As a follow-up to a blog post I wrote in October 2015 about a client success story, our client Josh recently had his 2-unit property in Shaw re-appraised and the value came in at $1,085,000! So if we do the math, he paid $625K in 2014, it appraised for $925K in 2015, which makes a grand total of $460,000 in appreciation in 2 years! He invested in renovations and put in a lot of sweat equity and it really paid off!
Permit drawings submitted
As previously mentioned, the process of even getting to the construction phase is quite slow. At this point, the architectural drawings have been completed and submitted to DCRA for the permits. I am told it will take 4-6 weeks for approval. Let the waiting game begin.
KWCP Ranks among the Nation’s Top-Producing Brokerage Firms
|
Kara’s home purchase
During the Blizzard of 2016 while no one else was out looking at properties, Kara was the first and only agent to view a little house in Shaw that had just been listed. Quietly and quickly she submitted an offer which became ratified while everyone else was home shoveling snow and before anyone else knew about it. To say that this house is small is an understatement. Just 13′ wide on the inside this house is perfectly livable for most people but Kara has a vision and an already well-organized plan. As soon as she went to closing and the previous owner moved out, Kara had a construction crew go in and do some demolition work.
Built in 1880 and located on a quiet and charming block, this 2-bedroom, 1.5 bath home has a gated front yard (well, the gate is missing actually) and a deep fenced-in back yard. The kitchen is tiny but that will soon all be gone and a new addition built onto the back. On the first day she took possession, Kara had the place professionally photographed as “before” pictures. The next day, however, an old plaster wall in the living room was chipped away and the original brick exposed. All the trim around the windows and doors from a prior but rather poor attempt at a renovation 15 years ago is now gone. Old carpet has been torn up and new white oak flooring will soon be installed. An architect was hired, white lacquered kitchen cabinets have been selected, and now the somewhat long process of waiting for the city to issue construction permits begins. We hope to share photos of this adventure in our future newsletters so be sure to keep a lookout. Hard hat tours graciously offered.
Kara’s Renovation Project
I closed on my new (tiny) rowhouse in Shaw on February 29, 2016 — in a leap year! I guess my property will age more slowly than the neighbors’. So as not to waste any time, while I was under contract I put together a budget, made product and finish selections, and drafted my own vision for the addition in a software program. This made it easy for my architect and contractor to get started. The day after I took possession, I had the contractor and architect on site to get plans underway for my renovation and addition. The very next day, my crew got started on the interior demolition and even exposed a brick wall!
Living Room BEFORE
Interior Deomolition
New Exposed Brick Wall
Client Success Story: Insane Equity in 1 Year
Josh Zimmerman, an engineer who works for the U.S. Patent Office, is a savvy investor whose sweat equity paid off big time. Josh purchased his purple 2-unit rowhouse in Shaw in October 2014 for $625,000. He used a 203K renovation loan to help finance the critical renovations (mold remediation, gutting the lower level unit, structural and roof repairs) and he put a lot of sweat equity into the kitchens, master bath, and cosmetic updates. In August 2015, he refinanced and his new and greatly improved home appraised at $925,000. That’s almost a 50% increase in value in less than 1 year and $300K in equity! Way to go, Josh!
Coming Soon: Another Chapin Street Listing!
Spacious 1-bedroom PLUS den, 2-bath condo in the heart of the 14th Street Corridor. This unit features nearly 1,000 square feet of living space, solid oak hardwood floors throughout, and recessed lighting. Unit #408 was combined with unit #409 to create a unique and desirable floor plan with a kitchen open to the living area, separate dining area, which accommodates a large dining table, and a nook off the kitchen ideal as an office or breakfast area. The sunny master bedroom has an en-suite bath with marble countertop and plenty of closet space. The den with windows and a closet is large enough to accommodate a queen bed and can easily be converted to a 2nd bedroom. The guest bathroom off the living room has a new sink and vanity, fixtures, and toilet. The entire unit has been freshly painted and brand new heating and cooling units have been installed. This is one of the few units in the building with an in-unit washer/dryer. Nearly the top floor, this home’s living/dining area has 5 windows including a bay window providing lots of natural light and pleasant open sky views in a quiet and private setting. Expansive city views from community roof deck ideal for 4th of July fireworks. Conveniently located half a mile between U Street and Columbia Heights Metro stations. Meridian Hill Park, restaurants, organic grocer, CVS, and shops just around the corner along 14th Street Corridor. Pet-friendly. Contact Kara at karajohnson@kw.com for more details.
Incredible Bidding Wars in the 20001 Zip Code
These four properties sold for 125-130% of list price! There’s no doubt that Shaw and Bloomingdale are hot DC neighborhoods and bidding wars are common in our market, but these three examples are hard to believe, to say the least.
925 Westminster Street NW #1 went $142,500 above list price
635 Q Street NW went $222,000 above list price
1858 3rd Street NW went $284,100 above list price
This fixer-upper at 2217 1st Street NW sold for $207,250 above list price
We Made UrbanTurf (Again)!
Our fantastic Chapin Street listing (now under contract) made the cover of another UrbanTurf article! We couldn’t be more proud to be representing such a unique and architecturally intriguing condo in the 14th Street Corridor. This thoughtfully-designed custom renovation by our very talented client inspired 14 people to make offers!
Kara Ranks Among The Washingtonian’s Top Producing Agents!
Kara is thrilled to be listed in the July 2015 issue of Washingtonian magazine as one of the Top Producing Individual Agents in Washington, DC! Kara stated, “It’s an honor and a privilege to be ranked among the best agents in the DC area and I couldn’t have done it without the support of family and friends, and especially my amazing clients!”
Johnson Properties Partners 