Good Deal or Not?


This condo at 1406 Corcoran Street, NW is a former “best spot for a morning cup of coffee?”. The flier says:

“Light filled duplex PH w/ nearly 1400 sf. , soaring 17 ft. ceilings, Travertine stone flr, 2BRs, 2BAs w/ large private roof terrace $ 2 terraces. Large open granite SS KI w/ gas cooking, gas FP, custom designed finishes and lighting and central air. Private one car garage with storage.”

More info and photos found here.

It was originally listed at $765,000 but is now on the market for $679,000. It’s been on the market for 187 days so I’m wondering if the new price makes it more reasonable? I’m also wondering – how long do you wait before you start dropping the price?

9 Comment

  • The roof deck, fully enclosed garage, and location all make it very attractive. I love Corcoran Street.

  • Really good deal. and 485/sq foot is remarkable for that area.

  • The location is awesome and it sounds like a great condo. Personally, I can’t get behind spending the better part of a million bucks to end up with half a town house. But given the amenities and location, if you are one who likes condo living and you can afford it, it’s probably a good deal. That is, condos in big buildings at worse locations sell for a half mil anyway so it seems competitive.

    Myself, I’d rather have two entire houses in Petworth or Shaw.

  • I’ve been in it, and don’t believe that it is 1400 square feet (DC Tax data has it at 1032 square feet, which truthfully seems like an underestimation). You can gather that it is small from the pictures: The living room (while dramatic b/c of the height) is quite compact. Maybe if they hadn’t taken out the ceiling there it would be 1400 square feet, but I even doubt that. Let’s say 1200 square feet, and that’s 565/sq foot. And given the weirdness of this property otherwise, its not worth it.

    The stone floors just make me think how cold it would be to walk around there. And the second bedroom is laid out weird, b/c the spiral staircase takes up space, and the whole area is open to the living room before, which doesn’t provide much space. The roof deck is great (other than the fact you’ve got to go through the “bedroom” to get there…I hope they leave the grill and patio furniture, b/c it would be a pain to get anything up that spiral staircase). It looks nice, but highly impractical.

  • …maybe they are counting both the square footage of the roof deck space and the aquare footage of the parking space as part of the total space? That would add up to about 1400 square feet maybe? Wouldn’t be very kosher to do that, but can’t trust real estate agents farther than you can throw them…

  • Of course the lower price makes it more reasonable, and it probably now if approaching being reasonable in more than just a relative sense. With a price cut like that, I imagine the goal is to gin up multiple bidders and in fact get something over the new list. Good luck to them on that strategy.

    Price cutting is all about the seller’s level of urgency/desperation. Frankly, with that location and space, I’m very surprised they’re cutting the price rather than just renting it for a year and hoping the market improves. That place would rent easily at 3500/mo, I’ve got to believe.

  • And while I know this is subjective, that wall to wall tile seems so Florida retirement condo to me.

  • The tile makes the place seem like a giant bathroom to me.

  • The decoration is looking really dated, especially for something that really only works as a modern space!

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