Good Deal or Not? “light filled open floor plan” edition

This home is located at 1425 11th St, NW:

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The flier says:

“Logan Circle area, light filled open floor plan, upper floor, end unit, new construction 06, 2 story condo with parking. Gourmet kitchen, granite/ss, beautiful hardwood floors on main level, fireplace, custom lighting, spacious bedrooms with ample closet space, custom window treatments/shutters, access to community roof deck, 2 blocks to metro and steps to downtown.”

You can find more info here and a virtual tour here.

Do I need glasses or are those photos a bit blurry? Very strange. From what you can see – do you like the layout? This 2 bed/1.5 bath is going for $524,900 with a $451.25 homeowners fee. Sound realistic? If not what do you think it’ll go for?

36 Comment

  • Looks like the photographer was drunk when they took the pictures for this place… and the realtor must have been drunk when they listed this at $525k. Should not go for more than $475k.

  • $451 homeowners fee???

    • For that you get…

      Exterior Building Maintenance
      Lawn Care (Front) Included
      Management Included
      Master Insurance Policy Included
      Other Feature Included with Fee
      Reserve Funds Included
      Sewer Included
      Water Included

      $451 seems a bit steep

  • Yeah. Those pictures look a bit streeeeeetched. Or else that the world’s shallowest stairs, longest microwave, and first oval stove burners ever. And my, that TV has an interesting aspect ratio. Subtelty, people

    Plus, it’s a busy road, and the other buildings on that block (besides the four new pseudo-row houses, and the other rehabbed building) aren’t exactly prizes.

    You could get a whole house for less than that up on 12th Place. Oh, and what could possibly require $451 in fees in a building like that.

  • I’m still amazed (not surprised) that sellers don’t watch a home sale shows on HGTV or google the internet for tips on selling a house. The yellow in the kitchen/living area and blue in the bathroom is offensive. The bedroom color works is somewhat neutral.

    • Thank goodness the “offending” paint can be covered with more paint… What a stupid comment.

      This place is about $150,000 over priced – but if someone pays it so be it. Prices like this remind me of a few years ago.

      I agree with K. You can buy a whole house for that price and not have to pay the “offensive” Maintenance Fee.

      • So, if my math is correct, you are saying that this place will go for under $400k? I think you are out of your mind. It might be overpriced, but not NEARLY to the extent you are claiming.

      • You can’t buy a whole house anywhere near this property for anything close to $500k. TRUST ME, I’ve looked.

        The closest I saw recently was a 2 bed/1.5 bath at 14th and T that was in the high $700s. I consider that to be a good price, but the tiny 2nd bedroom was a dealbreaker for us.

      • “Thank goodness the “offending” paint can be covered with more paint… What a stupid comment.”

        You totally missed the point, which is that homes that are properly staged and have light/neutral wall colors sell a lot faster and for higher prices. Poor color choices trick the eye into thinking the interior is smaller and darker than it actualy is. A savvy buyer might be able to look past that, but it’s really in the seller’s best interest to slap on some better paint.

      • Also, I don’t understand your comment: “Prices like this remind me of a few years ago.” Prices in popular DC neighborhoods are not going down, regardless of the state of national real estate, because the demand will always be sky-high.

        • Nothing is forever or always… These are the types of prices that got us into the Housing Mess the country is suffering from still today.

          Maybe you can’t buy a house in “East Logan Circle” for that price but go one or two subway station up and you can get a whole lot more for that and even less.

          If you want to live in Logan go for it. If you are looking for a house, keep looking – my opinion. I certainly got lots more for lots less just two stops away.

          WAY over-priced and I personally feel people who spend that much on an apartment called a condo and then go for a $450 dollar montly fee…

          Well bless your heart.

        • you must be young, so you don’t remember when places like dc and baltimore and nyc and boston were absolute shitholes where no one wanted to live.

          demand fluctuates

          • Understood, but demand in Logan Circle is not decreasing any time soon is it?

          • Well duh. I don’t think anyone honestly believes that Logan Circle homes were always worth + a million.

          • Metro-DC is a high income mecca with the most robust housing market in America. There’s been huge cultural shift across the country where people are embracing urban cores once again. If this is a fluctuation, it’s fluctuation on a generational timeframe.

