Deal of the Week: Petworth Rowhouse Price Dropper

• March 19, 2013
• 11 Comments

by Shilpi Paul

707 Ingraham Street NW

UrbanTurf first featured this rowhouse in the northern reaches of Petworth last month, as one of our options for What $540,000 Buys You in the DC Area. Initially priced at $525,000, the home was renovated in 2005 at the height of the open-floor-plan, gut-renovation trend. The first floor is one huge open space, and the master bedroom has an opened-up ceiling.

Now the price has been dropped to $499,900, bringing it squarely into deal territory at $258 per square foot. Part of the low price-per-square-footage comes from the size of the home: at 1,935 square feet, it is a bit larger than a typical rowhouse in the neigborhood. With its position at the end of a row, the home also has more windows than its neighbors.

In addition to the three bedrooms and 2.5 bathrooms, the basement has been renovated into an in-law suite with a bedroom, living area and second kitchen. There is also off-street parking. More details and photos below.

First Floor

Master Bedroom

Kitchen

• Full Listing: 707 Ingraham Street NW (map)
• Price: $499,900
• Bedrooms: Four
• Bathrooms: 3.5
• Year Built: 1931
• Price per Square Foot: $258
• Listing Agent: Erich Cabe, Coldwell Banker

Here are some monthly payment calculations based on a 20 percent down payment and a 30-year fixed rate mortgage at 3.6 percent.

• Loan Amount: $399,920
• Principal and Interest: $1,818
• Property Taxes: $295
• Total Monthly Payments: $2,113

This article originally published at http://dc.urbanturf.com/articles/blog/deal_of_the_week_petworth_rowhouse_price_dropper/6807

11 Comments

1. Jason said at 9:16 am on Tuesday March 19, 2013:

   This seems like an excellent deal, and, based on the calculations above, rent from the in-law suite could offset the majority of the mortgage. I wonder why It hasn’t been snatched up?

1. EmptyNester said at 10:32 am on Tuesday March 19, 2013:

   is that area considered Petworth or Brightwood? Seems far from Petworth to me, but I don’t know the area at all well.

1. DDR said at 10:40 am on Tuesday March 19, 2013:

   @EmptyNester,

   Yeah, this is north Petworth. I live about a block away from this house.

1. SL said at 11:47 am on Tuesday March 19, 2013:

   I think it’s lingering because it’s further from the metro. Also, it’s too expensive for developers but it looks like the renovation is either a few yrs old or a bit out of style. Most developers now do hardwood floors throughout the house, higher end cabinets and no longer use those stained glass front doors…it just looks more dated compared to other renovations going on now, and not as high-end. I think most buyers will think the house still needs a significant amount of work.

1. Josh said at 12:49 pm on Tuesday March 19, 2013:

   Dated? Needs a significant amount of work? The remodel roller-coaster is expensive and wasteful. Peeps should get off that nausea-inducing ride.

1. Paulo said at 4:30 pm on Tuesday March 19, 2013:

   SL - you can’t be serious - about any of that.

1. Myles said at 9:52 am on Wednesday March 20, 2013:

   It hasn’t been snatched up because it looks like a bowling alley on the first floor. And to keep the lanes the right length, they pinned the kitchen in the gutter.

   Having bought this year, after looking at two dozen similar bowling alley renovations, I would contend that the ‘height of the trend’ is still around. I hope it has finally burst.

1. Jason said at 11:51 am on Wednesday March 20, 2013:

   This can easily be remedied by creating space with the right furniture configuration and such things as bookshelves to serve as room dividers. As someone who has been in the market for one of these older DC row homes in the past, I find it hard to believe that TOO MUCH open space could be a major issue for most buyers, rather the opposite. But I guess to each his/her own.

1. Petworth Renter said at 1:22 pm on Wednesday March 20, 2013:

   I agree with SL. The listing says the renovation is 8 years old and I doubt it was “high end” even then. It needs a refresh, but you could easily update the kitchen and get a “real” master suite. I think it is a good deal if you don’t care about proximity to Metro.

1. SL said at 2:27 pm on Wednesday March 20, 2013:

   Just saw all the other comments after mine. I was trying to diplomatically say the reno honestly sucks If you look at all the new flips around the Petworth metro they are using much more current decor and higher-end materials (better flooring in colors that people actually like). People are willing to pay a lot for that. So even though this house has been all redone, it’s not to the taste of buyers now. And so it sits.

   Just for the record my own house was a fixer upper needing everything redone. I couldn’t have paid for a high-end reno even if I wanted it. But I definitely didn’t want a house that had already had all the charm sucked out of it, used cheapo materials, and couldn’t afford because it was theoretically move-in ready and therefore expensive.

1. mona said at 3:39 pm on Wednesday March 20, 2013:

   I don’t think the comments that everyone else has anything to do with why this property hasn’t sold yet. I think the problem is the location. Way far from metro. Sure bus service but no metro and crime in and around this neighborhood has been pretty significant. 540k for this house in the condition it is in is a good deal. In this neighborhood not so much. Saw house in bloomingdale (super hot neighborhood now) that need to be gutted and redone that sold faster then this and for more. It breaks the three tenants of real estate..Location, Location, Location

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