Good Deal or Not? “Perched well above street level” edition

This coop is located at 1832 Biltmore Street, NW:

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The listing says:

“Perched well above street level, this bay front home boasts lovely views out of oversized windows! Granite/Stainless table-space kitchen with high end finishes. Large open living room with crown moldings. Custom closets, heart-pine floors, 9′ ceilings, W/D in unit updated vintage BA w/clawfoot tub. Cats OK, X storage, bike room. Central Air can be installed. Walk to Metro.”

You can see more photos here.

This 2 bed/ 1 bath is going for $475,000 ($493 monthly coop fee.)

36 Comment

  • Can’t help but think a condo/mortgage bubble is coming, Financing this unit, not even considering the condo fees will cost around $3,000 a month… Much more cost than renting a larger unit with 2 bathrooms. With so many units around, it’s impossible to sustain market growth and stability with all of these high prices, buyers will come out of yet another housing market meltdown with underwater properties. There’s no way a 2BR 1BA unit should be selling for this much in this kind of market. It’s irresponsible pricing in my opinion, and I’ve seen it on so many units out there lately. Take that money, add $100k more to it and buy a row house… Much more sound investment at that price point IMO…

    • Agreed on all your points, especially the real estate bubble in DC right now. This city never suffered like the rest of the country and we’re long overdue for a price correction. A buyer would be lucky if they could get $2500/month to rent this thing out. Add in taxes, the condo fees, maintenance, and insurance – you’re looking at a $750/month premium to own rather then rent.

      Also, I noticed that this is all staging furniture. Which means they are long gone and looking to sell ASAP. I’d take a very hardline on the price negotiations.

      Half a million and no central air? Child, please.

      • Not so sure about your market analysis of the heart of Adams Morgan. A friend of mine recently looked at a small one br on Columbia Road for $2800 and a tiny studio on Biltmore for $2200.

        It’s an expensive area for sure, and it seems to me that rents have actually gone up faster than the sales market in the last three to four years.

    • I agree this is somewhat overpriced, but I don’t really agree with your logic. In general, $3,000/month for a 2 bedroom is not an unusual rate in the city. Yes, you can get 2 bedrooms for substantially less, but you can also find them for more. Housing is costly in Washington, DC.

      Also, please show me where I can get an entire rowhome in this area of Adams Morgan for $600k. If you can’t, you might be one of the many posters who view DC as one large neighborhood with no distinction in living costs.

      “$3000 for a 2 bedroom on U Street!?! That’s insane. I only pay $500 for my two bedroom. Sure, it’s in Trinidad and a mile from the metro, but sheesh!”

      • But this isn’t a real 2 bedroom! It’s a one bedroom with a nursery or office. And the second “bedroom” is actually connected to the first bedroom with a sliding door – there’s not even a real sense of privacy. Yes, the location is pretty good, but it’s not so good to justify a half million dollar price tag for a 1.5 bedroom/1 bath place. This place will only fetch $2500/month in rent at the top of the range. There’s no way you can rent this out for $3000/month. I pay that much for a massive 1800 sq foot 2 bedroom/2.5 bath loft off U Street.

        I know homeowners on PoP’ville have an interest in talking up housing values here. But some of you are becoming utterly detached from reality, a la 2006 bubble in Las Vegas. Anyone who pays half a million dollars for a 1.5 bed/1 bath in a walk-up building deserves the underwater mortgage that they will have on their hands.

      • When buying a house or condo, it’s always important to look at the perspective of someone buying it from you afterwards. There is no room for the value on this unit to climb, even if it’s heavily renovated, because of it’s size. if you buy in at asking price, and turn around to sell it (barring the idea that DC will turn into NY which won’t ever happen) you won’t have any equity, and may come out owing more money. The number one mistake home buyers make is forgetting that the location they want isn’t necessarily the best location to invest in. Petworth and Col. Hts. are much better places to invest in at that price level, and you may even buy a place with a parking space.

        • There are other markets in the US and really worldwide where DC still is less expensive to purchase property, not just NYC: San Francisco, Boston, LA.

          There is no reason to believe that DC will not rise to land values that exist in those markets, if not surpass them. If you visit any of those cities or any number of another, you will see that Washington is the fastest growing real estate market in the country….many think top in the world.

          I have said this many times on here before, but I really don’t think people realize how wealthy of a region the suburbs of this area are.

          5 out of 10 counties are within 30miles of this property. Get out of here that that you think property is overpriced in this town. This city sat basically undeveloped from 1960-1995 and now many of those suburban kids are moving into the city and bringing that family assistance to help with the down payment.

    • I think this place is priced right.

      You cannot get a rowhouse in this neighborhood for $575k. A typical rowhouse on this street is valued at around $1.5M.

