Good Deal or Not? “14 ft. windows” edition

700 7th Street Southwest

This unit is located at 700 7th Street, Southwest. The listing says:

“DRASTIC PRICE REDUCTION – A bright and spacious Penthouse condo in Town Square Towers w/ 14 & Laminated wood floors in Living area & a view toward the US Capitol.Large balcony to enjoy the view.This is a vibrant area with the new Waterfront development just 2 blocks& National Mall 3 blocks.Waterfront. 2 Metro Station,Safeway, Arena Stage just steps out the door.”

You can see more photos here.

This 1 bed/1 bath is going for $295,000 ($1,196 monthly fee.)

17 Comment

  • binpetworth

    What’s up with the monthly fee being higher than the actual mortgage?!

    • It’s probably a Co-op.

      • you’re correct that it is a Co-op, and they pay for pretty much everything out of that monthly fee. I think the only thing not covered at that co-op is cable (iirc, it was last year that I looked there, and I may be confusing it with another SW co-op).

        SW is a great neighborhood, I miss living there. And a 916 sq ft unit for under $300K is unheard of.

        • anything with a fee that high is NOT worth it. my condo fees are less then 1/5 of that and they cover everything those probably cover except for electricity and gas, and those bills don’t total up to the difference.

          • You might want to learn a little more about condo v co-op fees

          • houseintherear

            Your condo fee does not include real estate taxes or insurance, and a co-op fee does.

          • houseintherear

            To put it in perspective… this is an example of bills to be paid by a condo owner:
            Insurance & taxes~ $200
            Condo Fee (Maintenance)~ $250+
            Parking rental~ $150-200
            Gym & Pool Membership~ $100+
            Electricity, Water, & Gas Bill for 900 sq ft~ $250

            So this co-op fee is really not crazy. And you can still write off the taxes you pay on the underlying mortgage, even though it’s a part of your fee. For the price, this seems like a decent deal.

    • It’s crazy. And they’re never going to go down.

  • That seemed like a really good deal until I saw the monthly fee. Good God!

  • Id say GREAT deal if fees were $500. This place has a potential to be going for 500K with waterfront being built–but them fees will make it a tough sell.

  • Top floor units get very, very hot in the summer…..

    • Well your electric bill is part of your coop fee so blast the AC all summer.

      • Top floor units get hot and stuffy in the heat.
        AC provides coolness but does not eliminate stuffiness.
        Hard to describe unless ou have lived in a top floor unit.
        All the heat and humidity congregate on your floor.

  • Before I saw that monthly fee, I was ready to move to SW! Love the kitchen, balcony and the funky windows in the LR.

  • The fee is high because the building has a ton of amenities. The full listing says the community amenities are: Concierge, Elevator, Pool (Outdoor), Sauna, Security, Laundry Facilities, Exercise Room. Plus it comes with an underground parking space. Seems like a good deal to me.

    • still not a good deal. you’re looking at well over $2k a month when it is all said and done. Hypothetically, if you wanted to rent it, you’d be screwed.

      • as broken down by houseintherear above, it’s not unreasonable when you see it item by item. And $2,000 per month is not outrageous in a secured building for a unit that large.

        Plus, if you’re looking to purchase a property so you can rent it out, a co-op isn’t the sort of property you should be purchasing.

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