Good Deal or Not? “marble floor entrance” edition

This condo is located at 1314 W St, NW:

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The flier says:

“Beautiful 2 bed 1.5 bath condo in DC w/ marble floor entrance, hardwood floors, ceramic tile, granite counters, fireplace, stainless steel appliances. Sold as is.”

You can find more info here and photos here.

This 2 bed/1.5 bath is going for $322,900 ($212 monthly condo fee). This seems like a really good deal – am I missing something?

28 Comment

  • It looks like a lower level unit with little to no natural light. It’s still a pretty good price if you’re ok with that though…

  • That condo fee is insanely low!

    • Because the fee pays for next to nothing!

      • How is that any different than any other condo? 🙂

        • The fee in many condos pays for electric and gas in addition to water, trash removal, etc. It would naturally result in a higher fee.

        • My condo fee pays for electricity (all units), water, trash removal, snow removal, general maintenance (roofing, sidewalks, etc), lawn services, a parking lot, a pool, common area cleaning, lighting and more. Not all condo fees are built the same.

          • Yeah, but if you live in a big building then you’re sharing those services and common areas with a lot of other people. 1/500th of a pool does not amount to that much money. The condo fees that include electricity and heat are typically over $500/month, which is worthwhile for some people I guess. My cousin uses a lot of heat in the winter so she thinks it’s worth it.

  • It’s a basement, most buyers don’t want a basement condo.

  • There may be some issues considering it’s sold “as-is”

  • Yeah, that is a good price, even for a basement. Given it’s in that location and hasn’t sold for almost 2 months at that price, there is something else going on. The “as-is” is a hint. It looks like there is some mold/water issue in the den area based on the picture.

  • As is? Price too good to be true?

    Yeah, I would expect some surprises.

  • Agreed. Even for a basement apt, its priced rather low for a 2 bedroom near U Street. Thus, there has to be a horrible catch. Still, this would be a good deal if the “catch” is very fixable.

  • Maybe it’s rat-infested and constantly on fire…

  • I’m guessing water problems given that it’s a basement.

  • It’s sold “As is” because its an REO property.

  • When a listing says “sold as is” that’s generally a red flag and could explain the price.

    • Yeah, every “as-is” that I’ve seen has been in terrible condition. Whatever you were saving in mortgage payments you would pay twice- or thrice-fold in repairs. If it just needs something easy like a new kitchen the seller will almost always do it himself.

  • When you live below sea level there is always water issues.

  • This is a bank-owned foreclosure. That’s why the price is so low and the details are pretty sparse. All foreclosures are as-is. I’d say this is a pretty good deal. The unit sold for almost $100k more than asking price in 2005. I don’t see the mold that other people mentioned, but it’s been vacant for a while so there’s no one to make sure the sump pump has been on and working or that no water is coming in. I’d say if someone was looking in this area and didn’t mind living in a basement that this would be worth the minor extra work.

  • Wood floors in a basement apartment = horrible idea. Check “family room #3” image. Looks like water damage.

    • Really? I think carpeting is a much worse idea in basement apartments, due to dampness, etc.

      • Tile. Wood and carpet are both inappropriate. At least with cheap carpet you rip it up and spend a few hundred replacing if it gets wet. Wood warps and costs a lot.

        • I guess we’ll have to agree to disagree. Nearly every basement apartment I’ve seen has wood floors and no one I know has had big problems with them. I guess it’s a question of proper care/maintenance/getting a dehumidifier if needed.

  • I think its a red flag when none of the bedroom shots actually show the entire room, just one wall. My experience has been that it means the bedrooms are nothing more than oversize closets that wouldn’t fit a full size bed. Pretty much every place I have been in lately that has more than one bedroom has the tiniest bedrooms imaginable. So the price may be right if one of the BRs is only good as an office. its more of a “one plus den” set up.

  • (Boring) Marble Floor Entrance!

    If you’re going to advertise it, at least make sure it’s interesting first.

  • Close to some pretty good gas station sandwiches. Obviously a good deal!

  • I lived here for a year and a half recently, when the previous owner was renting it out. The appliances are all new and the apartment is in good condition. We had no insect or rodent problems or problems with the flooring, even during heavy rains, and the place gets good light for a basement unit. My guess is that the low price is mostly due to the foreclosure. The bedrooms (especially the 2nd one) are very small, and the space can be tight.

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