  • binpetworth

    This is somewhat overpriced. I have a good friend who bought a 2BR/1BA only 2 blocks away, with very similar building amenities and monthly fees, but paid $390K for her unit, and got a sun-room with a great top floor view to boot.

  • Definitely overpriced considering it’s a long walk from metro and there’s no central AC. If the coop fees were low, it would be one thing — but even assuming these include income taxes the fees are high.

    • Proximity to metro is less important for pricing than you are assuming

      • If metro isn’t important, then I’m assuming that having a car is important. Have you seen the parking on these blocks? IMPOSSIBLE. One of the worst places to park in all of the city, IMO, especially on the weekends.

        • Most people who live in Adams Morgan (me included) get around without a car and without a metro.

        • I live on this street and own a car (sans parking spot), but only use the car on the weekends. As long as I’m home on Fri/Sat before, say 7ish, parking is fine. If it’s later, then I might be parking in Kalorama Sheridan or Woodley Park. Inconvenient, but it’s not the end of the world. Parking during the week is typically fine.

          And the metro in Woodley is a 10min walk. Super easy.

          • I personally don’t find the transport situation in this area to be much of a problem, as single, young, able-bodied man. The train is close enough and there’s a ton of buses around here, including the mini bus depot on Calvert at the bridge. And biking in this area is quite nice.

    • uh. . . property taxes?

    • It’s a 10 minute walk from Woodley Park Metro and a 15 minute walk from Columbia Heights Metro. It’s also a block away from 2 Capital Bikeshare stations and 10 bus lines (42, 43, 90, 92, 93, 96, H1, L2, X3 and Circulator). It also offers fast automobile access to Rock Creek Parkway via Calvert St.

      Minutes to Kalorama Park, Rock Creek Park trail access and Meridian Hill Park and Adams Morgan main streets (access to dozens of bars, restaurants, and shops).

      10 minute walk to Woodley Park and Mt Pleasant main streets, 15 minute walk to Dupont Circle, 20 minute walk to 14/U. Five grocery stores within a 10 minute walk including four within a 5 minute walk. Five gyms within a 10 minute walk.

      Remind me why Metro is so special again?

  • Generally agree that it’s high, but that’s a great location, and the place has nice character. It’s a half block from the 42/43 bus and 10 minutes from Woodley Park Metro. But that’s barely a second bedroom. It will be interesting to see what it fetches.

  • One of my favorite streets in DC…

  • “Central air can be installed”…. this thing is WAY over priced. Plus legally this doesn’t look like it can be called a 2 bedroom. There is no closet and it looks like it less than 7 ft. wide. The real estate agent needs to be careful here.

    • look closer at the layout diagram — there is in fact a closet adjacent to the small bedroom which you pass when entering from the hall. That’s all that’s legally required.

  • Nicer buildings further away from Metro have gotten higher prices. As a coop (which usually fetch lower prices), it’s probably 25K or so overpriced. The second bedroom is a bit small and lacks privacy but would work as an office or nursery. It’s actually not that far from Metro and on a very nice street, but close to restaurants, etc. w/o alot of noise. The lack of central air comments are a bit ludicrous–two window units would easily cool the space and probably at less cost (upfront and monthly) than full unit a/c. there are best address buildings with window units and no one seems to mind.

    • My comment about the lack of central AC was only refering to the price. It is expensive to install and not reflected in the overall price.

  • It may be a bit overpriced, but I used to live on Biltmore Street and agree with others that it is an awesome location!

  • Emmaleigh504

    I don’t think it’s overpriced for the location*. Biltmore is a beautiful street, close to all the nightlife without all the noise. This also a beautiful building. I haven’t been in this unit, but I’ve been in a similar apartment in the building and it was fabulous.

    I may be biased since Biltmore is my favorite street in the city.

  • You don’t need a closet for something to be a bedroom. It must have two points of entry (window and door).

  • Seems pricey. More like 410 – 440K.

  • How do you figure that financing will cost $3K month (not including coop fees)? If you put down 10% (standard for a coop) and finance the rest, you’re looking at a monthly mortgage payment well below $3K. Add in the fee and PMI and you might come closer to $3K.

  • Coming from someone who owns (but no longer lives) across the street, Biltmore is one of the nicest streets to live on in DC. It is NOT far from Metro (Woodley: 1 block plus the bridge is far? Maybe if you are on crutches) or you take the 42 bus. You are walking distance to running paths on Rock Creek and the zoo, two great park/playgrounds, and crawl by your elbows distance to coffee shops & night life, 3 things I miss since moving to Petworth. It’s actually a quiet street even on weekends. Parking is indeed a nightmare though.
    It’s not worth it to me, that’s why we moved, but we also have 2 kids and needed a better parking situation.

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