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Good Deal or Not? “with wood burning fireplace” edition

by Prince Of Petworth May 10, 2011 at 1:00 pm 25 Comments

This rental is located at 317 10th St, NE:

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The flier says:

“Terrific 1 BR 1 BA condo with wood burning fireplace, built in bookcases, washer and dryer in unit, separate dining room, hardwood floors, and new windows! Extra storage unit in basement. Spacious roof deck for relaxing and enjoying views of DC. Secure building is clean and well maintained. Close to Capitol, 2 metros, H street and Barracks Row– location, location, location!”

You can find more info here and photos here.

This 1 bed/1 bath condo is going for $318,900 ($283.50 monthly condo fee) – sound right?

  • Girl on Kansas

    Like the fireplace, but I can attest (having lived in the Stanton Park area before) that this is still a hike to both Metros–and especially a hike to the grocery stores, if you don’t happen to have a car. Given this slight inconvenience, and having recently bought a 1-bed + den condo myself, I’d say this is priced only a teensy bit too much–maybe $300K is what they’ll likely get for it.

    • Anonymous

      Very far to metro from here. You can’t actually rely on the metro as part of your daily transit unless you are really willing to make huge sacrifices in the amount of time you spend on your commute.

      • Anonymous

        It’s a 2 minute walk to a 5 minute bus ride (maybe 2 stops left) to Union Station. There’s another bus that goes down 8th to EM Station (not sure what the number).

        Nothing in life is free and many of us find the cost tradeoff between premium priced housing and ease of commute quite compelling.

        Just saying…

        • A

          True, but this is priced as if it were 2 blocks from the Metro.

          • Anonymous

            I disagree. I’m no expert, but there don’t seem to be many condos for under $400k anywhere on the Hill. I remember my realtor saything the Car Barn condos started in the $500’s, and those are even less conveniently located. I can’t imagine you’d get anything close to the metro in the low 300’s.

          • A

            I’m guessing those were fancier buildings. In a basic, no-frills building like this one, low $300’s is pretty standard. But if you’re >8 blocks to the Metro, it should be less.

          • Anonymous

            Not sure about that. Maybe that’s right for the age demographic you exist in but most of the people who move to this neighborhood prize being close-enough to the metro and H st without having to actually live /in/ either.

          • A

            Not sure what you mean by live “in” the Metro or H St… I agree, that would not be desirable. But in general, proximity to Metro = higher real estate prices. Don’t know if that differs any by age, maybe for retirees it’s not as important.

        • Kev29

          It’s actually a 0.9 mile walk to the Union Station Metro escalators (15 to 20 minutes)…


          And same length and time to Eastern Market. Location would definitely not deter me from this place, but I think that $319 is a tad high for a tiny galley kitchen with a crappy electric stove.

      • DLT

        I take issue with the idea that a 15 minute walking commute through some of what I feel are the most attractive parts of the city is a “huge sacrifice.” It’s .9 mile to Union Station and .8 mile to Eastern Market and it’s almost completely flat.

        • anon

          The distance from the McDonald’s in Adams-Morgan to the Dupont Metro is almost exactly a mile. Just sayin’…

        • Kev29

          Totally agree. And people in this city are a bit too obsessed with being on top of a Metro station. I’d walk everywhere from that spot. H St, the Mall, work, Nats games, Barracks Row…

          • BrennaLM


  • joker

    Its about 15K overpriced.

    There was another one bedroom with fireplace that sold in that building 3 weeks ago for 22 dollars a sq/ft (~15K) less with same level of finishes etc.

    It is going to be hard for a realtor to justify paying the equivalent of 15K more than a unit that just sold a few weeks ago, but people have done weirder things.

    • Tres

      You always start high when negotiating. It creates an anchor point that the other party has to respond to. To me, $15k over is the realtor allowing for the small chance of a full price offer while not alienating buyers who’d offer the “fair” price of $15k less.

  • Tres

    The wall between the kitchen and dining room was just a bad idea, but easy to fix.

    • LisaT

      Agreed. Easy(ish) to fix the kitchen overall too–which is horrid.

  • pop-up owner

    1) Someone slipped one past the goalie and needs another bedroom (crib).

    2) I sold a very similar unit, though completely updated, and the wall noted above partially removed for a more open feel. It also was top floor and had many more/better windows and a condo fee well under $200.

    3) That property sold at the top of the market and right on East Capitol street a block from eastern market for $315k 5 years ago. I still don’t think the old build condo market has rebounded back to those levels. I’d think this unit is probably more in line with a $285-$300k price tag.

    • Anonymous

      With all due respect, 5 years ago has nothing to do with today. You might as well compare the house to something in Kansas.

      • Anonymous

        Especially on the Hill. I started looking in mid 2008, and by the time I found a place in early 2011 the prices had jumped up significantly. Between the development on 8th Street SE and H Street NE demand has been soaring.

        • pop-up owner

          I’m active in the market, and to date, the sales price I received was the highbar in that building for a one bedroom to date when I checked about six months ago.

          The old build condo market is not suddenly booming. Trust me.

        • A

          Right, and if you look at the comp Kev29 listed (another 1br in this building), it sold for the exact same price 1 month ago as it did in Oct 2004. Which I think would support what “pop-up” is saying.

  • Anonymous

    +/- $15k on a $300k house is 5%. That’s a negotiating platform.

    The tiny 2 bedroom, unremodeled (read need to be gutted) houses in the neighborhood go for $325. So this seems about right. I guess whether you go up or down in price depends on whether you’re handy enough to gut a place yourself. If you are, it may be worth a bit less. If you aren’t, then this is basically the cost for living in the neighborhood.

  • lou

    I don’t understand people raising issues about the proximity to the Metro. As someone who lives around there, I can attest it is close. It’s an especially pleasant walk now. And when it’s raining or snowing or too hot for words, there are several bus options, including the x8 and d6. or 90/92 if you’re a blue/orange line rider.

    Unless you’re elderly or have a physical handicap, it’s an easy walk — or even easier bike ride. it’s also free exercise.

    Can’t make any judgments about the price of the condo. I will point there is a new set of condos on 9th St NE going for $800K. Maybe PoP should put something up about the Station.


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