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Good Deal or Not? “no city noise” Edition (Reader Request)

by Prince Of Petworth February 25, 2010 at 1:00 pm 17 Comments

This condo is located at 2001 12th Street, NW:

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The flier says:

“Bright & spacious 2BR/2BA unit facing courtyard, no city noise! Maple hardwood flrs throughout, gas fireplace in living area, upgraded gourmet kitchen w/ granite counters & GE Profile SS appliances, 2 master suites w/ upgraded baths. Fitness ctr, party rm, roofdeck w/ great views, pet friendly, FHA Approved, includes pkg! Perfect location, less than a block to U ST metro, shops!”

You can find more info and photos here.

I do think this is a phenomenal location. Do you think $459,000 sounds reasonable for this 2 bedroom/2 bathroom? A 1 bedroom/1.5 bath just went under contract a floor below ( Unit 208) for $405,000.

  • scott

    Most listings I’ve seen for this building are way below market-value. Is this low-income – are there certain financial thresholds that must be met?

    • E

      I love how in DC someone could ask if a 2 br apartment for nearly 1/2 a million dollars could be a low-income space. Oh, wait, I don’t. Oh well. Not like I’m gonna move to VA.

      • L

        +1, Scott’s comment confused me too. I thought maybe it was a joke?

        • The building was done in 1999 before U street took off as a ‘destination’ and before the real estate market took off. I think the pricing reflects the fact that it does not have the modern lobby or sleek finishes in newer buildings. (if you look at the photos of 208 there are no granite countertops and the bathrooms have builder grade finishes) Condo fee is probably higher because after 10 years you can expect the building to need maintenance (roof etc)

          Space is tight but if you like U street the location is as good as it get + parking – Really Good deal

      • scott

        Hey, I don’t like it either. Prices in DC are outrageous and inflated for what you get. But that doesn’t change the fact that $460 for a 2br/2bath is below market at that location.

        (Of course, that was before we all knew about the ridiculous condo fee.)

    • fomer Georgetowner

      yeah seriously. I recently bought a 2BR for around $400K in Mt Pleasant. I was reading some sort of business plan for the neighborhood where I read that my income puts me in the top 5% of the households in the neighborhood. If I count my roomie’s income, then our “household” income puts us in the top 2% of the neighborhood.

      Yet $400K is on the low end of pricing for 2 bedrooms.

      I think that shows you how housing is still overpriced in DC.

      • Bloomingdale

        It shows us nothing since we dont know how much you or your room mate make.

  • PetworthRes

    I’d say a good deal – especially given it’s in the middle of the action, but faces the courtyard for quiet, and has a parking space and roofdeck. The monthly fee is fairly high ($508/month) but that’s fairly typical for a 2 BR condo.

  • Anonymous

    the $550/month HOA fees kill this “deal.”

  • jpq

    This building is a disaster.

    • UStreet

      Disaster how?

      • For starters, the exterior looks like a women’s prison.

  • jaynuze

    Over half a mil for mortgage and nearly $600 per month additional for a two BR condo in this market? Sounds a bit steep to me. Then again I’m basing this off the fact that my mortgage is about the same for this unit and I have 4 BRs, a 1BR rentable unit downstairs, and parking. Just think that there are better deals on homes in DC with better resale in the future

    • JS

      Yeah, but I bet you don’t live a block from the U street metro either. Different strokes for different folks and all.

      • Anonymous

        I hear you can get a 15 BR, 21 bath palace in Port au Prince for $250,000.

      • Urban Pioneer

        I do have a mortgage for less than $1300 a month for a 3 bedroom 2 bath house 1 block from U St Metro (13th St entrance). I bought in 1995 though.

  • photodork

    You guys really need to start putting the condo fee in these posts it is a huge factor in determining if it is a good ‘deal’…$580/month! Yikes! And no tax writeoff on that amount.


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