Titan Of Trinidad

Coming soon just off of H Street NE: a customized renovation, including a 3rd floor addition and roof deck for nearly $800k.  From a reader:

I love Wylie Street, but this listing seems a bit overpriced and ambitious, especially since they just started doing the demolition on the place, and, unless there’s some miracle I haven’t heard of, they will need a variance for a 3rd floor and possibly a roof deck

The reader tipped us off to a Baltimore-area Craigslist ad, which offers potential buyers the ability to “pick your cabinets, colors, hardwood floors and tile” during the renovation process.  Of course, that’s assuming it gets built and the variance noted by our reader gets approved.

Here’s the full ad:

COMING SOON -a Beautiful, turn-key home on:

1209 Wylie Steet NE
Washington D.C. 20002

Beautiful gem, pick your cabinets, colors, hardwood floors and tile. Adding a level and expanding it out the back. Gourmet kitchen with stainless steel appliances and granite, exposed brick, sun-filled, 2nd floor has 2 bedrooms and a full bath, 3rd floor will have a full master suite with walk-in closets and a beautiful bathroom. Spiral staircase will lead to rooftop deck that overlooks the Capitol with built-in gas fire pit and gas grill, hut on roof contains sink, refrigerator and storage space, parking in rear and much more!

Call now – 202-400-3964

So, what do you think? Is just under $800k a good deal for a customized, newly-renovated home?  Do you think they’ll run into zoning issues, as the reader suggested?

Thanks to a reader for sending this one in:  The (nearly) million-dollar home sold, and now the new owners are looking for tenants in the 800-sq ft, 2-bedroom basement apartment. From the Craigslist ad:

Rare opportunity to live in a beautifully renovated 2 bedroom apartment in a great residential neighborhood just a few blocks from the convenience, transportation, and nightlife of Washington DC’s H Street. This English Basement-style apartment with secure front and back access in a real house has a neighborhood feel, not like you’re living in some massive cookie-cutter apartment building. Full kitchen with full size fridge if you like to cook/entertain, but plenty of options within a block or two if you prefer to go out. Currently UNFURNISHED, can provide some furnishings if necessary.

Have 2 rooms all for yourself or rent one and save serious $$ with a roommate–utilities are included. Perfect for young professionals and responsible students.

The apartment is spacious, beautifully filled with light from northern and southern exposure and is a brand-new renovation.

The ad goes on to say that the rent does include utilities, and there is a washer/dryer in the unit. Splitting the rent with someone, you’re looking at $1100/mo for your share.

Looking online at DCRA’s permit system, there aren’t any active business licenses at 1228 Florida Ave, so we’re not sure this is a legal, licensed rental (this can be a headache for a landlord, but a potential bonus for tenants).  In mitigation, there are plenty of area 2-br rentals in the area for around the same price, though most (if not all) south of Trinidad’s Florida Ave border.

So, what are your thoughts- bargain, or hoodwink?

Auction at 1408 Morse St NE. Courtesy Thalia Wiggins.

WOW!  1408 Morse Street NE was sold on the auction block today, just a short time after an investor purchased the property for $210k last month.  The opening bid was $250k, and the neighborhood news network says the final bid was a whopping $340,000 for a home damaged by fire in 2007,  open to the elements, and gutted.  Another person reports on Twitter that she heard it went for $330k.

And, after tacking on a 5% buyer’s fee for the auction, that’s a heck of a lot either way.  Talk about a good hoodwink.

From the real estate listing, here’s what the inside looks like:

The home at 1408 Morse Street NE sold less than a month ago for $210,000.  Now, it’s slated for the auction block at the end of the month.

Neighbors note that the home has been vacant for over 5 years, with nearly all the windows knocked out after a fire in 2007.   It’s a bit odd for someone to purchase a home and then immediately try to auction it off, and most folks assumed it would be renovated.  In this case, it appears the investor may be looking for an even quicker profit.

The auction is scheduled for Wednesday February 27 at noon.

What do you think it’ll go for at auction?

We mentioned 1132 Neal Street NE in a  previous bargain or hoodwink post. 

Well, public records show that it sold on January 25, 2013 for more than the list price, coming in at $552,000.

Did anyone tour this home?  From the small photos in the listing, it appeared to be a standard open floor plan rehab.  Does this raise the price bar on newly-rehabbed homes in Trinidad?

The home listed for nearly $1mil at 1228 Florida Avenue NE promises a “Chevy Chase Style Home” (whatever the hell that is) with “luxury in every detail,” complete with a 2-car garage.

All of that make sense, I guess, if you’re selling a home and trying to fetch nearly $1 million.  On our tour during the open house this weekend, the home was indeed very wide and contained some high-end details, with marble tile, lots of skylights, and a balcony off the back bedroom.

However, I just don’t see it going for $1million.  I’d guess maybe $600-$700k, but not $1million.  Of course, who knows? With real estate, anything’s possible.

Some of the details were less than impressive.   That “2-car garage”?  It’s just a garage door opening to a patio/driveway in the backyard.  And that “spa-worthy” bath?  It was nice, but not sure it fits that description.  There were also some finishing details that needed work. 

If you’re going to try and sell a home claiming “luxury in every detail,” it may need a little more finishing, especially at the list price.

I snapped a few photos of some other details I (and several others) noted during the tour:

UPDATE: We took a look inside during this weekend’s open house. Long story short, the 2-car garage is just a garage door, and there are a few finishing details that are less than the “luxury” promised.  Check out the details here.

Are we nearing the $1 million home threshold?  Local resident @IMGoph noted that the newly-renovated home at 1228 Florida Avenue NE in Trinidad is now listed for $926,500.  From the listing:

Have a place for rent?  Know of someone who does?  This poster on Holbrook St NE promises a $200 reward for a person who helps him find a place to rent for $800 in the neighborhood:

Via Twitter, Trinidad DC resident @IMGoph notes that a neighborhood home just sold for nearly $600,000:

a #TrinidadDC home sold for almost $600K. long-term neighborhood residents will be a historic footnote in a few years: is.gd/fznR4S

— say ‘Eye Em Gōph’ (@IMGoph) January 24, 2013

Of note, 1222 Florida Avenue was the subject of some controversy during its construction, as the contrustion company was fined by DCRA for working after hours a neighbor reported construction debris and other issues.

You can see more details on the real estate listing here.  Is this crazy?  Is it a real estate bubble, or is this the new norm?

According to records at the Recorder of Deeds, 1408 Morse Street NE sold last week for $210k.  Neighbors note that it’s been vacant for over 5 years, with nearly all the windows knocked out after a fire in 2007.  You can even see the roof of the front porch sagging, and it looks like it needs a lot of work.

According to DC government records, the property accumulated a significant tax burden since 2012, when DCRA added the property to its list of blighted properties.  With a tax rate of $10 per $100 of assessed value (10%), it’s a measure the government uses to encourage owners of blighted property to either repair or sell the property.

We obtained a copy of the property’s most recent tax bill through DC’s Office of Tax and Revenue.  As you can see, the property owes about $250 for the first half of 2012, before the blighted designation.  For the second half, the property owes more than $10,000 in property tax.  That’s quite a difference, and quite an incentive to either dispose of the property or repair it:

 In addition, the property accumulated some violation from uncut grass/weeds, but those fines pale in comparison to the $10k tax bill:

So, it appears that the home has been sold to a developer, and we’ll likely see some construction in there soon (DCRA issued an interior demolition permit on the 14th).  Most renovations are less than 6 months start to finish, and are now fetching more than $500,000. 

So, what do you think- is this buy for $210k a bargain or hoodwink?  Bonus photos of the home below: