GDoN Revisited by Hipchickindc – 700 7th Street, SW #136


Hipchickindc is a licensed real estate broker. She is the founder of 10 Square Team and is affiliated with Keller Williams Capital Properties. 10 Square Team is a advertiser. Unless specifically noted, neither she nor the company that she is affiliated with represented any of the parties or were directly involved in the transaction reported below. Unless otherwise noted, the source of information is Metropolitan Regional Information Systems (MRIS), which is the local multiple listing system. Information is deemed reliable but not guaranteed.

Featured Property: 700 7th St SW #136
Legal Subdivision: RLA (SW)
Advertised Subdivision per Listing: RLA (SW)
Bedrooms: 1 Baths: 1 Parking: Offsite/Permit Required, On-site Prk/Rent Ownership: Condo
Square footage per listing: 740
Original List Price: $264,900.
List Price at Contract: $264,900.
Monthly Condo fee: $615.46
List Date: 3/9/2014
Days on Market: 49
Settled Sales Price: $255,000.
Seller Subsidy: $7860.
Settled price per square foot: $334.
Settlement Date: 5/30/2014
Bank Owned?: No Short Sale? No
Original GDoN post is: here.
The original listing can be seen here: here.

In addition to being sort of close to Nats Stadium and related development, as well as the already developed area around the SW Metro (DC Gov offices, Safeway, restaurants), there are major changes planned for this part of the city. Just like when Target in Columbia Heights was a giant fenced space for several years, people seem to wait to jump on the real estate until tangible signs of the development show up.

Although there are a number of cooperatively owned buildings in SW, this unit is condo ownership. Yes, the fee is relatively high at over $600/month, and no, because it is not a co-op, that does not include taxes. The fee includes utilities, a 24 hour front desk person, as well as pool maintenance.

There are currently 22 active listings for sale in the waterfront area of SW DC, ranging from $164,900 for a studio to $561,500. for a 3 bedroom condo townhome (there is also a house being offered as a development opportunity at $975,000.)

The listing agent was Damon Downing of Coldwell Banker Residential Brokerage. The buyer was represented by Lee Wells of Central Properties, LLC.

16 Comment

  • I wonder what went into the condo being sold for 9K less than the listing price.

    • It could be other comps on the market or recently sold around the same time frame. Or the seller and buyer simply haggled over the price.
      Knowing now that this is a condo – rather than a co-op – I think this is horribly overpriced. That $600/month fee is money down the toilet.

      • for a cash poor buyer, a low price and seller subsidy vs a high condo fee may be a good way to get in. I would think. How will this compare to renting?

        • with 20% down this will cost over $1900 a month including taxes, insurance, and condo fee. I don’t think that’s a great deal, even with the mortgage interest tax deduction.

          • as noted in the comments of the original post, the condo fee actually covers a lot of stuff, including utilities.

            “The condo fees can be a little daunting at first, but they include all utilities, 24-hour front desk, gym fees, and pool fees, plus twice yearly preventative maintenance on your HVAC unit and other in-house services.”

  • This is almost certainly going to be one of the hottest neighborhoods in a few years. If I were in the market to buy today, this is where I’d do it.

    • I actually just had this argument recently with my realtor bf. I agree and would totally buy here if I were in the market, he thinks there are still too many bad areas and public housing developments that aren’t going anywhere anytime soon.

      • 4th, 7th, and M (past the Sky House apartments is where it gets shady from block to block) are all fine. If you can get something in those 3 areas, you’re golden. I’m sure people said the same thing about Columbia Heights 15 years ago, and those that didn’t get in are kicking themselves now.

      • Columbia Heights and Petworth have tons of public housing and Section 8, but seem to be doing fine. SW will never be the next Chevy Chase, but it will attract lots of young yuppies with money. Housing prices have nowhere to go but up.

    • “Will be best neighborhood”: doubtful. This will be all new (boxy, cheap) construction, with no character and most likely too many tourists.

      • Nobody’s claiming that it will be the best neighborhood. Everybody knows that your neighborhood is the best neighborhood, and that to say otherwise is to hurt your ego really bad.

  • are seller subsidies of closing costs still a thing? only in SW? what gives?

    • When I got my condo in SW, the seller (or in this case the management team since the building hadn’t been sold out) paid my closing costs. This was 3 years ago. I think it’s to entice more people to buy in this area since the inventory is so thin, IDK…it’s a great help b/c not many have 10 grand in closing costs on top of the down payment.

    • What do you mean by “still a thing”?
      It’s just a way to for the buyer to finance their closing cost when they don’t have enough cash. Even in hot neighborhoods. You agree to the price and then bump it up a bit, at the request of the buyer so they can get the closing costs covered if they’re tight on cash. So long as the buyer is pre-approved for the full amount, I don’t really understand why anyone would be incredulous about this.

    • I received a seller subsidy towards my closing costs when I bought my condo last year in NW (in a downtown neighborhood). I think they are still pretty common, and nice for first time homebuyers who have the income but not necessarily the cash to buy. The market was pretty hot, so I “paid” over asking price, but it was slightly to the asking price once we factored in the subsidy.

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