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ronke00
Posts: 1
Registered: ‎12-12-2012
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138 Offers In 2 Weeks - Over double the list price ... How?

First, i'm still in shock that 825 4th Street NE went at 801K after being listed for $337K for only 2 weeks.

 

How does this happen when there are comparable fully renovated properties like 1119 G Street SE on Capitol Hill at $950K? Is the secrete pricing low?  

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GoldenEagle
Posts: 24
Registered: ‎06-05-2012
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

how do you know what it went for and how many offers it received?

 

speaking as someone who bought in noma as opposed to potomac ave area, i'll say i believe there is more potential for growth in noma/h street than the potomac avenue area.

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GoldenEagle
Posts: 24
Registered: ‎06-05-2012
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

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TreArchitect
Posts: 23
Registered: ‎06-07-2012
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

Sounds like a developer posing as a buyer to me, who will renovate, convert to condo and sell each unit individually for some God awful amount of money like they are doing around the convention center (1 bedroom the size of a living in a converted rowhouse going for $600,000).  And I'm sorry, love the changes they have made on and around H street, but there is no way in h*** I would pay $800K to live there, and especially not in a rowhouse.   

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RetiredGamer
Posts: 32
Registered: ‎02-01-2011
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

I wasn't surprised. That place was huge and had a legal rental basement.  It will be easy to convert it into 3 units, and rent them out for what I imagine could be as much as $5,000 a month total rent. 

In 2007 I was renting down the street from there on I st. The rowhouse was significantly smaller, and the upper unit rented for $2200, basement $1400. That was 2007-2010ish. .. and we all felt like we had a "good deal" as the renters.

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GoldenEagle
Posts: 24
Registered: ‎06-05-2012
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

so what happens when ava and 360H unleash hundreds of uber nice units on the market in the next six months? what's going to happen to rowhouse rental prices around h street?

Redfin Senior Agent
philip-gvinter
Posts: 553
Registered: ‎05-18-2010
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

Row houses are still different from condos/rental apartments. A bit more privacy and a postage stamp yard that gives some outdoor space. A ton of new rentals will certainly have some downward pressure on prices but not as directly as they would with a competing condo unit which is more idnetical to the rentals.

Philip Gvinter | Redfin | Listings DC Team Lead
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DCbuyer
Posts: 95
Registered: ‎12-15-2010
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Re: 138 Offers In 2 Weeks - Over double the list price ... How?

if it's in a transitional neighborhood, many people I talked to believe the influx of luxury apartments/condos will help raise the overall prices. I personally feel the same as well.