          • btw, i was responding to this statement “……. because the demand will always be sky-hig”

            do you guys really agree with that?

          • “do you guys really agree with that?”

            Ok, so maybe demand won’t ALWAYS be sky-high, but I can’t imagine why it would decrease anytime soon. It’s in the core of the city, close to many of the jobs that people are flocking to the city for. Well, maybe the government pay freeze will put a slight damper on that, but it’s not like there aren’t plenty of non-government jobs centrally located in DC as well.

            Tres explained it well. During my parents’ generation everyone was moving away from the city, and now during my generation everyone’s moving back. Maybe in another 25 years the cycle will repeat itself, but I don’t see that trend happening soon.

          • Fluctuation. Look at pictures of Dupont Circle in the late 1800s. Mansions and opulence (many of which have been torn down). Then see Dupont in the 1970s — pretty much the opposite. Now Dupont is generally considered nice and desirable compared to many other DC neighborhoods, but still nothing like it appeared to be 100+ years ago.

  • As usual, people on here are a little harsh. Of course its true that for every condo in Logan, Adams Morgan, U Street, or Dupont you could buy a rowhome in [insert name of less gentrified/convenient neighborhood here].

    They definitely should have kept the frame ratios regular because you could get a better idea of what the place looks like and I have a feeling it looks pretty nice (minus the yellow wall color).

    Logan Circle is an expensive area. I know this is a little East of the main part but I think the location is driving the price. You are getting 1000+ sq ft and a parking spot in one of the more desirable areas of the city right now, so I wouldn’t be surprised if it went close to this price. To me, the real downside is that $450 fee. That is not uncommon is a lot of larger buildings with a ton of amenities, but in something this size it does seem excessive.

    • I think we’re probably quibbling details at this point. But that area of 11th Street is a far cry from “one of the more desirable areas in the city.” Even if it is only a couple of blocks east of Logan Circle.

      • I’m trying to think of more deisrable areas for rentals. Dupont, yes. Adams Morgan, yes. Georgetown, yes. U Street, maybe. That still puts Logan Circle in the top 5. Anything I’m missing?

        • Just that this isn’t really Logan Circle. In some places, a block puts you in a different neighborhood. Also, not sure what this has to do with rentals. Anyway, it’s just my two cents that this isn’t a desirable location.
          (p.s. I walk/bike by daily.)

          • I see your point, I live in the neighborhood but despite the fact that 11th is about the dividing line, it’s 1.5 blocks to the Logan Circle so I think it’s fine to call it in Logan Circle. The quality of the neighborhood is fairly block to block though. Logan circle isn’t just a peaceful tree lined oasis.

  • PoP is rapidly becoming the best realtor in this town. Man, I’ld start charging if I were you.

  • Comps alone say this place is 40-50K overpriced.

    HOWEVER, that enormous and oddly huge condo fee (on a new condo building no less, where they are typically fairly small initially) is going to set it back another $25K in selling price.

    $450 a month for a 2 br in a building with zero amenities brings it into co-op territory, but atleast that fee in a co-op would be paying for your property tax as well.

    Someone could take that 450 bucks a month and finance another 100K in mortgage costs on a house.

  • I dunno. There’s a place a block away that went under contract for at 500k in 14 days. That didn’t have parking, but it did have a second full bath.

    Like Joker says, the extra $200 in fees one would pay here rather than there is worth around $30g in borrowing power. But I think more investigation would have to be done regarding the high fee number. Is it to quickly generate reserves in a relatively newer condo, in which case the fees would rise more slowly over time? That seems prudent, and would actually help depress the sales value today, but not in 5 years — good for a buyer. Or could it be to pay down a surprise fix (roof) that’s currently financed with short term loan? Not sure, not really a condo expert.

  • The fire place is UGLY! Paint shmaint – but yes they should have done it to help move the property faster.

    The fee issue is a big deal. No doorman, gym, storage, pool, roof deck… but still the same $0.40-$0.50/sq ft.

  • This is my neighbor’s place (I’m in a smaller unit in one of the other buildings). He does have a roof deck and a parking spot.

    However, they originally listed this at $565k. Insane. But I don’t think $475 – $500k is out of line with what my other neighbors paid for similar units.

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