the day. We love living here. To those of you who can't deal, stay where you are."

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