Good Deal or Not? “Bright Victorian End Unit w/ Balcony too” edition (reader request)

This condo is located at 636 Q St, NW:

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The flier says:

“* * $5,000 Buyer Credit * * Brand New 2BR/2BA w/ Parking Included – Bright Victorian End Unit w/ Balcony too, Open Floor Plan, Oak HWs, Big Stone & SS Kitchen, Recessed Lghts, Full Size W/ D, Ceil Spkrs, Ceramic BAs w/ Glas Shwers. Master Suite w/ Double Vanity BA, & Bright Southern Exposure – – CONVENTIONAL FINANCING ONLY”

You can find more info here and a video here (coincidentally it’s the same guy as Brookland video tour below) and some photos here.

$480,000 sound reasonable for this 2 bed/2bath?

21 Comment

  • Looks nice. I like that area despite the abundance of subsidized housing projects. In fact I live just a little south of there.

    It’s an average $/sqft for Shaw, so not a tremendous deal, but it’s fair.

    I’m always kind of sad to see these amazing homes carved up into multiple beige condos though.

  • that video is hilarious. the salsa music and the metrosexual are nice touches. seems like a decent price, but I’m still wary of shaw.

    • Really? That’s interesting because I bought right by Logan Circle a year or so ago and, while I love my place and the neighborhood, I am kind of kicking myself for not going a little further East in Shaw. This is based on the fact that I could see myself living there, feeling comfortable (something I wasn’t convinced of before I actually lived just a few blocks from that area) and I think you can get more for your money – not to mention I think that proportionally, property values are going to rise more than there here in Logan as the Logan name has already arrived and Shaw is still “up and coming”. That’s all based on the assumption that the plethora of big money projects coming to the area actually happen.

  • I think it is a pretty good deal and if you could get them down a little bit it would be a great one. All this is assuming that the quality is as good as it looks.

  • So, does conventional financing only mean 20% down-payment required? That’s just under 100K and I doubt many Shaw-interested buyers have that much cash sitting around. So, this might be on the market for awhile.

    I love the interior of that place. It’s wide open and really modern, dramatic feeling. You don’t see too many places like that in DC.

    I don’t love the area. Like someone else mentioned, Shaw has an abundance of low-income/subsidized housing. So, I’d be worried about long term profitability on this one.

    • Conventional financing doesn’t equal 20% down. It means traditional mortgages, no FHA or VA loans. You can get conventional financing for less 20% down payment, just have to pay private mortgage insurance (same as FHA)

    • The source for the 100K is called Mom & Dad, or raiding your own 401K (or your parent’s 401k/IRA), or liquidating your stocks (or your parent’s stocks) or maybe even from the sale of your home back in St. Louis (or where ever you came from).
      Considering that nice little housing bubble we’ve had, short of a fixer-upper, there isn’t too much more profit to be had for just breathing regardless. It’s not like this place is across the street from long term (non-senior) subsidized housing.

      Yes, it is a shame that this place was carved up and the distinctive top was crowded with another floor. Oh, well.

      • If you’re being sarcastic, then fine, but it sure didn’t come across that way. I think you’re being obnoxiously judgmental.

        So the only people who can buy this place have to rely on Mommy and Daddy? People know how to save, make wise investments and live frugally, you know, and sometimes they even apply their savings to a purchase of real estate. Imagine that.

  • I find the price a little outrageous, largely because I just got an entire, fully renovated, gorgeous, four-bedroom rowhouse for $5,000 more, less than ten blocks away (North Cap and Rhode Island).

    • But it’s at North Cap and Rhode Island…this is a far better location. I’m not sure if the price is right on this one, but I don’t think these two are necessarily comparable.

      I am torn about the location. There is a lot of subsidized housing, but there is also a ton of development going on on both ends here (lots on East U St to the North and lots down by the convention center). I’m no expert, but I predict that in the future, Shaw is going to develop nicely and be a great neighborhood, but will probably have problem pockets directly around the subsidized housing that will take a little longer to sort out. In the end, I do think that the gentrification of the neighborhood will reduce crime quite a lot, regardless of whether the subsidized housing goes anywhere immediately.

  • I would take this in a heartbeat if I was on the market. Gorgeous.

  • Overpriced. I bought last summer and was seriously considering several properties in the immediate area of this listing. Try walking around 6th and Q, NW around 8pm on a summer night and tell me what you see. It ain’t Biffy and Kip with their 2.5 kids and golden retriever. It’s Jamal, his idle hoodlums, and plenty of Olde English, sitting on the stoops of their damaged homes. Across the street there is a police car that sits nearly 24 hours a day by the Giant to preempt the gang activity.

    You can pay this price and wait for the communication building, or whatever the hell it’s called, to be built but by the time you see an appreciable increase in property value you’re ass is going to 187’d by Jamal and his friends for your golden retriever.

    • Agree. While I don’t think it’s overpriced, I don’t think it’s a good value. One floor? Damn. Kinda weak. And yet, someone will def pay it. It’s big. The price is in there. It’s cheaper than Yale Steam Laundry for instance.

      Great vid Phil. Mind mentioning who the shooter is?

    • you’ll also find me, my wife, and my German Shepherd who will gladly escort you back to whatever planet you come from. The neighborhood is fine … are there some areas that are not pristine? Absolutely. But if you just take a minute to speak with some of the people you seem to be so quick to stereotype, you will probably find that they are much more friendly than some of the “ilk” you surround yourself with. Sorry to sound so bitter, but seriously man … welcome to the year 2011 … get with the program

      • If the program is spending half a million for a one floor, 2 bedroom/bathroom, to live in something that needs an explanation of what is and what is not “pristine” I’ll skip the program.

        And just because you, your wife, and German Shepherd made a purchase based on faulty optimism doesn’t mean someone else should.

  • You really can’t do wrong buying that close to a metro. Eventually, it’s going to get way developed. 7th will turn into a 14th like place someday.

    The flip side is go 5 blocks east, you get at least a 3 bedroom. Some of the 3 bedrooms in Truxton are 2 beds up, 1 down as a separate apartment. So your mortgage would be something like 33% less with the rental income — to start. Do the math for rent increases after 10 years:

    $1000/month * 1.03^10 = $1344

    (“1.03” is a 3% rate of inflation per year)

    Your mortgage goes down in inflation-adjusted dollars AND real dollars. If it was $3k (not including rental income), it drops from $2k to $1666. Note: this scenario doesn’t account for inflation of your salary or outsize rental increases due to neighborhood development.

  • PoP … this was the house that I suggested you check out the pop up on. It looks a bit rough IMO … but the interiors look great for this place. Thanks for the post

  • I’m so sick of folks like “dubious” who write all sorts of stuff about my neighborhood and have NO CLUE what they’re writing about. This is a great neighborhood and the only issue I’ve had are the feral cats that keep me up in the morning.

    Plenty of “Olde English”- who the hell drinks that stuff? This is not NWA video! Goodness, I rather have “Jamal and his hoodlum friends” live next to me than you who assumes they’re hoodlum but never spoke a word to them. Ugh, the assumptions about black teens in DC just gets under my skin. Not all black teens are hoodlums!!! If you’re so intimidated, don’t live in DC.

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