Friday, September 14, 2007

Buy Me!

Got back in town to find that one of the nearby derelict properties featured in a previous post is up for sale. Just get a load of this beauty featured in full frontal and rear views above. (Actually, the dumpster shown at the rear of the house is now gone, but I was too lazy to take a new shot.) Long and Foster agent Mitch Story has the listing and here's his write-up from the on-line site:

Super Low Price on Large Shell w/DC Approved Permits to build out to 4400+ SqFt! Plenty of room for parking for 1 or 2 cars and still have a nice yard in back. Look at the comps then look at the multiple condo conversions on this block then you do the math. It works! Grab your investor and bring a flashlight. I'll meet you there at your earliest convenience - Mitch 202.270.4514 for appt!

And all for only $349,000!

Actually, this looks like a legitimate sale and not just a ruse to avoid the Class 3 tax rate, since the proposed tax appraisal for 2008 is $472K. Let's hope someone serious about rehabilitation buys it and really fixes it up. This is a nice block now and could be even better.


At 9/15/2007 6:08 AM, Anonymous J. S. said...

That IS a nice quiet block but for a shell it seems a bit high.

At 9/17/2007 5:48 PM, Anonymous Dave M said...

The price isn't that far off.. a bit high for only a 1875 sq/ft lot Also, the permit claim of 4400 sq/ft would require 4 floors at the maximum footprint of the building at 1125 a floor. Also, the far if this is R4 zoining only allows 3375 sq/ft but if they play games with the "cellar" they can get ~4400 - 4500 sq/ft. This only makes sense for a developer who would put 3+ units in the building. I wouldn't pay mjore then 300k though for the shell.. really the land


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