This condo is located at 46 N St, NW:
The listing says:
“Capitol Triangle Condominiums-the newest name in sophisticated urban living! These 4 residences feature 2,000 square feet of luxurious state-of-the-art space, each with a fabulous kitchen, media and leisure rooms, 2 bedrooms & 2.5 custom baths. All four two-level homes offer outdoor space and secure private parking. Only moments from the city’s nightlife.”
You can see more photos here.
We previously judged the building when it was nearly completed here.
This 2 bed/2.5 bath is going for $595,000 ($342 monthly condo fee.)
Can’t you still get a house for roughly this much in this area?
Survey says… no!
http://www.redfin.com/homes-for-sale#!lat=38.9091348313055&long=-77.01460808515549&market=dc&uipt=3,1&v=8&zoomLevel=17
Oops, missed this one!
http://www.redfin.com/DC/Washington/72-O-St-NW-20001/home/9888695
I visited this one – it is NICE inside. A bit small though.
Located 1 block from SOME!
And about 300 ft from where Rayful Edmond used to run the city. Pretty amazing how things have changed in 20 years.
I thought Rayful ran the city from Orleans Place NE (off 6th between Florida and K), where his grandma lived? Or was that simply where the track was?
Not really into having large covered air ducts running through every room, with a lighting fixture right next to it to boot and no amenities add to its lack of charm. If I were looking in the 600k range I definitely would not be interested in t his place.
How many hundreds of thousands?
Yes, you can totally get a house in this area for a few more dollars. It’s beyond me why anyone would spend nearly $600K for a condo on New York Avenue. These condos would be a good deal at the $500K level.
Seems pricey, and the floor plan in the slideshow is very confusing.
How on EARTH are these 1,800-2,000 sq ft? That looks like a gross overestimate. The parking is a nice feature, but then the Ikea kitchen was not laid out well at all (and I hope the buyer likes black). And given that the pictures shown are of the 1st floor / basement unit, the price should be lower. It should be closer to $500k. Or maybe even $475k.
I feel bad for the architect who must have been instructed that he had a budget of about three hundred dollars for the building’s exterior and was forced to opt for 1970′s Well-Intentioned-But-Destined-to-be-Blight-Government-Housing Chic.
So a block away on N Street there was a new build 2-unit condo that was selling in the mid 500s last year. It sat for a long time. I think they eventually sold. I owned on that block and unfortunately the trash and loitering are a force you just can’t mitigate, not to mention SOME. Depending on what they do with Brass Knob building, it could come around. However, if I was building a new condo a block from Sursum Corda and in the last ungentrified slice of NWDC, I surely wouldn’t choose Section-8-tenement-colored brown brick as my finish.
Sursum Corda’s scheduled to become this, right? http://www.hensondevelopmentco.com/index.cfm?page=upcomingProjects
Eew ick
bad deal, we saw a nice renovated house around 1st and O for mid 400s that’s still on the market I think (same block as SOME)
not crazy about this area though I would rather live in shot-in-the-face ville any day
$600k in that area for a CONDO? Not, not and not a good deal. Holy cow.
Examples, this 4 bed 2.5 bath HOUSE on the SAME BLOCK is $599k. Granted, not redone, but a proper house. http://www.trulia.com/property/1039979255-11-N-St-NW-Washington-DC-20001
Or how about this gem that is redone just a few blocks away 3 bed 3.5 bath proper row house, roof deck and all $599k. http://www.trulia.com/property/3073660357-226-Florida-Ave-NW-Washington-DC-20001
Finally, this nicely renovated proper house 3 beds 1.5 baths just ONE block away on O St. $439k. http://www.trulia.com/property/3058690724-72-O-St-NW-Washington-DC-20001
These condos are crazy over price. IMO.
terrible deal – so many better condos in so many nicer neighborhoods. I own right up the street… happen to know they made all kinds of mistakes during construction they had to fix… messed up drainage in the basement, messed up the rock wall, built a super ugly building across the street from a much better example. WAY overpriced. stupid parking area with electric gate is the worst part.
I think $550k is the absolute floor for the top units. I think the location is superb. Despite issues already mentioned above, you are only a stone’s throw from metro and tons of scheduled development. If I were a buyer today, I’d be thinking about how that would the price in <5 years' time. That's kind of speculative appraisal of value here is one reason home price near here have shot up in the last few years. Once all that new development comes, it's going thrust prices up even higher. The question is whether you can wait a few years…
Are you the Realtor for this property? Seriously? A “superb” area? Also, regarding the development that is supposed to come. I think we have seen what happens when people speculate about the development of an area and pay greater than the property is presently worth. We see development projects that don’t materialize, prices that don’t increase as rapidly as anticipated, and scads of underwater mortgages. Luckily for the potential owners of these “superb[ly]” located condos, most mortgage companies will prevent them making the mistake because they will never appraise beyond the low 500s, and I think that’s being generous. When and if the anticipated development materializes and the loitering disappears, then you can think about asking $550K-$599K for these.
I’m someone who’s commented on this site hundreds of times, with varying opinions as to particular properties’ value relative to price.
Less nice properties — 2 bedroom rowhomes with dated renovations and less space have been selling above $500k nearby. So you tell me.
This is brand spanking new. There’s a premium for that.
It is a superb area, for those willing to wait 5 years… or less. The majority of new condos planned in DC are going to be built in Eckington and along North Capital. If one of those projects falters, there are other which will need built — unless we experience anothet economic catastrophe that sets back several different companies.
It should be noted that DC real estate has been going up for a long time now — only interrupted by the bursting of the credit bubble… which is the *only* reason anyone is this area would have an underwater mortgage. Guess what? There isn’t going to be another credit bubble. Credit is tight now.
Yes, my opinion is bullish… but all the evidence points toward a bullish attitude toward DC real estate — particularly in underdeveloped neighborhoods.
I agree – no way these are 2000 sq. ft. Not very attractive to me (the kitchen looks like a black hole), and why, oh why is the electrical panel smack in the middle of the wall between two windows in the living room??
Are you the Realtor for this property? Seriously? A “superb” area? Also, regarding the development that is supposed to come. I think we have seen what happens when people speculate about the development of an area and pay greater than the property is presently worth. We see development projects that don’t materialize, prices that don’t increase as rapidly as anticipated, and scads of underwater mortgages. Luckily for the potential owners of these “superb[ly]” located condos, most mortgage companies will prevent them making the mistake because they will never appraise beyond the low 500s, and I think that’s being generous. When and if the anticipated development materializes and the loitering disappears, then you can think about asking $550K-$599K for these.
sorry, responded to the wrong post
I’ll just never understand why people don’t put kitchen cabinets all the way up to the ceiling. All you’re doing with that extra, unused space is collecting dust.
If this is 1800-200 sf, it’s poorly configured. The kitchen seems small and looks kind of gaudy. The pillar in the living/dining room defeats the open floor plan and probably limits the furniture choices. At least the bedrooms are “regulation sized”. Still the price is getting close to what one could pay in more established neighborhood.