GDoN? “Cozy Renov.” edition

1929 1st Street Northwest

This unit is located at 1929 1st Street, Northwest. The listing says:

“Cozy Renov., true 1BR, 1 blk f/ Rustik, Boundary Stone, etc. High ceilings, lots of nat’l light, feels like on 2nd flr. CAC, St Steel appl’s, granite, lg. cabinets, deep sink, d/w, built-in mw, w/d in unit. Near Metro, 1 blk f/ Crispus Attucks Park (beautiful & hidden – see pics), Yoga District, Red Hen, Aroi Thai, Bakery, Pub & The People, Shaws Tavern. Walk to Shaw & U St. Open House Sun 1-4pm.”


You can see more photos here.

This 1 bed/1 bath is going for $299,990 ($201 monthly fee.)

27 Comment

  • HaileUnlikely

    It is with much regret and disgust for the housing market that I say I actually think this is a very good deal.

    • Now that is saying a lot. Your regret and disgust for DC’s housing market is well documented.

      • HaileUnlikely

        What disgusts me the most is developers buying habitable homes pre-market, doing a little bit of cheap work, and turning the thing around for massive profits. That may have happened to this place at some point in its history, but that is not the current situation, as the current owner bought this place in 2006 and is an owner occupant. Thus, although the DC real estate market as a whole still disgusts me, I have no animus toward this particular seller, can look past my contempt for the market as a whole, and acknowledge that this is a nice unit in a nice location at a price point that isn’t out of reach for anybody who doesn’t have either a huge income or an unusually large wad of cash.

        • “although the DC real estate market as a whole still disgusts me”
          yeah, who are all these jerks willing to pay to live in an incredible city full of cultural attractions, solid nightlife, and easy lifestyle with walking, biking, and public transit built into daily life. we should prohibit them from paying what they feel it’s worth to them to have this lifestyle, and better yet, we should prohibit developers from building more units to allow more people to enjoy this great city, and we should prohibit sellers from selling to developers rather than families who might not have the time or skill set to improve properties.

          • HaileUnlikely

            I didn’t say anything about prohibiting anything. I just said that the whole enterprise disgusts me. Good day.

          • yes, your contempt for it implies that you would like to “fix” it, and i responded to that implication.

          • Anonomnom

            You replied, but with a whole lot of snark. I think it is completely reasonable to feel a bit of shock and even disgust that a 431 square foot condo going for 300K is actually a bit of a deal. Housing prices in this city are definitely extremely high.

            Obviously the market supports that right now, and I love this city and am a homeowner that likely contributed to these market prices. Still, I think its acceptable to point out the negatives of the current market as well.

          • HaileUnlikely

            Haile’s preferred solution would be something along the lines of a voluntary reduction in greed by all parties involved. Developers could feed their families and service the wealthy just fine and still allow the proportion of unrenovated homes that hit the market to drift a wee bit further from zero.
            A personal anecdote: Fannie Mae runs a program called HomePath that preferentially sells eligible homes to people and families who certify that they will occupy the property as their principal residence for some period of time. They only accept offers from to-be-owner-occupants for the first 3 weeks that the property is on the market. After 3 weeks pass, if they have not yet received an acceptable offer from an owner-occupant-to-be, they allow investors to bid. I bought my home through that program. Two investors bid during the owner-only period and falsely represented themselves as individuals who would use the property as their principal residence, shamelessly trying to cheat normal individuals and families out of the opportunity to buy one of the very few houses that was explicitly reserved for them.
            It’s not that I think all developers should close up shop and go home and houses should only be sold to individuals and families who will use them as their principal residence. I’d just like to see some more balance, such that the very wealthy aren’t serviced exclusively at the expense of all others.

          • Haile: preach.
            Real estate is the ultimate ponzi scheme…..seriously. The only entity’s value of “worth” that matters in any transaction is what the bank thinks it’s worth. Since they are the ones that allow us to borrow stupid sums of money for 431 square feet of space.

          • The market determines worth, this is also what the bank evaluates to make their estimates.
            People want renovated property in trendy neighborhoods. Developers provide that. Haile, do you just hate the developers or also the buyers who make this behavior possible (your neighbors)?
            Personally, I agree with Haile only because the wealth disgusts me and we should probably tax people more so they don’t have so much money to spend on real estate.

          • while that explanation probably feels good, you also have to consider the relationship between rents and mortgages, the role that zoning plays in affecting value, the level of income of purchasers, etc. the lending standards of today are nothing like the lending standards of 2006, and dc’s current market fundamentals are nothing like, e.g., las vegas’s in 2006. prices are rising because of a huge demand side shift in the preferences of young professionals, nothing more.

          • “would be something along the lines of a voluntary reduction in greed by all parties involved”

            Hah! will the follow the voluntary reduction of violence?

          • “Personally, I agree with Haile only because the wealth disgusts me and we should probably tax people more so they don’t have so much money to spend on real estate.”
            I’m not sure I qualify as having wealth, but if I was taxed more I’d simply spend less on things like dining out and shopping. My #1 priority would still be housing, so that’s where my money would continue to go.

          • HaileUnlikely

            @anon – I know, I don’t see the voluntary reduction in greed coming anytime soon. My point was that I’m not advocating for legally prohibiting flips, but I generally dislike (ok, despise) how they function to service wealthy buyers immediately without even giving a slightly-less-rich buyer who is willing to put the elbow grease into their own reno a chance to compete.


            Yes, prices are rising on their own due to demand irrespective of flipper activity, but there are certainly lots of habitable houses that would not be bid all the way up to their post-flip level, or even the post-flip level minus the actual cost of the renovations, if a few were just allowed to be marketed for a few days before opening the floodgates to the developers.

