Good Deal or Not? Condo Editions


This condo is located at 1617 12th Street, NW:

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The flier says:

“Excellent opportunity to own this renovated condo in sought after Logan Circle. Features Stainless Steel Appliances, recessed lighting, 9′ ceilings, central cd/intercom, pergo floors, and more.”

Sadly there are no photos but more info can be found here. Assuming the place is renovated does $500,000 sound reasonable for a 2 bed 1 bath in this location?


Now I know one reader is offended when I post homes/condos that are under contract but, well, I still think it’s interesting. Do you guys think GDoN is useful if a unit is under contract? Amazingly the first five houses/condos I was going to put up today ended up being under contract. (As I said I walk around and snap photos of interesting units with for sign sales out front, I don’t know until I plug it into red fin whether or not it is under contract.) Anyway, the unit above is in a great location at 2008 16th Street, NW. More info and photos can be found here. I was stunned to see it for sale for $230,000. I suppose that’s why it’s under contract in under 7 days…

11 Comment

  • I for one don’t mind if some of the GDoNs are under contract. Maybe it sort of “gives it away” as far as whether it was a good deal, but it provides insight as to what’s selling and what’s not.

    So for the first one, although it’s hard to tell without pics, I’m gonna go ahead and say probably not a good deal since it’s been on the market for 80 days and it’s *not* under contract.

    For the second place on 16th, there are some pics here: It’s first floor, but looks like a nice place at a very good price for that location.

  • Oh wait, I just noticed the place on 16th is 381 sq ft. Yikes. It actually looks bigger than that in the photos, but I’m gonna take back “very good price” and say “fair price.”

  • Since people still manage to argue that places under contract are not a good deal, I honestly don’t think it should hold you back from posting them. If the posts are a “contest” to see who hits the nail exactly on the head, it ruins it. If the post is just to see whether the individuals on this site would pay those prices, or to comment on peoples ugly renos, who really cares if it is under contract?

  • I don’t mind the ‘under contract’ GDoNs. There is a contingent that has the same stock answer for every GDoN–at least 100,000 over priced and ‘no character’. And when the GDoN is ‘under contract’ they simply tweak their response to read ‘what a schmuck, they paid at least 100,000 too much for no character’. It is more to do with the poster’s insatiable need to have something to say, than with the status of the listing.

    For the first one, I say probably not a good deal. No photos, pergo floors, and no indication of square footage. The property certainly doesn’t have the charm that most properties in this area are going to have.

    For the second, it seems an OK price, but I don’t think I’d go so far as to say it is a good deal. It is so tiny. Obviously there continues to be a market for people who can’t stand the idea of renting. But given that something this small is unlikely to suit most people for any extended period of time, and that real estate is a long-term investment, it almost seems like purchasing anything this small is bound to be a losing venture.

  • It’s 381 sq ft!!! Sounds like a glorified parking space. Anyhoo…I don’t mind GDoN posting properties under contract. I like to know what things are going and have gone for.

  • +1 for not minding “under contract” posts.

    As for the condos listed, #1 seems overpriced without any pics. #2 seems to be laid out well despite its small size, so I agree that it’s probably an OK deal.

  • Is there not enough on the market to comment about? 😉 Me thinks there is.

    The only real issue with UC GDoNs is if it could possibly ever effect the sale. A buyer can pull out (not fun to do but possible) if they are so inclined, a seller, once contracted, can not. Would hate to hear about a reader who pulls out because of blog comments, I wouldn’t put it past this town.

    If it’s a known UC, I’d say wait until it’s closed and then let public opinion weigh in.

  • PoP – I’m with those who are pro-postings under contract. Lik EPF, I’m generally curious to see how much real estate is going for. As for the condos, #1 is iffy without pics, and #2 would personally drive me crazy…I’d feel like I was living in a closet but recognize there are those who don’t mind small spaces. Despite the location, I feel you could get a little more for that price though.

  • I like seeing these, whether or not they’re under contract. I’m just nosy and like to see other people’s places!

    #1: $500K isn’t bad for 1,234,567,890 sf. ;p

    #2: Pretty impressive that they could squeeze a 1BR into 381 sf. Not for me, although I know people who have happily lived in studio condos. But they were also the type of people who dreamed about retiring to a houseboat on the marina or a cabin off the grid in some rural area, so maybe not typical buyers.

  • i think it’s way overpriced. my Malcolm-Gladwell instant opinion.

  • sorry deal, over priced. 381 spft. that not enough space to invite friends over for drinks. POP continue to post GoN

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