Prince Of Petworth » Good Deal or Not? What I Thought Was Going To Be House Porn But Is Actually A Shell Edition

Good Deal or Not? What I Thought Was Going To Be House Porn But Is Actually A Shell Edition

This home is located at 3457 Holmead Place, NW:

The flier says:

“This is a 2 unit Victorian shell. Plans have been completed to include an upper level owners unit which is about 1,800 sq ft with 2 bedrooms and 2.5 bathrooms. The other unit will be about 1,400 sqft with 2 bedrooms and 2 bathrooms. There is 2 car parking in the rear. Close to the new Giant, Tivoli Theater, Target and the Metro. This is a short sale documents on my web site.”

More info and photos can be found here.

Clearly the home has gotten some new paint and windows but I guess we should just assume that the inside is still a shell? I also think this is a pretty great location near the Giant grocery store but still relatively quiet. The asking price has also dropped $100k and is now being offered at $499,900. So when fixed up don’t you think it could be some potential house porn? What would make the price a good deal for this shell?

Category: Columbia Heights, Real Estate

By: Prince Of Petworth | 28 January 2009 1:00 PM | No Comments

GforGood

So, its about $100k per floor to get this up to speed – i.e. you are at about $775-950 range. I guess that’s more or less in the range. No backyard space it seems (from the satellite pic) other than for the parking.. meh…

January 28, 2009 at 1:20 pm
Anonymous

I live right down the way. Great street, great location. In between 13th and 14th, near everything, but has a residential feel. Have lived on Holmead since 2003, love to see these changes.

January 28, 2009 at 1:42 pm
damaged_in_DC

It used to be $599K… I guess that’s progress

January 28, 2009 at 1:45 pm
Jamie

Oh man what a gorgeous house. At least until they GUTTED IT!! YOU BASTARDS!!

This one’s no joke, definitely a serious contactor job. And it’s a short sale which means major hassle. Price may be slightly high but it’s not too far off I don’t think.

January 28, 2009 at 2:04 pm
Anonymous

I think the price is still way too high for something that is completely gutted. For me I’d $300K and then we are talking (at least on this market and this economy).

January 28, 2009 at 2:17 pm
ET

I hate flippers/developers who don’t have a freaking clue about what they are doing…….

Knock off about 100 grand and then we’ll talk. That much for a shell that someone will have to do everything – I don’t think so. Sure whoever gets it can do something to their taste inside but still.

January 28, 2009 at 3:40 pm
Ro

This is insanity. We are now selling completely gutted shells for $500,000? Lol! Why is everything always priced off some potential unrealized future magical value rather than what the damn thing is actually worth now. To do this place justice you would need $250 to $350k, liekly more. Factor in delays and cost overruns and you’re basically talking about an investment approaching $1 million and almost a year before you could move in/rent out

January 28, 2009 at 4:00 pm
Anonymous

I think most posters think the real estate market in DC proper is a lot worse than it actually is. Prices for condos in DC rose 3% in the first 11 months of 2008. Overall the # of sales was down, but prices were up. And given that there isn’t a lot on the market in that part of CH, a developer who can get credit to do the rehab could make a good deal of money…(buying it at 450k or even 499k)

January 28, 2009 at 4:27 pm
jim

if it was under $400k i’d buy it. i think it can be rehabbed into a pretty sweet single family home for another $250k if there are no structural issues.

January 28, 2009 at 5:15 pm
poo poo likes turtles

i dunno folks. a friend just bought a one bedroom condo in gallery place for $400 k.

January 28, 2009 at 5:22 pm
Anonymous

I bet her $400k condo has floors and plumbing.

January 28, 2009 at 5:27 pm
Ro

…and walls, and electricity, and ceilings, and light fixtures, and cabinets, etc, etc.

January 28, 2009 at 5:49 pm
bogfrog

Beautiful home. But as a short sale, you need cash or FHA financing. I don’t think it’s permitted, and the vacant property tax rate is $5 per $100 which could be brutal

January 28, 2009 at 9:16 pm
Adam

It seems like every time I see one of these Victorians, it has either been gutted or renovated. Does anybody know what the insides of those houses originally looked like?

January 28, 2009 at 9:48 pm
RD

Someone paid $635k for that dump in 2005. hah.

January 29, 2009 at 10:39 am
Parkwood Person

Props to the owner for making it look so nice on the outside during the renovation instead of having it look like an abandoned, boarded-up shell. Now if only that same idea could prevail down by the convention center.

January 29, 2009 at 3:41 pm