A million to live in NE? Why do I think someone typo'd that. You can charge those kinds of prices along Foxhall and Mass. Ave. NW and get it, maybe, but east of Adams Morgan? I don't think so.
If the owner isn’t desperate to sell it, why not list it at $1MM? Why do you get angry at people who aren’t willing to sell their property at a price you are willing to pay? I see nothing wrong with someone with an asset who is unwilling to sell it at “market price” but is willing to sell it at a premium. Think of listings like this as though they are limit orders--buyer is willing to sell if, but only if, the market price rises to or above $1MM.
That's not a bad location. 1 mil for a fixer upper with no central AC is a bit steep, 500k might be more reasonable. But it's walking distance to Metro. Safer neighborhood than much of DC.
You don't know much about real estate, do you? Unless both the listing price AND the listing time were manually entered and typo'd, then either the realtor is very asleep at the switch, or the seller has hiiiiiiighhhh hopes....
The best part is that there's no picture. Sure, I have a million dollars to spend on a house, and I'd love to drive all the way out to yours without knowing what the hell it looks like.
There was a woman in my area who was tired of people pestering her to sell her house, so she listed with a FSBO MLS-listing outfit for $3M. Her house was small, old, and on a small lot, so it was nominally among the cheapest single-family homes in our area. But it's also about a ten minute walk from Google HQ, which had just had its IPO. Market price was probably about $500K. Her listing sat in the MLS for a year and a half before she pulled it.
It worked - people quit bothering her, and she's still happily living there.
It is a common tactic/scam by slumowners in the District of Columbia to periodically put their properties on the market for outrageous sums of money so as to avoid the higher vacant property taxes. Several property owners in Shaw have been accused of doing just that in the past few years. I don't know whether the property owner is doing this, but it might be interesting to take a closer look.
Disgusted in DC is right about what is likely happening to this property. We have the same situation here on our block in the chi-chi U Street area: the house has been vacant for a long time, the city is threatening to make them pay the higher vacant property rates, and so they are marketing the house for a price it is sure not to sell for. What I don't understand is how the owners of properties like this calculate opportunity costs of keeping the properties vacant.
Let's not be too harsh. I mean, it *does* claim to have radiator heating. That's worth at least a few hundred grand, no?
;)
The best part is that it last sold for $155,000 in 1996. Sure, that was before the craziness, but isn't $1 million a bit of a jump?
A million to live in NE? Why do I think someone typo'd that. You can charge those kinds of prices along Foxhall and Mass. Ave. NW and get it, maybe, but east of Adams Morgan? I don't think so.
If the owner isn’t desperate to sell it, why not list it at $1MM? Why do you get angry at people who aren’t willing to sell their property at a price you are willing to pay? I see nothing wrong with someone with an asset who is unwilling to sell it at “market price” but is willing to sell it at a premium. Think of listings like this as though they are limit orders--buyer is willing to sell if, but only if, the market price rises to or above $1MM.
Ah yes, but who is angry? The sound you are hearing is, in fact, quiet mocking laughter.
Anger was inferred from the tone of this earlier post:
http://meganmcardle.theatlantic.com/archives/2009/06/why_i_think_the_housing_bubble.php
But, perhaps as you say, it is just snark.
Hmmm. For $998k here in MT I can get a modern 3000 sq ft of house on 80 acres across from a national wildlife refuge. Peace out suckas.
Wouldn't that leave her with an inconveniently long commute?
Who said she was invited?
I thought she had one of them fancy telekenetic jobs on the computer.
Maybe she doesn't get the 80 acres, but it's fair to refer to virtually all of DC as a Wildlife Refuge, no?
That's not a bad location. 1 mil for a fixer upper with no central AC is a bit steep, 500k might be more reasonable. But it's walking distance to Metro. Safer neighborhood than much of DC.
Friends bought here">http://maps.google.com/maps?q=WASHINGTON+DC+20001+2022+1ST+ST+NW&ie=UTF8&ll=38.915396,-77.028279&spn=0.006361,0.010997&z=17&iwloc=A">here 10 years ago, fixed it up, and sold for approx a mil (but only 2 blocks from Metro) about 5 years ago when they moved out to San Diego.
The place to buy now is Anacostia. Buy, fix up, hold for 5 years, and then sell for $BIGNUM.
Wow MT really munged link.
It is just down the alleyway from Samuel Gompers old house, so for labor history buffs, this might be a great deal.
That looks totally real and not some kind of mistake or anything. THANKS FOR THE LULZ@!!!!!!!!! HAAHAHAH! DUMB PEOPLE WHO CAN'T USE COMPUTERS!!!!
You don't know much about real estate, do you? Unless both the listing price AND the listing time were manually entered and typo'd, then either the realtor is very asleep at the switch, or the seller has hiiiiiiighhhh hopes....
A mistake doesn't stay in the MLS for 308 days . . .
It really doesn't matter about asking price unless you know comparables for the area. It could be high or standard.
5 years ago I sold an 800 sq. ft. bungalow, as a knockdown, for 800K. That might seem ridiculous but it was in keeping with the area.
The best part is that there's no picture. Sure, I have a million dollars to spend on a house, and I'd love to drive all the way out to yours without knowing what the hell it looks like.
There was a woman in my area who was tired of people pestering her to sell her house, so she listed with a FSBO MLS-listing outfit for $3M. Her house was small, old, and on a small lot, so it was nominally among the cheapest single-family homes in our area. But it's also about a ten minute walk from Google HQ, which had just had its IPO. Market price was probably about $500K. Her listing sat in the MLS for a year and a half before she pulled it.
It worked - people quit bothering her, and she's still happily living there.
It is a common tactic/scam by slumowners in the District of Columbia to periodically put their properties on the market for outrageous sums of money so as to avoid the higher vacant property taxes. Several property owners in Shaw have been accused of doing just that in the past few years. I don't know whether the property owner is doing this, but it might be interesting to take a closer look.
How would listing the property prove that it was occupied?
Disgusted in DC is right about what is likely happening to this property. We have the same situation here on our block in the chi-chi U Street area: the house has been vacant for a long time, the city is threatening to make them pay the higher vacant property rates, and so they are marketing the house for a price it is sure not to sell for. What I don't understand is how the owners of properties like this calculate opportunity costs of keeping the properties vacant.