Good Deal or Not? “Approx 1700 to 1800 sq ft.” edition

This condo is located at 2128 1st Street, NW:

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The listing says:

“This is 1 of two, 2 level, 3BR/3Ba unit in stately Victorian. Approx 1700 to 1800 sq ft. FHA Approval Pending.- Condos approved by DC – may now write contract. Open House Sun 2-4pm 7/1. 3 blocks f/ McMillan Project-upcoming 25 acre mixed use (retail/comm/condos) set to break ground in 2013. Near Rustik, Boundary Stone, Bloomingdale restaurants/bars. All info deemed reliable but not guaranteed”

You can see more photos here.

This 3 bed/3 bath is going for $599,990 ($229 monthly condo fee.)

25 Comment

  • Total bummer – another neighborhood where these gorgeous homes are being chopped up into condos. Stop the massacre of these beautiful homes. Anyway, I’d like to know which floors this condo is, it it top 2, middle 2, only one level? Really can’t tell.

    • Based on the view out the windows, I would guess upper two levels.

    • Ahhh I miss 1997, back when Biggie was still alive, and back when I could have easily bought the entire shell that this house was then for somewhere around $30,000… *sigh*

    • What would you suggest be done with these enormous houses? There aren’t that many people out there who can afford the whole house. Isn’t it better to restore them as condos and bring some vitality to the neighborhood?

      • I hear what you are saying. The total square footage for this entire building is probably about 3,000 (give or take a couple of hundred), which isn’t huge but is definitely big. In Bloomingdale, a place this size could be in the neighborhood of 500 to 700 thousand (if it’s been rehabbed). Certainly not cheap but if you’re in the market for housing, probably one of the more affordable neighborhoods in the city still. So, possibly manageable for a SFH. The motivation for the rehab into condos for this place (even though you could only get 2) was financial profit. The developer wasn’t looking to make a neighborhood more vibrant. I am much more understanding, though still think it’s a shame, when homes that are 4 to 6 thousand square feet are divided into condos. If these are chopped up into condos, it makes more sense to me, though a part of me wishes those could remain the grand places they might have been at one point.

  • You can buy a whole house, with a rentable basement unit, for that same price just a few blocks away.

    • And it’s not only across North Capitol from BloMi… it’s ON North Capitol.

    • Just because the sales price is $550k doesn’t mean that you have to offer $550k… This place does have nicer finishes, and a roof deck where you can clearly see fireworks at the Monument. It’s quite nicely done and spacious. Eventually condos like this will dry up and cost more overall because people will get tired of living in buildings with elevators in them, but I prefer having a whole house myself.

  • devoe

    I guess this is a fair deal, assuming that the work was done well, but what is really interesting about this listing is that the McMillan redevelopment is being portrayed as (a) a selling point and (b) set to break ground in 2013.

    I wouldn’t think that most buyers would want to be near the Columbia Heights redux that has been planned for that park.

  • This is a ludicrous price for that location– and for only part of a building.

  • I looked at these places just for fun and thought they were beautifully renovated. In fact, this reno convinced me that breaking up the homes into condos isn’t always a bad idea. They have a surprising amount of space and look great. I’m very surprised, however, that the bottom unit sold and the top unit is still on the market, cause I thought the top unit would go ASAP, mainly cause it was on top. Overall, I agree that $600,000 is a lot to pay and I’d opt instead to buy a whole house in NE for that amount, but it is a really nice condo.

  • I would be very wary about buying a condo in a building with only two units. Every condo association has one totally nut and obnoxious member, and if it just two, it is only you to contend with him/her (unless you are the obnoxious one).

    It could be a recipe for endless conflict.

    • Point well taken.

      I wonder what would happen if you married the person who owned the other unit? Could you agree to disband the condos and make them legally, not necessarily physically, into a single residence?

      • If the top owner actually got along with the bottom owner, they could take steps to adjust/lower the condo fee. I know people who’ve done this – renegotiating maintenance contracts, etc and lowering the fees. One advantage to a very small condo building.

      • From what I remember from a similar case 7-8 years ago, you can combine tax lots, provided that there’s a physical way to get from one property to the other. It can be a door that’s locked all the time, but there does have to be a connection of some kind. If there’s a common entryway, that might satisfy it, but I’m not certain (my case was a little different — 2 adjacent buildings that the owner wanted to combine into one property).

  • I dont much care for condos, especially in small associations, the smaller the worse.

    But, I think there’s ample justification in the comps for this.

    Just last week, a whole house on the NE side of North Capitol sold for somewhere around $580k. It was a few blocks south and actually on North Capitol, I believe where North Capitol is at grade, so even noisier.

    Bloomingdale, LeDroit, and Western Eckington have appreciated a ton in just 1-2 years.

    If someone doesnt pay this much for this condo, it seems only a matter of months till they do. There’s a ridiculously low supply and this is the time of the year with historically high supply…

  • I don’t see how you could possibly call this a “good deal”. I don’t have any issue with turning big old Victorian’s into condo’s if they are well done. But I’m a bit sad and alarmed about what’s happening with real estate prices. And I think it doesn’t make ANY sense to pay this kind of money for that condo. Add condo fees to that. And small association issues to boot. Way. Overpriced. Would like to see the comps that justify the list price for this one. Looks like a nice reno but finishes are cookie cutter. Higher end cookie cutter, albeit. But boring.

  • I looked at this place a few weeks ago. Looks great, but the lumber used for the trim and baseboards was green. When it dries over the next few years it will warp and change size. It will all have to be replaced.

    • How could you tell that the wood was green? As someone looking to buy, I’m curious what I should keep an eye out for.

    • I strongly doubt that since it’s painted. Almost certainly, they used than finger jointed pine, paint-grade, lumber. If you’re going to paint trim, its a huge waste of money to buy any sort of solid wood lumber – you cant tell the difference when its painted (in fact the finger jointed stuff can give you a much nicer finish).

      Besides, how can you tell the moisture content of wood by looking at it?

  • Good deal? No.
    What you would expect for a newly renovated condo in Bloomingdale? Just about.

    Will it go for this? I’d guess just under.

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