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Trinidad Market for Sale (again)

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After being on the market a few months ago, the Trinidad Market at 1322 Florida Ave NE is back up for sale. The original offer fell through, and it’s still available.

From the real estate listing:

Back on the Market!!! Original offer fell through. Great opportunity to own and renovate in Florida Ave location. Property includes working market with monthly income included. Second level living quarters in as is condition. Contact first lister for showing instructions. Investor opportunity or ambitious buyer for valuable property in increasingly valuable neighborhood. Store on main level

Any thoughts on this?  What do you think of the price- bargain, or hoodwink?

Bargain or Hoodwink: 2-br Condo for $169k Edition

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Wow- this looks pretty good.  This 2-br condo just hit the market for $169k and looks pretty good. From the listing:

AMAZING LOCATION! SPACIOUS 2 BD/1 BA TRINIDAD CONDO IN BOUTIQUE BLDG LARGE OPEN LIVING AREA UPDATED KITCHEN FEATURES GRANITE COUNTERS AND SS APPLIANCES. NEW PORCELIN TILED FLOORS, RECESSED LIGHT, JACUZZI TUB, FULL FRONT LOAD W/ D. REAR DECK. BEST VALUE! PRESENTLY RECEIVES TAX ABATEMENT. OPEN SUN SEPT 29, 1-4PM.

With an open house on Sunday, it may be good to check out.  More information at RedFin.

So- what do you think?  Is this a bargain, or hoodwink?  Considering the real estate market and cost of renting a comparable place, I’m gonna go with bargain on this one.

Bargain or Hoodwink: How to Succeed in Real Estate Without Really Trying Edition

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From a reader:

Looks like this one was sold this summer, and is being flipped for over $70K more with no work done. Same old “this house has foundation issues” note as before.

Wow- the sales history for 1201 Queen Street NE shows it sold for $286k in the summer and is now back on the market for $359k, with not much (if anything) apparently done.  From the listing:

Exceptional investment Opportunity. Spacious 3 bedroom, 3 level corner property with attached garage. Renovated in the past. Conveniently located near the new H St corridor, dining and future Trolley. There are some foundation issues with the home. Sold strictly AS-IS.

What do you think- is this a bargain, or hoodwink?

Bargain or Hoodwink: Unrenovated Home Sold for $335k

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Earlier this year, we were surprised that an unrenovated fire-damaged home sold for $210k and then for $340k less than two months later.  Now, on the same block, an unrenovated (but in seemingly decent condition) home just went for $335,000.

From the Redfin listing:

Hottest location in the hottest new neighborhood -TRINIDAD! H Street Corridor, Atlas, DC Streetcar, Union Market. .. did I mention this neighborhood’s HOT?! This home still has it’s original charm and is waiting for your added touch. Hdwd floors, new appliances, new furnace, new steam boiler, garage w/ auto opener! This is a steal!

See more photos and details at Redfin.

 

Bargain or Hoodwink: $799k for Customized Renovation Near H St w/ Roof Deck

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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?

Bargain or Hoodwink: $2200 Basement Apartment

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Florida Avenue Home Flyer

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?

BREAKING: Gutted, Fire-damaged Home Sold for $340k at Auction

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Auction at 1408 Morse St NE. Courtesy Thalia Wiggins.

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:

gutted

Fire-damaged Home Purchased, Now Up for Auction

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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?

Bargain or Hoodwink Revisited: “Atlas Gem” Sold for Over $550k

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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?

A Look Inside the $1mil Home on Florida Ave

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Florida Avenue Home Flyer

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:

 

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