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Good Deal or Not? “SPACIOUS 1 BR SITUATED ON LOGAN CIRCLE” edition

by Prince Of Petworth July 14, 2011 at 1:00 pm 21 Comments

This condo is located at 20 Logan Circle NW:


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The flier says:

“SPACIOUS 1 BR SITUATED ON LOGAN CIRCLE IN STUNNING BRICK LATE VICTORIAN BUILDING * * STEPS TO WHOLE FOODS, CARIBOU COFFEE * CLOSE TO METRO ETC. OPEN LAYOUT PROVIDES GREAT KITCHEN GREAT FOR ENTERTAINING – OPENS TO DINING AREA & LR W. GAS FP * HIGH CEILINGS, CROWN MOLDING * * NOT TO BE MISSED IS THE PRIVATE PATIO WITH CUSTOM BUILT-INS/FLOWER BOXES * * PARKING * * CUSTOM CLOSET ORGANIZERS +++”

You can find more info here and photos here.

This 1 bed/1 bath has been on the market for 161 days now going for $385,000 (originally asking $409,000). What do you think it’ll end up going for?

  • Q-Street

    I think it needs to come down just a little more, because it is such a small space, but the parking makes it attractive.

    Put down 10%, get a 30 year loan at 5%, and you’ll be paying somewhere around $2,500/mo on the mortgage, taxes and homeowner’s insurance plus whatever the condo fee is.

    Take into consideration the ~$200/mo value of a parking spot, and the interest deduction, it’s not a terrible value.

    Negative points for being an english basement, but overall it’s pretty close to being an attractive alternative to renting.

    • A

      I disagree. I think >$2K for a 600 sq ft BASEMENT is the definition of terrible value. For that money you could rent a luxury 1BR.

      • Tres

        Right, I was thinking the same thing: renting here is cheaper than buying here. That’s either a very good thing (if you bought long enough ago) or a very bad thing. Shows how speculative real estate has gotten in certain neighborhoods. Personally, I think these condos are misvalued in the sense that there’s not a lot of room for them to appreciate — yet they’re priced as if people expect them to appreciate (i.e., well above cost to rent). It could be that people are speculating on how valuable proximity to White House/downtown will become. Logan and Dupont are *extremely* unique in that regard.

        • A

          Exactly, it’s not as if Logan Circle has much room to get even more nice (especially now that people are actively trying to block new restaurants)

          • Denizen of Tenallytown

            NEXT ADAMS MORGAN!!!111one

      • Kev29

        On Logan Circle? With parking?

        • A

          Well I don’t think there are any luxury buildings on the Circle so maybe you’d have to go around the corner to 15th or P, but then again, this condo isn’t really ON the Circle either, it’s more UNDER it.

  • doodle

    Seems pretty close. I would guess $370.

  • A

    $345,000

  • RD

    $600/sq ft for a basement- what type of person buys that?

    • anon

      A person who lives in the city…find one in NW (Ust/LC/Dupont) for under $500/sq ft. Crazy but accurate

      • RD

        the listing says the average $/sq ft for logan is $525/sq ft. given that info, i find it even crazier to spend $600/sq ft for an underground condo.

  • inof

    Run for the hills whenever you see a listing with more pictures of the street scape than of of the interior of the property.

  • MichelleRD

    Stellar location but the price puts it in a real estate No Man’s Land: buyer willing to live in a basement (if there is such a thing) doesn’t want to pay that much, and buyer willing to pay that much can get much better value elsewhere.

    It looks ideal for a buyer who’s not looking for a primary residence, like someone who frequents the city on business or parents making an investment of their child’s student housing.

    • Tres

      Or a couple with a tight spending limit who *strongly* prefers this location over a Dupont address for some unknown reason. Compare: condo at 17th + P or one on the east side of Logan Circle. Both are equidistant to Whole Foods. The 17th St location, however, is steps to Dupont nightlife, metro. I have no idea why someone would prefer Logan, or even pay more. I get circle = cute, but c’mon.

      • Anonymous

        This location is closer to work for many people.

  • Anonymous

    Tree fiddy.

    Nicer outdoor space and light than most english basements have, but this is one of those situations where it’s hard to profile the owner who would want to live here for more than a few years. A young gay lawyer not looking to settle down any time soon, maybe?

    • Anonymous

      Why just a lawyer?

  • RD

    looks like the buyer bought in 2007 and is just trying to avoid taking a bath by pricing this where it is/was, rather than lowering the price down to market rate.

  • Anonymous

    This Condo is in the back of the building. So the only natural light is form the back patio doos and bedroom windows and Oh By The Way…one of those windows on you patio belongs to the other lower level condo. No more than $325K for a batcave.

  • Mrs. 14th & You

    I’ll agree with the posters voting this a bad deal. A 780 sq. ft. one bedroom plus den with parking just went for $399k after having been on the market for slightly less time. It also seems like it’s hard to move English basements. After the flooding and pest infestations that the ground floor of my building has experienced and the mold problems some friends of mine had while renting an English basement, I can see why buyers would not pay as much for such units.

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