Condos Above Petworth Metro Watch

DSCN2001, originally uploaded by Prince of Petworth.

For the expats: Not sure if you can tell from this photo but the exterior is starting to get filled in. On the bottom of the photo, it looks like it will be a beige brick. Man, I can’t wait until this if finished…

22 Comment

  • saf

    I am not thrilled about the building itself (I liked the green space and fear what will happen to our parking), but I am VERY pleased about the thought of getting our bus stop back in that block, and the thought of not having to cross Georgia (at Quincy, where you only get 20 seconds) to get to the metrorail entrance!

    Hence, I also can’t wait until it’s finished.

  • I’ve been hearing that they will be rental apartments, not condos. Any confirmation of that?

  • I actually saw that they have a sales office open now on U Street, and I talked to the realtor. They aren’t selling yet, but it sounded like they will start selling pretty soon. 1BR condos will start in the low $300s.

  • Wow. When I lived in Petworth I thought there would never be any progress on that building. Glad to see it’s coming together nicely.

  • low 300s? They told me 360k for a 1 bedroom, which is beyond ridiculous in this market.

  • I am with Saf – I want my Metro entrance and easy bus availability back, but I am wondering if we will get the full functionality of the old Metro stop back. I is pretty clear from the construction that a lot of the old sidewalk is gone, and the Metro entrance will be part of the building (one assumes it will still be pulicly accesible). I cannot believe any business owners in the bottom floor of the building will want buses idling in front of their storefronts, preventing people from seeing the stores and they have already built a new bus stop at the Southwest corner of the Georgia/New Hampshire intersection that will clearly take up some of the old bus traffic. I really wonder how the whole system will work when the construction is finished.

  • I just can’t wait for it to be done so my walk to the metro in the morning up Rock Creek Church will be safe again (the construction vehicles seem to like to almost run me over).

  • I know it is early. But what is the general mood on how these condos will sell or rent? GA Ave tends to be a barrier that a lot of people in this area won’t cross. Factor in the price and I can see these condos having a hard time selling to the demographic that can afford 360K.

  • I am so excited for these to be done. I’m hoping I will be able to grab a coffee on my way to work and a sandwich/dinner on the way home. ah convenience.

  • I think they’ll have a hard time selling for 360K. For that much you can buy a condo in a much nicer and desirable area of the city or a house in Petworth. I’d dare to guess that at some point, after disappointing pace of sales, they’ll go to rentals.

  • Honestly, even for low 300s I feel like you can buy a nice condo in a more desirable area. I have a friend who did just that 2-3 months ago.

  • I wouldn’t be so quick to say that they’re going to have trouble selling. I was really surprised that they sold all of the units in that little condo building on New Hampshire just south of Georgia. Especially if they lower the price to the low 300s, it could be a good buy.

  • Bonnie, just because there are buyers willing to pay a given price, it doesn’t necessarily follow that what was sold was a “good buy.” Not all home and condo purchases are good decisions, as we are seeing with the market now.

    And of course this is just wild speculation at this point, but if they went rental, what do you guys think they would rent for? My shot in the dark guess would be around $1500 for a 1BR/$2000 for a 2BR — is that about right or off the mark?

  • Lauren,
    I think those rents are about right. My how things have changed.

  • Nate’s question is a good one..

  • I promise I’m not a shill for the seller, but my realtor inquired and was told they’re doing pre-sales (basically you put a few thousand dollars down as a reservation) and they’ve pre-sold a decent number, maybe like 40 or so.

  • I hear that the apartments at Ft. Totten station are renting for ~1300 for a 1BR. If the condos here sell or rent for a bit above that amount, I think that will officially signal that Petworth has hit the tipping point of being no longer affordable. CH is already that way. U St. has long been unaffordable. Petworth seems to be the last frontier in NW.

  • Does anyone know when this project is supposed to be finishing up again? Are we talking another 6 months or so? Like January? Also, now that they have finished the curb work in the median on New Hampshire Ave does anyone know when they might put in the trees and mulch etc. Seems like that would be the easiest part and would instantly make things look prettier.

  • I tire of the ambiguous use of the word “affordable.” Affordable to whom, nate?

  • People like me. I make a decent salary. However, there is only so much I am willing to pay for a condo. (I’d buy a fixer upper instead) I imagine there are plenty people just like me. At 360K, not only must you have a good job, but your job better be pretty stable.

    I think 1300 for a 1BR is stretching the lines of affordable for most working class people here. Am I wrong on that?

  • JnDC: I would guess that they are waiting for the onset of fall. The heat and dry weather would not bode well for any newly planted trees, and I think that, in general, the rule of thumb is to plant trees in the fall. Perhaps once they’ve finished all the street and curb work, it’ll be time to sink the greenery.

  • Thanks ShermanCircle, makes perfect sense, but still wish we could see it sooner so that some single thing could be called “done” and checked off the virtual list of neighborhood improvements, oh well…

    Any idea on when the condos and related street work/metro reopening might be done? January or so?

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