Good Deal or Not? “Floor-to-ceiling windows” edition

This condo is located at 2125 14th St, NW:

View Larger Map

The listing says:

“Upscale, urban living in this sun-drenched 1BD+den condo in the heart of DC’s U Street corridor. Spacious, open layout featuring h/w, granite, SS appls, W/D. Floor-to-ceiling windows showcase city views. Great storage. Pet-friendly. Front desk concierge. Steps to METRO, shops & restaurants.”

You can find more info here and photos here.

This 1 bed/1 bath is going for $460,000.

48 Comment

  • Not a good deal. But there are lots of people who are willing to settle for paying a lot for a little in order to be close to their favorite cupcakery.

  • binpetworth

    Admittedly, this has amazing views. On the down side, though, assuming the buyer has a 20% down payment and gets a low, low mortgage rate (less than 4%), he/she will still need to cough up around $2200 a month when you add in the condo fee (almost $500).

  • Seems awfully high. Half a million for a one bedroom, even with its panoramic views of….the Reeves Center.

  • I’m in the condo market now and this is NOT a good deal.

  • The price of this place vs. 3 bedroom homes are available for $500 to 550K one mile north indicates the under value of home in the N Columbia heights area.

  • I’d buy it for $200K

  • I will never get used to seeing 1-bedroom condos going for almost $500k. Maybe I need to move back to Middle America, where I could get a mansion for that price.

  • looooooooooooooooooooooooooooooooooooooool.

    What a waste of money.

  • Unfortunately the people that don’t think this place is worth it have no idea what the DC market is like. This unit will be gone by the end of the week; I guarantee it. It’s a great builder (PN Hoffman) in a prime location with LOTS happening around it. It’s priced at a little over $550/sqft which is certianly reasonable for a new building in downtown DC.

    • a) U St is not “downtown”
      b) just because we don’t think it’s a good deal does not mean we don’t understand the market. That idiots will pay 500K for this are the same idiots that will pay 22$ for a jar of pickles
      c) If it doesn’t see in your guarenteed week, what do all of Popvilles posters get fomr you?

      • Just went under contract buddy! LOL!!

        • Hey KP– the great thing about the internet is that this kind of information is really easy to look-up. I just did, and no– this condo is not under contract. You just made it up.

          Good ol’ Redfin. Although if I were a realtor I’d be so nervous about these kinds of sites.

        • redfin is updated daily. And just to be sure, I emailed the listing agent, who informed me that the unit is still available.

    • Nope, because this town is full of stupid people with a lot of money. Have you taken that into consideration? 🙂

  • Reasonable price to buy into this neighborhood. I don’t get why people try to compare Dumpia Heights to U street as if they’re equal.

  • That’s $8,000 more than my three bedroom house in 16th Street Heights cost. No me gusta.

  • Between 9th and 16th on Ust and the 14th st corridor south of Florida is the BEST place to be right now. You cannot even compare Columbia Heights, Adams Morgan, 16th St Heights.

    This condo is SMACK in the middle of this area. This place will sell almost instantly.

    Why do people still not understand how a real estate market works. Yes, you can buy a mansion in middle america for this price (as my parents have, and actually for much less) but the problem is that leaves you in middle america. Want to live in the heart of the city and walk out your front door to the best shops, bars and restaurants? Well you are gonna have to pay for it.

    • “Want to live in the heart of the city and walk out your front door to the best shops, bars and restaurants? Well you are gonna have to pay for it.”

      Sounds like the dearest payments will be in the n o i s e you have to absorb.

    • Or you could live a few blocks away, and have $500.00 or more a month to spend on taxis to the same nightlife and amenities.

  • Considering what rents go for in this neighborhood – it seems reasonable (with the quote of $2500/mo carrying costs).
    Would I be willing to spend that? No but the market also supplies goods I have no use for but others do. I’d never buy a huge SUV but does that mean they shouldn’t make them? No, because sometimes I have to rent one.

    The big questions are:
    What are the regs for renting in this building?
    Any issues/litigation with builder?
    What percentage of teh building is owner occupied?

    • I can tell you what I know but do not take it as a final word as I am not a resident or a realtor. I just have friends that live in the building.

      Currently there are no regs for renting in the building. The condo board wants to put a cap on being able to rent and they are trying to do that right now. I have no idea what percent is owner occupied.

      Also, this building is not brand new. It is a great building that has been around a few years. And the builder did a very very good. I would certainly never be afraid of buying into a PN Hoffman building in the future.

  • I actually saw this place yesterday. Views are terrific, but the place is small and the kitchen intrudes on the living room more so than most small condos. I like the buidling and the area, but I bet it doesn’t quite go for this price. Similar units at similar price points in that buidling have languished on the market for months. My predicition is that they’ll drop the price in a few weeks, and it’ll end up selling for $420,000- $430,000

  • Union Row is supposedly rumored to have had corners cut in the building of the complex. I wouldn’t want to buy there even with the beautiful windows.

