Good Deal or Not? “Designed in 1960 by I.M. Pei” edition (reader request)

1101 3rd Street Southwest

This unit is located at 1101 3rd Street, SW:

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The listing says:

“Designed in 1960 by I.M. Pei, Waterfront Towers was thoughtfully renovated in ’09 to showcase an eco-friendly flair — lo-VOC paints, recycled carpets, & hi-eff appliances, HVAC, & lighting. Mod. amenities include concierge, security, wifi lounge, party rm, bike storage, courtyard, & fitness ctr. The unit boasts a gourmet KIT w/Wenge cabinets, Caesarstone counters, & SS appliances!”

You can see a virtual tour here.

This 1 bed/1 bath is going for $290,000 ($303 monthly fee.)

37 Comment

  • My friend bought a bigger condo at Navy Yard for less money. The point of buying/renting in SW is that it’s usually a bargain. If you got the extra dough, just live in Navy Yard where there is more stuff.

    • I haven’t seen any condos at Navy Yard for anything close to $290,000. Navy yard might have some bars and restaurants starting to show up (though there will undoubtedly be more) but it also won’t have an operational grocery store until at least 2014.

      • This was almost two years ago, so maybe the units aren’t there any more…but there were quite a bit of 1BR’s/studios at both CHT and Velocity for sale for a decent chunk under 300k.

  • Actually there is a lot there – restaurants Safeway eateries CVS a burger joint … and of course Le Metro

    • Yeah the grocery store is nice and Station 4 looks cool (even if the food is above average and overpriced). The Z-Burger is also sweet, I guess. But that’s kind of it unless you’re into theatre.

      Neither Navy Yard nor SW have a lot going on compared to downtown,,but for the near term, Navy Yard has more amenities. The ice rink, two coffee shops, Cornercopia, Gordon Biersch in a few weeks, Kruba Thai/Sushi, Justin’s Cafe, and FREAKING BLUEJACKET in a few months!

      I’m just trying to say I think this condo is overpriced. Another pal of mine bought a studio with more square feet for well over 100k less in Southwest.

    • And the most important, Jazz Night in Southwest.

  • I lived in this building wayyyyy back in the day (2000-01), when it was still all rentals, before it was renovated. You’re basically on top of the Metro station and that new Safeway there. Neighborhood is a million times nicer now than it was then. Third Street, between this building and the Greenleaf projects, was the site of a thriving open-air drug market back then — don’t know if it still is — but those projects aren’t going anywhere.

  • That place just reeks of “eco-flair”.

  • Can it be called a one-bedroom if the “bedroom” can’t be closed off entirely? Isn’t this an efficiency, technically?

    So dumb to put a “gourmet KIT” and brandname everything in a place that tiny.

  • So there’s no bedroom door? And why no pictures of the bedroom? It may be unintentional, but things like that always make me think the agent is trying to cover something up.

  • Is there anywhere else in the city that you can buy for 290K and be that close to the metro?

    • Um, lots of places. Tons of efficiencies in Columbia Heights, Adams Morgan, Dupont, Petworth, and Capitol Hill that are less than $300K.

      Brookland and RI Ave metro stops will definitely get you a real, full 1BR for less than $300K.

      This place is a converted studio apartment and asking $550/foot. I think it’s way overpriced. Those are U Street prices.

    • binpetworth

      There are several smaller condo buildings spitting distance from the Petworth metro (and near the soon-to-open Safeway) that regularly are priced around $250K; those units are 1 BR+ office and have comparable fees.

    • Stadium Armory!!!! GREAT neighborhood.

  • This looks extremely cheaply done. You can tell the appliances aren’t real stainless steel- they’re stainless “look.” Plus, this is hardly a one bedroom. I’d definitely classify it as a “junior one bedroom” since there is no door separating the bed from the living space. Way overpriced in my opinion.

  • I used to live in that neighborhood and Le Jokeur is wrong…this isn’t Navy Yard, it is SW. The other buildings that you can buy for way less than 300k down there have astronomical condo fees (we’re talking 700-800 bucks).

    • I didn’t say it was Navy Yard. I said Navy Yard has more going on than SW.

      And my friend’s studio he bought for less than 200k has only $300 condo fees.

      • And Capitol Hill Tower is a co-op, so the fee would naturally be higher than a comparable condo (like Velocity).

  • The big question I would have is what will the going rate be for the new condos (of comparable size) to be delivered in the next 2-5 years in SW Waterfront redevelopment?
    I would fear that brand new buildings (with in-unit W/D, fancy gyms, pet spas…) would go for a slight premium and would limit the resale potential of this unit. Why pay $300K for a 60s condo-conversion when you could pay (speaking hypothetically here) $350K for a brand-new 1BR unit on/near the water?

    • Very good point. A lot of the older buildings in the SW area have very high monthly fees and aren’t selling well ($500-700 for a 1BR, $1000 for a 2 BR). They will be screwed over even more.

      • Many of the older buildings in SW are Co-Ops, which explains the high fees. The fees include taxes and in some cases electric/water, cable, etc.

  • David Garber

    Just FYI — this building will eventually be surrounded by even more new development on the parking lots that surround it now.

  • I love the light and the design! But $290 seems a bit high for a small 1 bedroom in SW. Once you take away the windows and designer furniture you’re not left with much. You can get a 1 bedroom in Cleve Park, Van Ness, U-Street, Shaw, or Columbia Heights for the same money, and those neighborhoods feel much more connected to the city.

    • Listen folks – as someone who is currently (actively) looking at condos, there are VERY VERY VERY few units out there in this price range that are 1-bedroom and updated in most of NW DC. There are efficiencies out there, but they are often TINY or severely outdated. It’s still a hot market in DC – a place I recently put an offer on had 4 offers within 3 days.

      • Totally agree. Condo searching right now blows. Recently put in a full-price offer on a place with a $16K escalation clause and someone still beat it. Sigh…’s to hoping there is more inventory in summer.

        • Maybe you guys should put an offer on this condo!

          • Maybe I shoudl put my condo on the market

          • It will sell quickly.

            But then you’ll need to find another place to live and rents are out of control right now. So yeah, it’s a Catch 22. The only people who should be selling are those who have plans to downsize, are willing to move to a crappier area of DC, or are leaving the metro area entirely. If you’re looking to get into a bigger place or a nicer neighborhood you’ll be competing with tons of other people at wild prices.

            If you’re a Baby Boomer or already retired, this an AWESOME time to sell that large house and downsize. This opportunity won’t come again to get such high prices. Once interest rates go up and budget cuts start finally pinching the region’s pockets, prices are going to flatline or decline.

    • It’s a short walk to the National Mall from here. How much more connected to the city can you get?

  • Is there an architectural version of the Hague? If so, I. M. Pei needs to be before it for L’Enfant Plaza (this one is maybe a misdemeanor). L’Enfant is the most soul crushingly ugly and pedestrian unfriendly building in DC.

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