Good Deal or Not? “Rarely available TWO level condo” (owner request)

This condo is located at 2440 16th St, NW:

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The flier says:

“Rarely available TWO level condo features hardwood floors, working fireplace, open fl plan, lots of windows, w/ d hookup and more! Great location around the corner from Harris Teeter! This unit is larger than some of the 2 brs in bldg. FHA approved. Freshly painted!! New Price!!”

You can find more info here and a mouse on house tour here.

This 1 bed/1bath is going for $339,900 ($438 condo fee) – new price sound right?

34 Comment

  • I think this the price is good for the size and layout of the unit and the condition. The kitchen needs to be updated and I would reconfigure the lower level make better use of the space. I think you could easily make that 750 sq ft feel much bigger.

    • Yeah lower level layout is just plain horrible. Take out the fireplace, it’s killing your options and doesn’t even look all that cute.

      Me, I’d shuffle everything around and have a den — or maybe I’d just have a “den area” that’s open to the bedroom. Half that level is wasted space.

  • Don’t know about the price, but I find it ugly. And, if it matters, that is the lower level. The view in the bedroom photo is of the parking lot behind the building.

  • This is one of my favorite buildings! Agree the kitchen needs a redo and the place needs some general updating, but the price seems to reflect that (and the location!). Lower level not ideal, but I could live with it. Then again, we spent our first five years in DC in a basement apartment on the other side of the park.

  • I think this place has a lot going for a reasonably priced one bedroom. Good location, enough space for a young couple, easy access to Harris Teeter, park. If it comes down to $300k then it’s an even better deal – just needs a re-fitted kitchen.

    • Well, it’s already come down 50K from its original list and is now 36K under the last sale, so I’m not sure how willing the owner is going to be to drop another 39K off the price. 300K would be a pretty sweet deal, though.

  • I agree with others that the view from the lower-level bedroom is pretty depressing.

    It looks like the heating is electric baseboard heat, which I think is supposed to be VERY expensive.

    I don’t see a door at either end of the stairs leading from the living area to the bedroom area. If it were me, I’d want some kind of door for greater privacy.

    The listing says there’s a “washer-dryer hookup,” but I can’t figure out where in the layout the washer and dryer would be located.

  • I’d say it’s priced right! Someone could make this a super place with some updating. And I love the idea of a lower level bedroom, at the very least to avoid waking up to an upstairs neighbor’s footsteps/music/bed-rocking. Nice walk-in closet, too….

  • Its a nice place you can always get new cabinets and countertops for about $4 – $7K.

  • No dice; at 10% down the monthly carrying costs would be about $2200. I’ve seen apartments with nicer finishes in better locations that rent for under that.

    • Yeah but you generally can’t put 10% down these days. In the likely scenario that this is a first time homebuyer with good credit they’ll need 20-25% (I speak from recent experience).

  • Do people think of this area as Mount Pleasant? It is a pleasant location and at the top of a hill, as well as near Mt P, but I would call it Adams Morgan.

    • technically this is disputed, but it is not Mt. P.

      The neighborhood is Reed-Cooke (from the Cooke E.S. and Marie Reed E.S.) but this is not officially noted by DC, so Reed-Cooke gets lumped into Adams Morgan.

      Lanier Heights has the same issue – although I believe Lanier Heights is recognized by the city… not sure though.

      • I think technically, Mt. Pleasant does extend down that far to Florida Ave. I’ve seen Beekman place be listed as Mt. P. Those are old boundaries, but I believe they still stand.

        • Nope. Mt. Pleasant does not extend past Harvard Rd, it then bumps into Adams Morgan/Lanier Heights/Reed Cooke.

          Listings are listings… in the late 90’s houses at 13th & T NW were being listed as Dupont North. I kid you not.

    • The “legal subdivision” is Mount Pleasant, but I’d call it Adams Morgan (and I think most other people would too).

  • Does it come with a teleporter to get furniture down those stairs?

  • They should play up access to Meridan Hill Park. Lived in the bldg for years — best neighborhood park in the city — best 25-acre backyard money can buy. Also — good luck finding TWO-story condo for less than $350 in a good neighborhood.

  • You’ve gotta be out of your mind to spend $339k for a place that has bars on the windows.

  • The layout of this place is terrible for entertaining. Guests have to go through the bedroom and then closet to get to the bathroom. I like the concept of two levels, but I’d rather see the kitchen and living room on the lower level and the bedroom on the upper. It seems that would be doable in this unit.

    • I disagree that the kitchen/living room would be better on the lower level, for two reasons. One, you’d want entertaining space to be closer to the front door, not farther away. Second, you’d want the entertaining space to not be the lower level / quasi walkout basement space… as a courtesy to your guests, so they don’t have to deal with the extra depressing views. (I suppose some people might have different preferences, but I think this is what the vast majority would prefer.)

      But yeah, bathroom location is horrible, as is the general downstairs layout.

  • I wonder whose idea it was to make a two-level 750 sq ft unit? You lose a pretty significant chunk of your square footage to stairs. I hate the layouts and the finishes in this place. It is a great location though.

    More broadly, is it just me or is the market really tough for these units? A 20% down buyer would have to show up with ~$68K, and at least theoretically, closing costs. If I already had already got the $68K, I would keep going a while longer and then buy into a rowhouse. Or a newer building.

    • You can do FHA and only have 3.5% down which is a lot more doable for a 1st time homebuyer. Only issue is that then you have a few hundred a month in mortgage insurance.

      • I used to live in two story condo — it was great. Felt like a townhouse, not an apartment. As far as FHA goes, you could get into this place for a tiny fraction of $68K — 3.5 percent of $340 is less than $12K

        And the kitchen isn’t a problem, either… there’s opportunity here to make it your own. Why pay for somebody eles’s taste when you can pick your own?

  • I thought kitchens and bathrooms sell homes? Apparently the seller thinks hardwood floors sell homes. It’s a decent price but that kitchen needs a reno ASAP.

  • I think the layout on this place is a bit weird. There’s no restroom on the first floor and it appears that to access the lower level restroom you have to walk through the walk in closet.

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