Good Deal or Not? Realtor Request Condo Edition

Quincy Court exterior

This condo is located at 1117 10th Street, NW:

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The flier says:

“Spacious 7th floor 1 bedroom near convention center/downtown. Floor to ceiling corner windows and balcony with lots of light and gas stove! Great location: 3 blocks to metro (green/yellow), and walking distance distance to red line (Chinatown), Dupont and Logan circles, and National Mall. Pet-friendly with front desk, common rooftop deck, garage parking, and storage included.”

More info and photos found here.

I’ve always been a big fan of this building. It’s the building that has two parts, one of which we’ve judged in the past. I also think this is a pretty solid location. Do you think this 1 bed/1 bath with parking sounds reasonable for $384,000?

Ed. Note: From time to time I get reader or realtor requests but I only post if I genuinely find them interesting.

15 Comment

  • That listing appears outdated. I think this is the same condo, but it’s listed at $349k.

  • Prince Of Petworth

    I think the $349k price doesn’t include the parking spot.

  • I see, you’re right. That makes sense at $35k for the parking spot.

  • Good deal. That location is only getting better.

  • Not bad but the condo fees are really high for a building without many amenities. No gym, no pool and yet nearly as high as the Whitman next door.

  • Great price if it was in Courthouse, a 2br, and this was 2005.

    I don’t care if it’s on the front lawn of the white house, 730 sf isn’t worth 350k. This is a single person’s home so it will turn over every 6 years tops, so you’re going to get for it whatever a young lawyer’s income buys at the interest rates in the year you sell it. In theory you could rent it out but any potential buyer is going to want their money out for down payment on their next place.

    Face reality people, real estate isn’t an investment if you can’t hold it longer than one measly economic cycle.

  • Disagree with T on his price rant. 2BRs during the peak started at 499K, 1BRs at 349K. Those were 2BRs shoehorned into 700SF, or “garden level” 1BRs that might be more appropriately referred to as Junior 1BRs. In crappy or far-flung neighborhoods. 1BRs in good buildings in popular neighborhoods regularly topped 500K, and the more extravagant developer-grade 2BRs, as I’m sure you know, were known to top a million dollars. And they sold.

    That is what is gone, and good riddance.

    $384K is not a bad price for a well-designed 1BR in a downtown location with such amenities as gas cooking AND parking. And, it’s on the 7th floor. Seems to me that the correction in the market has good units in good locations selling for the same price or less as the schlock was selling for during the boom.

  • I have to agree with Mike… for a downtown location that is looking close to completely “turning” plus parking, for 384, you’re getting a very good deal… while I think that 700+ square feet is tight, it could totally work for one person. And, some people happy with smaller spaces because it means less crap to buy. While I’m not on the small condo boat, I’ve seen smaller for more with less… (condo fees though are a touch high…)

  • Here are the recent sales from this building:

    The most recent was an 800 sq ft 1br on the 3rd floor for $319k.

    Even if that didn’t include parking, and even though this one is on the 7th floor, I think it’s too high.

  • I’m in a building one block up the street that is transitioning to a condo and the unit above me (3rd floor) just sold for 415, about a month after it was listed. 785 sf without parking but with a balcony. I’d say this is a good deal if you buy and hold for five years. Excellent location as well; 7th and 11th street are undergoing lots of revitalization.

  • The 1br on the 3rd floor was bank-owned. No storage or parking.


  • JerkPork – if there’s a willing seller and a willing buyer, then that is exactly what the market will bear. Since real estate is cyclical, and we’re in a down market now, maybe in 5 years the unit will be sold for a lot more. I’m not saying it’s good to speculate on housing (look where that;s gotten us) but $385 for a home — a place to love and live– is ok. Actually, it’s priceless.

  • The problem is, that particular area around the convention center is just lousy with new condo communities that still have tons of unsold 1 BR units w/ 700-some square feet sitting around the mid to lower 300s with builder incentives (parking, closing help, condo fees paid, bonus cash) but not in the MLS system (think Madrigal Lofts, Yale Steam Laundry, City Vista) and even those aren’t moving. Not to mention all those other high rises in condo canyon. The market is oversaturated and personally, I think the prices will still be coming down. IMHO, right now $385 for a standard sized 1BR in that area of town, even with parking and storage is about $50k too much.

  • With all due respect to our hosts, sometimes you real estate folk just amaze me. How much do you really think the value of this thing will appreciate in 6 years? If someone puts down 325k on a 6% 30 year on this place and sells in 6 years they’re going to have paid off 28k of the principal and be out about $190k in mortgage, taxes, assessments, and repairs/wear and tear/appliance depreciation.

    Young lawyers (pretty much the only potential buyers here), go rent a $1500-$1800 1br, park on the street, sit on your 60k down payment in a safe investment and put the money you save in your retirement accounts and see if you’re not ahead in 6 years when you want to buy a home you will stay in long enough to recover your investment and when you’re in a life situation where it makes sense to own.

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