Good Deal or Not? “Lovely/sizeable galley kitchen” edition

This condo is located at 614 Maryland Avenue, NE:

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The listing says:

“Charming Victorian 1BR condo in boutique bldg. situated on pretty block of mansions at Stanton Pk! Highly customized & featuring unique entry hall of closets into combo LR/DR w/fplc; bay windowed lge. BR w/DS area & MORE closets! Lovely/sizeable galley kitchen & updated bath;rich flooring;W/D &CAC;lots of light via dbl-pane windows. FANTASTIC location is EZ walk to Senate,Metro & CapHill haunts.”

You can see more photos here.

This 1 bed/1 bath is going for $300,000 ($138 monthly condo fee.)

11 Comment

  • The low ball fee is not smart for an old building where owners need to be willing not to defer maintenance.

    • Is the fee necessarily “lowball” just because it’s low?

      It doesn’t look like the building has an elevator, so that’s one big expense that’s out of the running. Other than the roof, what major expenses would a building like this incur? The HVAC is listed as being heat pumps, so there isn’t a shared HVAC system to worry about.

      • In an old building that like you sometimes have to completely rewire, replace plumbing, replace roofing… you still need pest control, to pay the management company, landscaping, maintenance, put money in the reserves every month, pay your master insurance policy…

        Fees that low make me wonder if the Board’s policy is to place a special assessment every time they want to make an improvement.

        I would rather pay a larger condo fee monthly than get slapped with a 5-10k assessment when the water heaters break (15k per! Ask me know I know).

  • I feel cramped just looking at the photos. And a ~$300 HOA fee for an older building with a common fireplace chimney to maintain? That doesn’t seem realistic.

  • Looked into the place…there are current tenants who have no intention of leaving and the seller wants to close asap essentially leaving the buyer with the problem of dealing with the tenants and DC (we know how DC tenant laws are…) This sounds good if you want an investment, but not if you want to move in.

    • I was thinking it was a pretty good deal. That explains why.

    • I thought the buyer has the right to give the tenants notice and kick them out if he/she is moving in him/herself. No?

      It does sound less than ideal, though.

      • You’d think it was that easy but DC tenant laws require a written notification granting 3 motnhs to vacate. If they haven’t left by then, you can begin the court process, which will probably be another 3 months to resolve plus costs.

        Other option is let them stay but raise the rent with a 30-60 day notice in hopes of getting them to move out. Problem is you’re on the hook for the mortgage and the place you’re renting (assuming you’re renting) so you have to hope the rent from the unit you’ve purchased covers the mortgage otherwise you’re paying more then just the rent.

        DC is one of the most tenant favorable cities you’ll find. This unit screams headache to me unless you’re an investor.

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