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Good Deal or Not? “situated on prominent street” edition

by Prince Of Petworth April 10, 2012 at 1:00 pm 14 Comments

This condo is located at 424 East Capitol St, NE:


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The listing says:

“Bright, spacious,fully renovated luxury unit w/private entry, situated on prominent street, just 4 blocks from the Capitol! High ceilings,lots of windows/light, limestone baths,custom moldings and built-ins, W/D, security sys,low condo fee, walk to 2 Metros.”

You can see a virtual tour here.

This 1 bed/1.5 bath is going for $400,000 ($97 monthly condo fee.)

  • Rich

    Ludicrously low condo fee. Either it’s a new conversion and the fee will jump once the Board is in place or there are big assessments in the future when owners discover there are no reserves. Attractive, but should have parking at that price.

  • c

    :) i love these headlines.

  • Anonymous

    That’s my block! It’s a new building. I’ve always wanted to see what the units look like. Thanks for posting!!

  • Kevin

    Nice view of a brick wall.

    • This was my thought. The unit looks nice, but I wouldn’t want to buy a place where all windows had a view of a wall.

  • PJYinCapRiverFront

    Lots of great character in this unit. Really a great 1 bedroom in a fantastic location. Initially, I thought the comps seemed a bit high, but looking at some comps in the building and the area, it seems accurate.

    • PJYinCapRiverFront

      Brain-fart. Should read, “Initially, I thought the price seemed a bit high…”

  • Anonymous

    The apartement building was completely redone and converted to condos in 2009, so I would imagine that a Board is in place and it looks actually as though fees have not gone up. Great location. $500/square foot seems in line with other listings.

  • Anonymous

    Agree with previous post on condo fees. A basic building such as this should still have condo fees of at least 200/each month. That would cover the annual insurance, trash, recycling and water fees and electricty for the common areas. ( I live in a similar building). Definitely expect either a special assessment or for the fees to jump to $400 in a couple of years to make up for the shortfall. as for the price, it actaully seems low to me for this location. Wouldn’t be surprised if it goes for $425k.

  • Anonymous

    DON’T BUY IN A NEW BUILDING WITH A VERY SMALL CONDO ASSOCIATION!!!!

    Fees will likely at least triple after all units are sold. Plus you have to deal with your condo association which, more often than not, is filled with obnoxious people who want everything done that isn’t remotely necessary even when your association can’t afford it.

    • PJYinCapRiverFront

      You’re stereotyping a bit here (maybe based on personal experience, but that makes it no more accurate). Condo Associations/Co-Op Boards can be pains in the neck regardless of the size of a building, it goes with the territory of not having a single family home. Most boards and associations do a great job of balancing the need for improvements against the cost to residents.

  • PlebofPetworth

    I LOVE this condo. Great finishes and really well done. I think the previous comments about condo fees are just speculation. That said, I was about to say that this is a “good deal” then I realized that the unit is in the basement. If I wanted to live in this area, then I’d snatch it up regardless of its garden proximity, but for a little more, I might look to H St. NE for a better deal.

    • Rich

      I know people who’ve bought into new buildings and the fees inevitable jump once everything is sold. And in a new or converted/renovated building, there often are problems that the association will end up suing the developer to fix. In the meantime, those problems will cost owners money. In some cases, they aren’t apparent until the place has been occupied for awhile. There’s a reason that most established condos have fees of $200-300/mo; it’s because you can’;t keep up a building on $90/mo/unit.

      • anon

        When I bought in 2002, my unit’s condo fees were $91/month.

        They jumped the following year… but that was because one of the units had had a fire the previous year, and the building’s insurance premium had gone up as a result.

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