    • PN Hoffman is always accused of cutting corners (see teh buil;ding in Adams Morgan on Champlain that has had leaking problems since the day it was “finished:”)

      Best bet on a PN building is to buy after 10 years – if it is not falling down it’s a good deal.

  • Gosh, these types of posts make me fear the bubble. This is NOT a reasonable amount to pay for this, and access to cheap financing is the only way anybody would possibly pay such a ridiculous amount. Nobody buying this sort of place for this price would have any intention of actually paying the full amount of the note. They’re just expecting some bigger fool to come along later and buy it for more with more financing.

    Not all of the DC market is a house of cards, but I fear enough of it is that it’s going to crash the whole damn thing.

  • I actually live in this building and yes I bought my place. What the description doesn’t include is the convenience of having both a Yes market and CVS in the building. I can’t tell you how many times I realize I need something and I don’t even need to put on a coat to pick up any food item or prescriptions when I am sick.

    There have been a number of issues that came up since it was built in 2007 as expected, but that is why we had a two year warranty and the homeowners’ assoc. has a bond with the developers. For the most part, all major issues have been resolved.

    There are well over 10 bus lines that go within 2 blocks of the building, not to mention a metro stop.

    • Based on what you know since you live here, do you think it’s priced reasonably well considering the amenities you mentioned? Would love to hear/see your opinion.

      • me

        I’d like to add my opinion, though it differs from reneeb’s. I just moved from here not long ago (yes, I owned a 2br/2ba place that I bought back in 2008). It wasn’t long for me to own it, but I left for MANY reasons.
        1) Horrible management.
        2) Condo fees almost $500/mo.
        3) Everything in the place was made with the cheapest options. I wanted to sand down the wood floor once to remove some scratches, but couldn’t do it even once because the floor was so thin, it would be nonexistent after having it done, even professionally. Our washer/dryer broke not much more than a year after we moved in (and we were the first owners). Finding a new combo washer/dryer that is not outrageously expensive for what they actually are is not easy. (We ended up buying a side by side that barely fit.)
        4) There are no cameras outside in the walkway back by the warehouses. People would break into the garages every week and steal bikes and damage cars- management would get blase about it because they said there was nothing they could do and the cops wouldn’t come. (Though if you’re in the Flats, you’re fine with cameras.)
        5) Neighbors were hit or miss, and while I find that to be the case in most places, I found most of my neighbors were either really high-strung or renters that would trash the place outside. (That’s not a bad thing of the building, but just a specific thing for me.)
        6) You are right across from the Reeves Ctr, which isn’t really the greatest place ever. The houses on V between 13/14 are sketchy. I would drive home from work and have to drive my car through an alley that would usually have a few guys in it, and they would be upset that I’d make them stop using their drugs in order for me to get my car through.
        7) I was mugged twice just going outside to get my mail.
        The good:
        1) I miss Gloria (a front desk person). She always put a smile on my face.
        2) Yeah, I kinda do miss being able to walk to CVS or Yes in my pyjamas.
        3) The windows are pretty cool. Easy to open via little places in the screen, but then again, the screens were really cheap and would fall apart if you used them more than occasionally.
        4) The walls are pretty sturdy and you can’t hear your neighbor, unless they’re having a raging party.

        It would totally be worth it if it were more around $375k. It’ll hold its value, for the most part. Most of my neighbors felt that the pros outweighed the cons- there were just a couple of personal incidents that happened that made me want to get the hell out of there. (And, seriously, $500 for condo fees? That takes care of a front desk person who gets your packages… and that’s about it.)

        • David, you got mugged twice going to get your mail? Say what??? The mailboxes are in the lobby. Who mugged you? Your neighbors dog??? Lmao! C’mon man!!!!

          • me

            Again, I lived in the Warehouses, where you had to walk outside in order to get to the building that had the mail. So yes, I got mugged twice in that brick walkway.

      • I do think it is worth that price. Although there were initial problems, I haven’t found a new build in such a popular area with better fixtures. The management fees may seem high but they also include water utility, 24 hr concierge service, constant maintenance such as wall paint, and the common areas are cleaned every other business day, trash removal, and free coffee in the social room 24hrs a day. One of the benefits of a high rise is that I never have to take out trash cans or shovel snow.

        Safety in the area has improved greatly since I moved in 2008. While there is a periodic bike theft, additional foot traffic in the area has increased safety.

        A unit very similar to this one but with a parking space just sold for $475k.

  • IMO this is over priced. Full disclosure: I am a realtor.

    If the unit included a parking space the price would be more appropriate.

    The “06” tier in this building has two floor plans. One that has a taxable square footage of 801 sqft (with 1 Full Bath) and one that has a taxable square footage of 873 sqft (with 2 Full Baths).

