Good Deal or Not? “Sunlight filled” edition

This condo is located at 1101 Fairmont St, NW:

View Larger Map

The listing says:

“Sunlight filled luxurious 2 br’s, 2 fb’s pet friendly condo w/gleaming hardwood floors, granite counter tops,stainless steel appliances, gas fireplace, roof top deck just steps away, remote controlled skylights,recessed lights,ceiling fans, customized closets, in unit washer/dryer & just minutes from 2 metro stops. Close to DC city Target, Giant & other shopping.”

You can see a virtual tour here.

A different 2 bed/2 bath unit in this building just went under contract in 6 days for an asking price of $459,000 ($555 monthly condo fee.)

This 2 bed/2 bath is going for $429,000 ($407 monthly condo fee.)

20 Comment

  • Luxurious it is not but overall there are cute and cozy elements. Is the roofdeck private or does the entire building share the roofdeck? That would make a difference in terms of pricing. I can’t tell if it’s private because it says “steps away” so not sure.

  • $400K for 750 sq ft!? Dang. That’s pricey man.

  • For that location? No, I don’t think $429k is a good deal.

  • That is a high condo fee.

  • I looked at an identical condo in that building three years ago. It was around $450k, I believe. It’s a really charming building on a pretty block. I had liked it a lot, it was just that the rooms were a bit tight. But it has a lot more character than so many of the newly gutted or newly built condos that are out there.

  • I keep looking for a place and keep running into to a couple of issues and this seems to combine both of them.
    – Too high of a condo fee (making a stretch for my budget out of reach)
    – Too small of rooms (in particular the second room)
    – No full 2nd bath (although this one does have that)
    That said the price itself doesn’t seem too bad. I’m sure it’ll go fairly quickly for about $10k under asking if my (completely unprofessional) opinion holds true.

  • It looks really nice but it is priced higher than I expected. That condo fee is outrageous.

  • At today’s interest rates, that Condo fee buys you an extra 100k worth of house and the payment would be tax deductible, unlilke the condo fee. At $560k, I believe you can stilll buy a whole renovated row house in Columbia Heights that is bigger. Actually, the PoP monthly real estate runs confirms this as one sold on Perry Place last month for not much more.

    • You can’t really look at it this way. Most condo fees cover things like insurance, property maintenance, trash disposal, etc. You are still going to have to budget for all of those costs if you buy a rowhouse. So, it’s not like the condo fee is really an “extra” cost. At least that’s true if the condo fee is self-managed and you’re not paying a management company.

      • $5000/year seems like an awful lot to get your trash taken away

      • Your comparison of condo fees to the costs of house ownership is inapt. Home owner’s insurance is usually added to the monthly payment to the mortgage servicer and is not expensive. Trash disposal/collection is covered by the DC DPW so there is no out-of-pocket cost borne by the home owner, except for maybe the cost of the garbage and recycle bins. Even factoring in property maintenance, such as yard work (which is seasonal), major appliances (if old you could obtain home owner warranties for less $500/yr), and misc. stuff (like air filter replacements), I doubt one would spend $6660/yr in upkeep costs for a 2-4 BR house (I owned a 3 BR house until a few months ago, and I was not shelling out $6000/yr!). For a condo building this size $555 in condo fees is high.

    • I don’t think you can get a fully renovated townhouse in Columbia Heights for under 600k — I have seen very few of them even for sale at all lately. You can if you go further north into Petworth. I think the one on Perry Place was a condo carved out of a townhouse, not the full townhouse. Could be wrong, though.

  • i think the bedrooms are small. also, why do you want a fan. that looks dated. someone should have read better magazines before their redesign. or just used common sense. seriously, why put a fan there?

    • I’m going to guess that it’s because there is no central air/AC, so in the hot summers there will be fans and/or window units to cool down the place.

  • Just checked out the place and thought it was very nice. Top floor with roof deck up one floor is hard to beat for that price in this kind of condition. Found the rooms to be plenty spacious for queen beds in both and full baths. Loved the ceiling fans in all the rooms and noticed it as full central AC so a nice option to use fans until DC humidity kicks in.

    Condo fee appears high but talked with owner and said it was just raised to that after 3 years so at least won’t go up for awhile (unlike the low fee I moved into with my building which was raised 2 months later). This fee is also $100 less than the front unit that just went under contract 3 days ago. It also appears to cover the security camera surveillance, new fire escapes, building up their reserve and all other general services.

Comments are closed.