GDoN “featuring the famous barrel roof” edition

370 N Southwest

This unit is located at 370 N Southwest. The listing says:

“Location, Space, Price, Metro Access. Finally your opportunity has arrived to claim your piece of SW. Architect Charles Goodman at his best featuring the famous barrel roof.”

inside

You can see more photos here.

This 4 bed/2.5 bath is going for $544,000 ($1,080 monthly fee.)

21 Comment

  • The condo fee is super high on these (1080/mo) so you’re really comparing to a 700k or so in a house. I don’t see a lot of room for appreciation. I like those units a lot but I don’t love the neighborhood.
    .
    If that’s where you want to live long term (this is a coop so I’m not sure you can rent easily) and you want the amenities the community provides I think it’s a reasonable deal. Lots of square footage and a central location. Those units have been in that price range the last few years.
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    Incidentally, is there a reason condo fees aren’t listed in the popville real estate listings? I had to look them up on redfin.

    • The co-op fees includes realestate taxes and non-personal items insurance. And water. A bit different than a condo fee.

      The neighborhood is really changing. Between the Wharf (2-3 blocks to NW), soccer stadium (2 blocks south), baseball stadium and all that (4-5 blocks east), and new buildings around the metro (1 block north), the neighborhood will be much different soon enough.

      The architecture is love it or hate it. I like it.

      • My condo fees also include water, insurance, and taxes. Over $1k is insane to me.

        • I was shocked by the monthly fee as well.
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          I have a condo fee that includes water, but not my unit insurance or property taxes. Even if I added up my annual insurance and property tax costs and divided by 12 and added it to my condo fee, it would come nowhere close to this $1080 figure.

        • Look at the square footage and number of bedrooms. I live in a condo complex that has 3 bedroom units that are a slightly smaller with fewer bathrooms. The condo fee is about $600/mo, the property taxes are probably $300-350/mo, insurance is probably $50-60, water is included. So….for less space, the the price works out to be pretty close and the purchase price would be $150-200K more. The computation of what goes into a coop fee is just a guideline, see below. These threads with co-ops are always filled with miss information. At least this one didn’t start off poorly.

          The underlying mortgage, which is a big part of the CO-OP fee is paying for capital improvements and will decrease with time as its paid down by the co-op association. You get a tax write-off for this part of the fee, btw. Co-ops can do special assessments but generally don’t. There may be a new mortgage in the future, which is a bit of unpredictability–this building had had relatively high fees for a long time which makes me think they’ve made big improvements and that a subsequent underlying mortgage won’t be so bad.

          Bottom line….the fee is hardly shocking. It will go down over the near term and that will add to the equity you’d take out at sale. There may be a bump up in the future so one needs to be clear about what the building has been doing to update and how old the major, big ticket improvements (roof, tuckpointing, elevators) are. Co-ops are long-term investments which mean that they tend to be stable and w/o a lot of renters and certainly the area offers a lot to provide optimism about the future. If you anticipate leaving in less than 5 years or know you’ll want to rent out a unit for a long period, don’t buy a co-op.

          • Oh, you can explain how coop fees really work to people in DC again and again (as you have, and I have) and they still won’t get it. They just believe the platitude that they are too high, regardless of what they actually cover.

            These people remind me of those who believe it is always a better deal to own than to rent, and then they buy places they intend to sell in 2 or 3 years, and expect to make a profit. And probably go around telling people they did, even if the transaction costs they paid to buy and sell (not to mention repairs and improvements they paid for) were 5 times greater than the price bump they got. People lack simple math and reasoning skills.

          • Not to mention the website for the development lists all utilities, a gym, and a lot rec area as included in the fee too. I have a small 2BR condo with water and gas included. My fee is under $200, but then you tack on what I pay for tax, internet, electric, gym, and it starts to get up near $700-800. Coops seem like they are next order complicated, I wouldn’t have wanted one as a first-time home buyer, but this doesn’t seem so crazy to me.

          • Isn’t this part of a larger development that includes a pool, fitness center, and cheap rental parking?
            .
            Subtracting $350 for taxes, a $730/mnth fee is maybe $150,000 in equity. So it equates to a 700k rowhouse. These are always the best deal on PoP. I don’t no where else you can find this much space, this close to a metro, and only a few stops to downtown for only $700k.
            .
            Personally, having owned both co-ops and condos, I agree that co-ops are generally better for long-term living. They keep out short term renters, usually have capital requirements better than the bank, and worse case scenario the co-op gets first taste of the equity if a shareholder goes bankrupt and stops paying fees. They don’t do well in DC because many people only want to live in the district short-term until they have kids and by a detached house, or they want to speculate on housing and want something with income potential.

          • It is what it is. I was never trying to say the fee is unreasonably high. It actually seems find given what you get. Just that you have to calculate that in to what you’re paying per month. On a per month basis comparing this to a 700k home seems very reasonable.

        • There’s no way your condo fee includes taxes. Unless, of course, you live in a coop, which case you don’t have a condo fee.

      • I like the architecture, but all the other things are net negatives for me. There’s a lot nearby but it has no real neighborhood feeling (one of the nicest things about most of the rest of DC). I doubt it will ever really take off here, it will just have more attractions that bring in a ton of people from outside the neighborhood occasionally.
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        To me it seems like city living for people who like the convenience of being close to downtown and to amenities, but don’t actually like the city or living in it.

        • to each his own
          .
          Some of us grew up in “neighborhoody” areas and never want to go back. I would define city living as the freedom of anonymity, and enjoy the tourists and business people that make it more vibrant. That being said, this area is also too neighborhoody to me–the amenities of arena stage and the wharf feel very disconnected from the area near metro and safeway.

  • I love these places, and having lived in SW for the last five years, I think the neighborhood is great too! But the co-op fee here is just too outrageous. There was another one of these on the market last month for about 100K less. I’m not sure what it ultimately sold for, though.

  • 4 BR but only 1600 sq ft seems small to me. Maybe it has an ideal layout, but I have to imagine the bedrooms are tiny.

    • Basement’s aren’t counted in SF, and it appears this one has a large one. All of the bedrooms had adequate photos in this listing, and two are very large and two are good size. I also like that there’s a separate dining room and living room. The kitchen could be bigger, but it also looks like you could expand that into the dining area (creating a fully eat-in kitchen), use the upstairs living space as an entertaining/dining area, and use the basement space as the family room/den where most TV watching and family crash-time happen.

  • Love these – and looks good.
    Yeah the coop fee is higher than a condo – but find a similar sized condo in DC for that price near a metro and in a hot neighborhood.
    There is a pool, large gym, parking, gardens and a secure campus. They are redoing the gardens and major systems – so there is that.

    • Ashy Oldlady

      I’m not sure I’d call this part of the neighborhood “hot” right now, unless you’re referring to the crime hotspots a couple blocks east. Now west of here, along the waterfront will be a different story in a few years.

  • HaileUnlikely

    If any readers live there: does this place have an underlying mortgage (if you’re not familiar, briefly, it’s a co-op specific thing when the homeowners association does not own the property outright but rather has a mortgage on it, and it has a non-straightforward impact on what the stated asking price means)

  • I can’t help myself, I really love this.

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