Deal of the Week: An Architect’s Three-Bedroom Near the H Street Corridor

• March 1, 2010
• 20 Comments

by Mark Wellborn

For this week’s Deal of the Week, we head over near the H Street Corridor to find a three-bedroom row house that has been entirely rebuilt by the architect owner. The main floor is wide open and sweeps from the living room into the dining area and then to a new kitchen and a back deck, giving the first level the feel of a loft. The second level has two bedrooms, each with their own full bathroom and the third floor is essentially a large master suite with a walk-in closet and a deck off of the bedroom. The property has off-street parking in the rear and is just about a block from the H Street Corridor. We hear that the home has already garnered a lot of interest because of its layout, size and price. For the full listing, click here.

Update: UrbanTurf has learned that this house has seven, that’s right, seven offers on it.

Update #2: This property is now under contract.

Dining Area

Kitchen

Penthouse Master Suite

1524 Gales Street NE (map)

• Price: $449,900
• Bedrooms: Three
• Bathrooms: 3.5
• Square Footage: 1,797
• Year Renovated: 2009

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 5 percent.

• Loan Amount: $359,920
• Principal and Interest: $1,932
• Taxes (est.): $254/month
• Total Monthly Payments: $2,186

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_an_architects_three-bedroom_near_the_h_street_corridor/1827

20 Comments

1. SWester said at 9:24 pm on Monday March 1, 2010:

   That is one fine looking piece of R.E.  Needs some paint on those walls, but that’s a sexy renovation. And a damn good price.

   Why, oh why can’t you have a metro stop, H st.  You might just be perfect.

1. George said at 8:09 am on Tuesday March 2, 2010:

   Place looks insane. Translation: It will be under contract by the end of the week.

1. emerald said at 8:34 am on Tuesday March 2, 2010:

   Wow.  That’s a great place with an awesome price.  Unfortunately, I too would need a metro stop.  I will be very surprised if this property stays on the market much longer.

1. Rayful Edmond said at 9:06 am on Tuesday March 2, 2010:

   Considering that fixer uppers are going for over $100k in this neighborhood now, I’d say this is a good deal.

   By backing in at $450k with 30% set aside for closing costs, fees and profit and $250k in rehab, you’re looking at a minimum acquisition cost of $65k.

   The architect (investor) purchased the house last May for $60k.

   Note to potential buyers - this neighborhood still has some street activity, but nearly as much since the new school went in. Cops drive up and down these streets every 15 minutes. You’re minutes from the Starburst and the Eastern stretch of H Street (bars).

   Families should look elsewhere.

1. AP said at 11:06 am on Tuesday March 2, 2010:

   Very nice place; simple and sleek renovation.  Not a bad price, but the lack of a Metro station will surely limit this property.  Yes, it’s right near the planned streetcar line, but who knows when that will ever take-off?  Also, is there a large public housing complex right behind the property?  If so, that would make me look elsewhere.  I’ve had bad experiences with public housing complexes…

1. Jordan said at 12:20 pm on Tuesday March 2, 2010:

   I live 4 houses down. There isnt any public housing anywhere near this street. The Pentacle Apartments you refer to are just cheap apartments. They start around $800/month which obviously caters to the lower end of the socio-economic ladder. However, dont expect that to last much longer. With Starburst Plaza being completed next month and the streetcar being up and running within 2 years, rents will be shooting up fast.

1. Jordan said at 1:49 pm on Tuesday March 2, 2010:

   Oops - strike that. I just read the fine print on the Pentacle website. There are income restrictions, so it appears there is some sort of subsidy - however at units up to $1200 not sure these are what most people think of as ‘subsidized housing’. Def a far cry from Potomac Gardens. No black metal spikes surrounding these apts.

1. ap said at 1:52 pm on Tuesday March 2, 2010:

   I attended the open house over the weekend and it was packed. Immediate block looks reasonably well maintained but it backs right up to the complex mentioned above. Windows and light are great, but I doubt one would want to keep the shades up much…

1. to Jordan et al said at 1:58 pm on Tuesday March 2, 2010:

   It’s 100% affordable housing (not public housing) for households 60% of AMI. Rents are $1133 for a 3 bedroom. Mkt rate comps are over $2000.

   And yes, there is still drug activity there.

1. tk said at 2:10 pm on Tuesday March 2, 2010:

   The house is absolutely beautiful inside.  Perfect design, everything very high end.  But whats the over under on how many times a year a rock gets thrown through one of those big beautiful first floor windows?  Not sure why the developer picked this neighborhood…

1. jts said at 7:26 pm on Tuesday March 2, 2010:

   Blink, fast house in undercontract.

1. PB said at 9:07 am on Wednesday March 3, 2010:

   Anyone know the name of the architects who renovated this?

1. PleasantPlainer said at 11:18 am on Wednesday March 3, 2010:

   Check out Google Street View to see it under the knife!
   http://maps.google.com/maps?q=1524+GALES+ST+NE&oe=utf-8&rls=org.mozilla:en-US:official&client=firefox-a&um=1&ie=UTF-8&hq;=&hnear=1524+Gales+St+NE,+Washington,+DC+20002&gl=us&ei=Y4uOS9XnDMrR8Qb3maTsDA&sa=X&oi=geocode_result&ct=title&resnum=1&ved=0CAcQ8gEwAA

1. Pat T said at 2:52 pm on Wednesday March 3, 2010:

   This house is absolutely beautiful. I am excited to see a renovation project that is well done.  I hope there will be more like this to come!!Kudos to the developer

1. Brady said at 11:26 am on Thursday March 4, 2010:

   Who was the architect for this property?

1. Tom A. said at 11:31 am on Thursday March 4, 2010:

   OMG.  wow.  The houses surrounding it are all worth significantly less. (including mine a block away!)  I’m not sure 450k is a “deal” but it’s a fair price.  The very nice gentleman who lives next door must be thrilled with this.  The house attached to his had been pretty much rotted out and boarded up for years.

1. Tom A. said at 1:26 pm on Thursday March 4, 2010:

   How much do people think they made on this?  I’d estimate about 200k…

1. Ken said at 12:07 pm on Tuesday March 9, 2010:

   Not confirmed, but just read a We love DC that the house sold for $30K over asking…

   http://www.welovedc.com/2010/03/08/is-it-just-me-or/

1. Edith said at 7:55 am on Sunday March 14, 2010:

   I own a rental on 1600 block of Gales St. and the negative things stated are the some things said about the U St Corridor in the early 2000’s. The area of H St and Rosdale are getting over 1 billion in redevelopment projects. I was lucky to buy in the area in Dec 2006 before many people knew of the development.  I have no trouble getting quality renters and plan to live on the property after I retire.

1. pazzysmom said at 10:50 am on Wednesday March 17, 2010:

   Edith, we live on the 1500 block and feel lucky we bought too (in Oct04)!  Now after the 1524 Gales phenomenon and the projects going around H St and Trinidad, the secret of our great, little Rosedale community is out!

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