Sunday, February 27, 2011

Your Next Place

By Franklin Schneider

Located in up-and-coming Bloomingdale, this spacious Victorian is a genuine steal at just under $780K. The house has been completely renovated, and is now a gleaming masterwork of polished hardwood, stainless steel, and exposed brick. 'Spacious' is probably an overused word in real estate descriptions - I've seen it applied to properties where you could've opened the front door while seated on the toilet - but this house genuinely qualified.

It had none of the narrowness one often finds in this sort of property, thanks to plenty of windows and a sound floor plan, and felt wide open. There's a theater-like living room, a wide gourmet kitchen with obligatory granite and stainless steel, and the master bedroom, with high ceilings and an accordioned wall of windows, has to be seen to be believed. There's also parking for two, and a sizable roof deck with Monument views; on a clear day it almost seems like you could chuck a water-filled balloon all the way to the Capitol. Ah, democracy in action! The house also includes a (totally legal) separately-metered 2-bedroom apartment. I was extremely tempted to buy the house on the spot, and immediately rent out the apartment for twice the amount of my mortgage. Fortunately, if there's one thing the “Great Recession” has taught us, it's that life is not actually a game of Monopoly, and treating it as such will only lead to ruin (or a
multi- billion-dollar bailout).

62 T St., NW
Washington, D.C.

5 Bedrooms, 3.5 Baths



IMGoph on Feb 27, 2011, 1:50:00 PM said...

i'm just curious, what's your definition of an "up-and-coming neighborhood"?

foster said...

That house is worth $550k tops

Anonymous said...

Only in DC does a house cost nearly $800k in an "up and coming" neighborhood.

Nice house, and that street is nice. I used to live near there, the problem zone is N. Capitol. That is what makes the area transitional. Your house is nice, your street is nice, but walk around the corner, and you're in a not so nice area.

Anonymous said...

Forget about it being close to N. Capitol. The price to rent ratio on that house is near bubble peak.
That house needs about a 150-200k price haircut

Anonymous said...

Agree with everyone else. I can't imagine spending anywhere near $800K in this neighborhood.

not on parker said...

"i'm just curious, what's your definition of an "up-and-coming neighborhood"?

Seriously though, Bloomingdale is dead. A farmers' market and coffee doth not maketh an "up and coming" neighborhood.

Anonymous said...

Considering that 2 bedroom condos in Bloomingdale are going for close to $500,000, this price for 5 bedrooms seems like a very reasonable deal. Bloomingdale is well past the transitional neighborhood phase. People who choose Bloomingdale as their first-choice neighborhood are now getting priced out and having to settle much farther away from the city center in neighborhoods like Petworth.

Anonymous said...

Nice try anon. There are plenty of 4-5 bedroom row houses in the 375-500k range in that neighborhood.
You must be a real estate agent.

Anonymous said...

Everyone has an opinion I guess, but it doesnt mean you make legit points.

I live on North Capitol, just north of T and there's no difference between the unit blocks NW and NE and my block. In fact, there hasnt been a crime on my block for 2 years straight (at least). Something I dont think any other block in the area can boast.

As for this house - its way over priced. I dont think its worth over $550,000 - and its only worth that much because its beautiful.

A normal high end reno wouldnt get $500,000.

Anonymous said...

"steal" lol

Way way over-priced for this area.

Anonymous said...

BTW. Looks like this property went under contract yesterday.

Anonymous said...

"There are plenty of 4-5 bedroom row houses in the 375-500k range in that neighborhood."

I nearly choked on my coffee. This is the funniest comment I've seen in awhile. Wow...where???!!?? Such mythical house does not exist in Bloomingdale/Eckington (And, no, I'm not a real estate agent.) Now, you might possibly be able to find a 4 bedroom rowhouse listed for about $400k in the Bloomingdale/Eckington neighborhoods, but it is going to need a whole bunch of work. It will need electrical, plumbing, mechanical, roof, windows, hardwoods, etc. So, there might be something listed for around that price, but it will need help.

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