GDoN “Brazilian Blue-Butterfly Granite Counters” edition

This unit is located at 1 Scott Circle, Northwest. The listing says:

“Wonderful, Bright Jr. 1 Bedroom in The General Scott! The Kitchen boasts Brazilian Blue-Butterfly Granite Counters, Stainless Steel Apps, Italian Slate Tiled Floor & Cherry Cabinets, Auto-close drawers. Gleaming Hardwood Floors, Custom Closets, French Doors and Freshly painted! Building has a 24-hour Concierge, Green Roof/Deck w/ monumental views. Steps to the Metro, Restaurants, Shopping & more!”

You can see more photos here.

This junior 1 bed/1 bath is going for $249,900 ($430 monthly fee.)

14 Comment

  • nightborn

    Lovely little place.

  • Good luck on the sale. The comments on here will become brutal. People called my place small, one of bedrooms a closet. I sold for $12,000. over list. 😛 to the Haters. I made me so money.

    • To be fair – much as folks’ opinions on here don’t ultimately affect the unit sale price, nobody here cares about how much money you made on your unit either. (Also, 12k over is relative pennies to the current market.)

    • Um, I don’t know what you are talking about. The comments on here are rarely brutal – they are often far more substantive than other sites. And, as to this property, my reaction was, yes, that is barely a bedroom, BUT I think this place looks adorable, and seems to be definitely worth that price – whether a one-bedroom or a studio. It is tough to find anything in this range anymore in that area. This would be a wonderful first property, from what I can see, for many people.

    • Was this your place?
      If so, seems rather disingenuous for you to have commented in that thread the way you did.

      • Accountering

        Hahaha! Nice on textdoc. Not sure on disingenious. I can see how you would want to prop up your property if you listed for sale.

  • Looks very nice and the price seems on target. The only thing that seems “off” to me is the condo fee — for that much, I’d be expecting another amenity (pool or gym) in addition to the concierge and roof deck.
    Perhaps it includes heat and A/C?

    • I wasn’t able to find this exact listing elsewhere, but found another unit recently sold in the building, and the fee does include heat, hot water, and cooking gas. Electric bills for a place this size should be fairly low. Certain amenities this building clearly has (elevators, 24-hour concierge) aren’t cheap to pay for/maintain, even though they’re not as flashy as a pool or gym.

      Also, for comparison, the recent sale I found was a nearly identical layout, 20 square feet bigger, and settled at $260K. Priced appropriately, good price for the location.

  • I find it surprising how little the value of these units has gone up. I came close to buying one in early 2007 and comps were around $240-250k for similar unit. Maybe the high condo fees (for square footage) keep them low?

    • Wasn’t 2007 the peak of the bubble, though? The values probably fell in 2008 and have been inching back up since then.
      I know when I looked at one of these junior one-bedroom units in 2002 the price was somewhere below $180K. (I don’t remember the exact number, but I think that was around where I capped my search.)

      • Basically this. It’s not so much the condo fee as things got really hot, cooled substantially, and have made their way back. Big surges YOY (or sometimes month-over-month) are in areas that weren’t safe or being developed in 2007, where you can still get a relative “deal” so there’s room for the prices to “catch up” to “nicer,” “more established” areas. I would imagine that a place like this would see steady price appreciation going forward (you’re not going to flip it for big profit in a few years, but will probably beat inflation/buying and selling costs and come out a little on the plus side if you buy something like this as a starter home and move up several years later).
        Plus, even with the fee, you’re probably looking at something like $1400 monthly outlay. Compare that to renting a similar property, and consider that you get to keep the equity, and it’s overall a pretty good deal.

    • I think the biggest factor on market values in this neighborhood is rental restrictions. This building does not permit owners to rent their units, which reduces the number of potential buyers. Many condo buyers want the flexibility of being able to rent their unit if their plans change. Investor buyers are also excluded and make up 10-20% of the buyers in this specific market. Fewer prospective buyers = lower demand, and lower prices.
      The condo fees are about average for a 1 bedroom with all utilities included (considering utilities average around $100/month).

      For an owner occupant who doesn’t plan to rent their condo, its a great deal and an awesome location in my opinion. This is one of the nicer renovations that I’ve seen in the building.

      • edit: factor affecting market values in this *building* (not neighborhood)

        • Oh, yeah, *absolutely* no ability to rent is a huge deal-breaker for me. Restrictions are fine, but, you know, sometimes the best-laid plans just don’t work out as well as you would like. While I’m not actually in the market for a new job, just this week I was hit up by recruiters for three jobs that aren’t in DC. At some point, one of those offers is going to be tempting enough to get me to leave, but, since they’re almost always contract jobs, I wouldn’t want to sell my primary home, so I have a place to come back to. Fortunately, in all the buildings I own in, we only have light rental restrictions (40% caps, lease minimums (generally 6 months), lease review, move-in fees, etc.).

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