    This unit, 706, is of the smaller variety (801 sqft 1 Full Bath), and without parking which, in a garage, usually goes for about 40-50k in this location.

    Currently, unit 406, three floors lower, is under contract. It is of the larger variety (873 taxable sqft, 2 Full Baths) AND includes parking. It took 151 days to get it under contract and the asking price had to be lowered from 499k to 479k. We won’t know what the sales price is until it settles.

    Unit 506 sold early last Summer for 475k. This was also the larger option with two full baths and included parking. Obviously the real estate market is in a different place from last May but nonetheless, I would have a hard time paying a similar price for a smaller unit without parking—even if the view is from 2 stories higher.

  • The inside of this building smells like mushrooms. No joke.

  • I own in this building and wanted to chime in with another view. I love the layout of our condo, similar to the one sold here. At dinner parties, we always end up around the island, and it’s one of the features that people comment on most when they visit. I’m hosting a baking class at my friends’ request next month, since my kitchen has that kind of layout! I’ve really enjoyed getting to know my neighbors and have made great and lasting friendships in the building.

    I’ve not had a security issue in the 4 years living in the area (knock on wood) and haven’t felt any more unsafe in this neighborhood than others in DC.

    The location is unbeatable – my commute to work is 15 minutes. With all the bus lines, bike lanes and metro stops within a short distance, I can get anywhere quickly. Sure, there are downsides to living so close to a popular nightlife area, but that evens out with the ability to walk out my door to tons of restaurants, stores, cafes and bars.

    I can’t really speak to it being overpriced as I’m not checking out the market regularly these days. I don’t particularly like the condo fees, but they cover a lot of stuff I would normally need to pay for as a house owner, similar to what another poster pointed out. The outstanding issues with the developer have pretty much been resolved. The management of the building has improved with a new management company and board over the past year. I’m personally really happy with my investment.

  • If it had parking, this unit would be sold in a matter of days at that price. 1 block to metro; Yes Organic Market, CVS, Eatonville, and dry cleaners on the ground floor; great views, nice lobby and interiors, concierge, etc. But no parking is a downside, so my guess is they will get something less, maybe $449K.

  • wow. this place is way overpriced. I’m a fan of some modernist architecture, but I think DC’s version of loft apartments is pretty lame. Exposed duct work is cool in New York, when you’re in a Soho loft with 20ft ceilings, big spaces, big windows, and iron columns. It all adds to the charm somehow:

    But when you’re in an itty bitty place like this, the exposed wiring and duct work just look sloppy. Like the builders were too lazy to put all that stuff behind dry wall or ceiling panels. Aesthetics aside and considering how overpriced DC is, this probably won’t sell unless it were priced closer to $400K or even $375K. It would be worth considerably more if it had parking.

    And I don’t know about you guys, but I’m not a big fan of U St. I like going over there for outings and dinners, but I can’t get over the fact that U St looks really ghetto still. I don’t understand the person willing to shell out close to half a million for a 1 bedroom in the middle of what looks like the ghetto.

    • I get that people’s standards are different for what constitutes a “nice” neighborhood, “transitional” neighborhood, etc.

      Nonetheless, given how much U Street has changed/gentrified in the past 10 years, I’m thinking that if Wow considers U Street “ghetto,” he/she must have very exacting standards indeed.

    • I wanted to respond to the idea of exposed ductwork, etc. that wow talks about. I remember when builders started doing these loft-style apartments in DC and I am not a fan. I actually like the exposed beams/ductwork in actual lofts in NYC (read: SoHo). It’s authentic and in that context, it is cool (if you like that kind of thing). I really do not like loft-style apartments where builders take a box and turn it into an apartment in the style of a loft when it is not a loft and never truly will be. It seems so artificial and as wow said, “…it looks sloppy.” I agree with this. As for the quality of PN Hoffman buildings/apartments, I’m not a fan. I have seen several. When I first walk into one of their apartments, there is a “nice” factor that I appreciate, if one tends to like modern, open-floor plans. Especially when a building is new, the apartments look nice. I have always thought, though, that the workmanship and finishes tend towards the cheap. When kitchens or bathrooms have sleek clean looks, I look to see what the materials are and the quality and what I’ve observed is that the space looks nice enough but the quality, materials or workmanship is cheap and it makes me think that they put in certain finishes because builders know that that is what the majority of the market will look for. Let me give an example: SS appliances – this is all well and fine but if one is a chef/cook, ss appliances does not equal a chef or gourmet kitchen necessarily. Not at all. But, so many homes on the market still follow this trend because people think that SS equals high end, chef/gourmet kitchen. I have heard of problems with PN Hoffman buildings. I wouldn’t have gone as far as to predict those problems but I’m not surprised. I think PN Hoffman places look nice at first look but I still would wonder about the quality once below the surface.

Comments are closed.