Good Deal or Not? Deluxe Condo Edition


The flier for this condo at 27 Logan Circle says:

“Stunning light filled 3 bdrm 2.5 bath plus Den and a loft facing Logan Cir. Private elevator from secured parking space. 3 levels of living, 35 foot atrium, roof deck, gas fireplace, flat screen TV conveys. 2280 Sq Ft.”

More details and a “virtual tour” can be found here.

Holy canoli is all I can say. But is it a reasonable deal for the odd price of $981,725? I promised myself I wouldn’t go a penny over $972,289…

18 Comment

  • With 20% down – you’re looking at $5200 a month with the condo fees. Fun!

  • I keep thinking about the “private elevator from secured parking space” … wouldn’t that mean that you wouldn’t be able to rent out the parking space if you wanted to (and really, isn’t one of the biggest reasons to pay out the nose to live in a place like Logan Circle is because you don’t need a car?)

    As for whether it’s a good deal or not, it’s probably not *too* out of line for the square footage but I think you could do better with a million dollars.

  • I’m going to give this one a Not. To me, the scale seems off for a million dollar home. That’s a pretty small kitchen for a condo that size, for example. Location is great, though, and they were very smart to put that roof deck in. Probably about 150k high. Maybe if this were 2005 …

  • If you’re paying over $900k for a property, you have a car whether you use it or not. Usually a nice car. Wouldn’t be able to sell it without parking.

  • Can I just say that I hate those kind of virtual tours? I don’t like that there is music, I don’t like that the photos pan and zoom in and out, everything about it is an unpleasant experience. I like the low-bandwidth version on It just gives you the photos and that’s it—just the facts, ma’am.

    As for this place, I can’t tell how this place is 2280 square feet, given the small kitchen, rather cramped 2nd bath, and the cut-out floors (“atrium”) next to the windows. And the virtual tour definitely didn’t help me figure it out. Don’t know how many units are in this building, but the $500 condo fee seems on the very high end (must be trying to build up reserves for when that elevator needs repairs). I’ll say its a bit overpriced because of the things listed above and I don’t trust the square footage, but maybe there is something that justifies the price that wasn’t in the photos and I think one of the first floor & basement units in this building was listed in the $800s earlier this year (don’t know if, or for what price, it actually sold).

    And I agree that the deck was a great addition!

  • I think the atrium is a negative feature. It adds light and spaciousness, but takes away so much functional space near the windows. The roofdeck rocks, though.

  • great location but too high

  • It seems like there’s almost no such thing as a good deal from the peanut gallery! If the place is really 2,200 square feet, it clocks in under $500psf. I would guess that’s the average mark for prime neighborhood, nice place. So I’d call this fairly valued, perhaps slightly a good deal — far from a steal.

    It’s funny — in New York, it’s all about the price per square foot. In DC, at least half of listings don’t even bother listing the square footage.

  • I do think it is a bit high – especially in this market. Also, some of the finishes seemed a bit cheap considering the price tag.

    Saying that at least they know that selling a property is easier with enough furniture and props to give buyers an idea of how furniture fits.

    I don’t know if I like the atrium thing. Sure it gives light but I can’t help agree with John that it takes away usable space. Also, I wonder if it one of those things that when tastes change someone will want to “fix.”

  • I’ve been inside this place and the layout is terrible! The large atrium takes away space from the bedroom so they are small and have a lot of wasted space. Also, the elevator only goes from the underground parking to the 1st floor. It does not access the other 2 floors of the condo.

  • For ~900k that kitchen is horrible and looks really cheap…what exactly is going on with the fridge?

  • Methinks the weird price is because the owner is trying to sell without losing any money. It was bought in May, 2006 for $938,000. 6.9% (representing (1) 5.5%—a reasonable negotiated total real estate agent fee in this market; 2.5% for listing agent and 3% for buyer—plus (2) the transfer tax of 1.4%) off of the list price of $981,725 is $913,985–so the seller is selling as a “loss” (assuming no seller subsidies, etc., from the initial purchase) of $24,015. But that is probably about the amount of principal that the seller has put in during the past 27 months (about $900/month).

    This is a perfect example of why the housing market is all messed up—a potential buyer would see what was paid for in May 2006 and think “why should I be paying more than what they paid at the ‘height of the market,’ I don’t want to enrich this guy for his bad decision”, whereas the seller doesn’t feel like they can lower the price because they are probably already losing money at the higher price.

    People need to realize that because of real estate commissions (not blaming, just saying), houses are like cars. As soon as you buy it, its lost a lot of its value. You are immediately 6-9% in the hole once you add in all the other “transactional” costs (purchase/sale taxes, etc.). Don’t buy if you aren’t going to live in it for, like, 5 years because otherwise you lose money even if you sell for “more”.

    Its too bad for this seller, but they are going to end up losing a lot of money once they come to grips and price this property properly.

  • i think it’s a bargain. go figure.

    dc rental/purchase prices should be as high as NY.

    they’ll get there.

    get it while it’s on sale.

    back to your jobs, plebes!

  • Ugh. Worst virtual tour ever. And I would bet $5 those cabinets are Ikea. I have the Ikea kitchen catalog in front of me and it looks an awful lot like Adel birch. An Ikea kitchen is fine in my cheap-ass place but not so great in a condo that costs a million.

  • I’m very familiar with the complex. The cabinets were custom made by a relative of Monty Hoffman (PN Hoffman). I think the condo fee is wrong – the rest of the upper units (which average between 1800 – 2000 SF) are in the lower mid 300’s.

  • $1 million for a three bedroom condo purchased in 2006 near the bubble peak?

    No way.

    If the owner can hang on for five-to-10 years, I imagine he may have a chance.

    If I had $1 million to spend, my preference would be to find a townhouse.

  • Well, somebody liked it enough to negotiate a contract. There’s a home inspection contingency on it and we won’t know what it sells for until after it goes to settlement. It’s on my watch list, so hopefully I’ll remember to post the settled price.

    Despite all the bad financial news, there seem to be people out there looking to buy now. I’ve had decent traffic at my Open Houses lately and we just sold out Logan Park completely (on 11th NW).

  • $935,500 is closed price from Sawbuck. Not bad considering.

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