            @ another anon: I don’t hate all developers categorically and I have minimal negative feelings toward most buyers. Your question regarding hating my neighbors doesn’t really apply, as there is relatively minimal flipper activity in my immediate neighborhood and zero flips on my block so far. Most of my neighbors have owned their homes for 20+ years. Generally speaking, though, I don’t harbor any ill will toward buyers of flipped homes. Sure, their existence makes that sort of activity attractive for developers, but it’s not as if this specific individual buyer *forced* the developer to snatch up the home and flip it.

            Regarding the developers: I concede that there is a legitimate role for developers in rehabbing truly uninhabitable properties and sometimes in converting large single-family-homes to multi-unit dwellings in places where that makes sense and is allowed by zoning. My hood is zoned R-2, so one can’t buy a semi-detached house (already at max occupancy) and convert it into more units there. Thus, with condo conversions not being possible there, flippers just take modest habitable homes, trick them out, and make a mad huge profit selling them to uber-rich people who almost certainly wouldn’t have bought the original house and renovated it themselves, and to be honest, I despise that profits are made in that way.

          • That statement wreaks of privilege. Check it. Middle class folks (including lifelong city residents) are being rapidly priced out of the city. The lower class has already been exiled east of the river and into -gasp- Maryland. So sorry I only make a middle class salary and would like the privilege of being able to afford to live in this beautiful city that my family has lived in for nearly a century, clearly I’m unworthy because I don’t have a big fancy executive salary.

          • Well put, HaileUnlikely.

          • insinuating that you have a greater claim to living in dc bc you or your family have lived here longer is also a fairly ugly form of privilege. i think most people understand the problems that come with the city becoming more socioeconomically homogenous. solutions are harder to find then problems though…

  • what a horrible bathroom.

    can’t judge gdon or not since we don’t know how many sf “cozy” is.

  • Love this building, great location, cute apartment. Great deal – surprised its not under contract.

    Then again, to HaileUnlikely’s point, this is about what I paid for my 2,500 square foot rowhouse a block away 10 years ago.

  • That is a cute little condo at a GREAT price for the neighborhood. Condos in converted rowhouses (which, granted, are usually 2 br) seem to be going for twice that (or more).

  • I am an African American woman who was born and raised in PGC, MD and have worked for the federal government since I was a teen (I am now mid-late thirties). I recently purchased a condo in the city (as well owning another condo I rent out in PGC), as I feel it is a good business move and allows me to not own a car and walk virtually everywhere, including work.

    I do not make a six figure salary. My family has no money. None. No silver spoon here. However, I budget my money, save money on transportation cost (the no car thing) and am still able to fulfill all of my financial obligations, save (some), contribute to retirement, and enjoy going out in the city.

    Many people I know with similar incomes complain about the prices in the city, and would NEVER live here with the current market rate. That is a choice. It is not because it can’t be done. It is a personal preference – usually choosing space over location, car over not owning a car, frequent travel over the sustained amenities of a city lifestyle. And that is perfectly fine. I truly get that, whatever fries your bacon.

    I say all of this to say that not all development is bad, and not all lifetime residents (although I’m originally from Ward 9!) have been priced out. Many people who owned in DC in the recent past fled to the suburbs, much to my chagrin. I would have loved to see more young African American’s sitting on golden eggs that their parents and/or grandparents purchased in decades past. But those people left, selling those properties, and that was a choice. (I’m speaking as an African American regarding the African American displacement aspect of gentrification)

    Regarding people being priced out, unfortunately this is what happens when someone rents rather than owns. I realize not everyone has the opportunities I had – and the roots of that problem are far deeper than housing – and I would argue that is where we should place our energy. Opportunity and job creation for disadvantaged communities (I don’t know the pc term, is it still “underserved”?)

    In closing, a friend of mine lamented how it was unfair to boost people out of homes they’ve lived in for several decades, just because they are unable to afford market rate rent. I understand that and I feel for these people. However, 1) renting does not place one in position of power, essentially you are a sitting duck 2) it is up to those who own the property to do with it what they wish 3) the rent paid in the past was commensurate to the amenities available at that time.

    I do not intend to sound harsh, only pragmatic.

    *Yes HaileUnlikely, I agree balance is needed! I am grateful that my condo building does not sell to investors, only those purchasing as primary residents for first 2-3 years.

    • I strongly agree with all of what you said. I’ll add that some people will never be good managers of their own finances. In Petworth I see some long time neighbors with well kept paid off homes whose children will be able to stay in them or sell them for a quite substantial inheritance. I see others who took out equity loans to buy fancy cars, televisions, and other consumer goods. You don’t need to make a huge salary to live in DC, but you do have to make choices about your priorities,
      There is simply a lot of demand to live in the city, and there’s no reason why any individuals has more or a right than anyone else. It’s definitely still possible for middle income earners to buy in parts of DC and I see no reason taxpayers should subsidize a select few more to do so.

      • Thanks for sharing Petworther! Sometimes I think I must be crazy when people in my life shudder to think of the costs of living in D.C. One close friend and I examined both of our finances line by line, if you will, and I think I was able to convince her it is management, not income. She worked in Dupont at the time and spent $300/mo. on parking. No problem, as she wanted to live in suburbs and have more space. That’s a choice. I asked her to consider that if she lived in the city, that $300 would go to rent as opposed to parking. It’s all about priorities and management. Another friend stated that he didn’t want a large portion of his income to go towards rent or mortgage. I get that, as he prefers to travel to Europe a few times a year. That is awesome, and something I cannot do without major planning and sacrifice. Once again, choice.

Comments are closed.