GDoN “Take the elevator” edition

GDoN

This unit is located at 76 New York Avenue, Northwest. The listing says:

“Take the elevator to this spacious 2 br/1ba corner penthouse unit in the epic center of it all! A 10 minute walk to the NOMA/Gallaudet metro, surrounded by schools, restaurants, businesses and the H Street corridor and the up-and-coming Trolley System. Every room is teeming with natural sunlight. This unit is over 1000 sq ft. with in-unit laundry. Not FHA/VA approved.”

inside

You can see more photos here.

This 2 bed/1 bath is going for $271,999 ($457 monthly fee.)

25 Comment

  • The “epic center”?!

  • Great price, great location, but good luck dealing with the condo board…

  • Don’t move in and then complain about crime…

  • This seems significantly underpriced…what’s the catch?

    • It’s directly across the street from Tyler House, which are pretty bad projects, crime-wise. And right on NY Avenue, where there’s always traffic getting onto 395. But the price still seems low, even for those factors.

    • Proximity to poor people (and Big Ben Liquors).

    • It may also be due for a sizable special assessment.
      .
      We recently found a great place right near Meridian Hill Park but the condo board plans on doing a “high five figure” assessment in the very near future to make direly needed repairs to the building. The building only has ~20 units, there 4 units on the market for 150+ days. It’s in a death spiral.

      • This is why I won’t buy in a Condo less than 100 units. Too easy for a few fools run down the building with too low fees and you end up with massive assessment risk. Even larger buildings have issues–like allowing in too many investors and the loss of FHA approval, but small buildings can’t spread the cost of big repairs/lawsuits.

        • I’m in a small and medium size bldg and the larger one has more issues because they refuse to raise fees even with budget shortfalls and massive repairs on the horizon. A bigger bldg needs more money, so the number of units only offsets so much…also more potential for delinquency. 100 units….doesn’t that knock out most of dc?

          • eh—they are all a pain. I am most afraid of the looming cost that the board refuses to deal with. Small buildings can be hamstrung by a few crazies, but larger groups usually have a higher number of reasonable residents to fall back on. Delinquent tenants are another cost that can really bite a small building worse than a large building. In a bankruptcy worse case scenario-one tenant in a small building can cost you 5-10% of of total receivable fees for several years. Bigger buildings can afford attorneys to exert more pressure and force the foreclosure faster, the quicker to start getting fees via the bank or new owner.
            .
            At the end of the day-you just have to price in these these risks since DC is all rowhouse condos. If you buy into an older building you have to prepare for the new roof and brick work. Same as buying an older house in a less dense area.
            .
            In my experience co-ops do a better job of keeping out investors and keeping reserves at the ready. Also, co-ops get first taste of the equity of delinquent tenants that file for bankruptcy.

          • Rowhouse condo…no way in hell.
            They’re just too small to deal with any major issues. I’d likely never go below 10 units again. Coops have a lot more control for good and bad, but I’d still prefer a well managed midsize condo bldg.

          • “since DC is all rowhouse condos.” No, it’s not — there are a lot of condo buildings in D.C. that were built as apartment buildings.

    • I’d also think the loss of FHA approval doesn’t help

  • Surrounded by restaurants and h st….quite the stretch.

    Condos here and in nearby buildings sit on the market forever. Good luck.

  • In-kitchen laundry!

  • For a light filled condo, the pictures are awfully dark. Actually light filled usually means you’ll spend a lot on either blinds or a/c, because the windows have nothing covering them and that does seem to be true here.

    No mention of the condo fee which makes me think there may be an issue here–very high fee or perhaps a very low fee with a very big assessment attached. Something odd about the fee will affect the asking price. The bedrooms look a little small, so there also may be something odd about the layout.

    • I think it’s got pretty good light (lots of windows, top floor, faces south), the photos are just bad.
      .
      Redfin says the condo fee is $457/month.

      • A little high for a 2/1, esp. away from Logan et al. but doesn’t explain the price.

        • I don’t see why being close to Logan has anything to do with fees. Fees are driven by amenities, unit size, and expected future costs. While not great, they don’t seem that bad to me for a building with an elevator and a unit that is over 1000 sq ft.

  • 1) Why is the agent featuring a photo of the lockbox??
    2) Couldn’t the agent have pulled the nearby weeds before taking the photo?

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