Million Dollar Fixer Upper?
13 October 2009 2:30 PM | By Prince Of Petworth in Good Deal or Not?, Neighborhoods - Petworth, Real Estate - PetworthHahaha. Good eye from a reader who found this costly typo. 4824 7th Street, NW fixer upper for $1,165,000…
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13 October 2009 2:47 PM | Petworth Newbie Said:
Having bought a similar-age house in the neighborhood, fixer upper means needs all new windows, updating the electrical & adding lots of outlets, possibly installing plumbing for at least one shower, ripping out and replacing the kitchen, crumbling lead-paint covered plaster walls, probably redoing the bathrooms (because even that ageless subway & mosiac tile cracks eventually, and claw foot tubs can rust) and oh god don’t look at those water stains in the basement.
13 October 2009 2:58 PM | JW Said:
It doesn’t say on the listing but surely this is bank owned. Someone bought it for 375K in 2006. I can’t imagine anyone would be willing to let it go for a 210,000 loss (plus realtor fees) without going short sale or handing it over to the bank.
Our house needed a “little TLC” when we bought it and it had a brand new kitchen, updated bathrooms, new windows, new wiring…. etc. I can’t imagine what this place might need if it says needs TLC.
However, at 165K you can afford to put in 100K+ and would still be fairly under neighborhood prices for a completely renovated house.
13 October 2009 5:17 PM | Jamie Said:
If that house really just needs a little tlc that’s a great deal. I have noticed lately though that foreclosures are being listed absurdly low, most likely to generate interest and a bidding war. I doubt it will go for that cheap unless it’s a dump.
13 October 2009 6:04 PM | Anonymous Said:
Good post.
Worthy of a good look and serious consideration for this single family Petworth home.
The $165,000 price is less than half the assessed value for taxation.
13 October 2009 7:08 PM | ogden Said:
The listing price has been updated now. FranklyMLS confirms it is a foreclosure property. Likely the bank is expecting higher bids.