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Wed. Afternoon Rental Option – SW Waterfront

by Prince Of Petworth — August 1, 2012 at 3:00 pm 26 Comments

This rental is located at 560 N Street, SW:

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The listing says:

“Welcome home to this spacious one-bedroom home with new paint and carpet and lovely balcony views just a few steps away from the water and Metro! The location is the best in DC: easy shopping, dining, commuting, cycling, and more. This well-managed coop includes utilities, pool, fitness, and attractive grounds. Make it home! Thank you!”

This 1 bed/1 bath is going for $1,800/Mo.

  • not a good deal. omg, that kitchen is going to give me nightmares…

    • ksk

      Yikes, indeed. I’ve never thought of myself as fussy about kitchens (ie, unlike all the home hunters on HGTV, I don’t consider a lack of granite countertops and stainless steel appliances to be the end of the world)…but even I have to say, that’s pretty dated. (And really, the landlord couldn’t have gotten rid of that enormous vase….or at least moved it out of the photo frame??)

      • Ditto. I’ve never cared what my kitchen looked like in a rental, but this one would be a deal-breaker for me. I think it would be a lot more bearable if the owner had simply painted the cabinets white.

    • Looking at these comments on the kitchen, I was thinking, “Surely it’s not THAT bad?”… and then I saw the two different sizes and colors of tile.

      Sure, the cabinets are dated, but to me, the clashing tile (and the brightness of the red tile) is what’s most egregious.

      • What I meant was that painting the cabinets (and the door, I forgot to mention) would be a cheap quick fix that would vastly improve the space. The tile’s a little crazy but I think it could look retro-chic with the right approach. If it were me I’d also paint the fridge black to match the microwave, and because the brown-red combo is just so awful. Or maybe I’m just being optimistic and the entire kitchen should be redone.

  • Anonymous

    Horrible deal. Horrible.

    Also, was this apartment abandoned for 30 years and they just decided to rent it out? No way could someone live an apartment with a kitchen like that.

  • Disco Stu

    I have a feeling that we are going to see a glut of condos & co-ops in these older luxury buildings in SW Washington…here’s why:
    These buildings are approaching 50 years old and have current or upcoming bills for very expensive major work like new roofs, new elevators, concrete repair, etc.. whose costs have to be passed on to residents via co-op/condo fees. Some units for sale seem like a great deal, until you hear what the monthly fee is–which is often over $1000 for a place like this 1BR for rent. This is what keeps a lot of potential buyers away, so the owners (often a family stuck with the property after elderly Aunt Sally passed away) can’t sell it without taking a huge loss. Therefore, it’s better to sublet, and eat the cost of the monthly fees, since many of these units were owned by the same person for decades and long-ago paid off.

    • sb

      agreed. the condo/co-op fees (and the basement laundry) are what keep me from buying in an older building like this. The only thing that will restrict them from becoming predominantly rental is if the associations place limits on what percentage can be rented out. If they want to keep FHA financing an option for buyers, they’ll have to cap rentals. It’s going to get ugly.

    • But, but, it’s “the best location in DC”

      Seriously though if Aunt Sally shuffles off this mortal coil then she’s (a) probably mortage free, so selling it for $1 wouldn’t be a huge loss or (b) not mortgage free, but the lendor can’t come after the heirs?

      • Disco Stu

        My experience (and I’ve inquired about purchasing a unit in Harbor Square in the recent past) is that the executors of the estate (or whomever owns the unit) can’t see the forest for the trees, and won’t sell the unit, thinking they can get market value. Market value of course is being compared to a newer hi-rise unit that has a modern appearance, appliances and conveniences–but they can’t or won’t acknowledge that. So they hem and haw about trying to sell the unit for months or years, all the while losing a ton of money paying-out the monthly co-op fees, thinking they’ll recoup the those costs in selling the unit.

    • But 50 years of a well-run condo or co-op means 50 years of reserve funds accruing for big repairs & capital improvements. I wouldn’t dismiss all older buildings, but I would certainly want a close look at the financials.

      • Most, if not all, of those luxury buildings in SW started life as rentals. They most likely didn’t go condo until between the late 1980s and mid-1990s, exercising their purchase rights. So there isn’t all that huge an amount of accumulated fees sitting around, collecting dust. While Aunt Sally may have lived there since 1960-something, it’s quite likely she had a mortgage.

        • Anonymous

          Um, they’re co-ops, and they have huge reserves. And they’re borrowing what they need to do upgrades at record-low interest rates.

          • Some may be co-ops. Not the building in the posting, nor the one I looked at a few blocks south of there on P and the river. They started as luxury rentals…went condo in the 80s.

  • DC Gal

    way overpriced; the location is not great and the interior is boring puctuated by a bizarre kitchen

    • Anonymous

      I live up the block in a different building and I LOVE the location. Wasn’t thrilled at first, but it definitely grows on you. Grocery store, metro, Cantina Marina, quiet streets, super easy to get out of the city…

      • I had exactly the opposite experience living a few blocks east of here. I loved the location at first but became disillusioned with all the crime.

  • O. M. G. An *original* 1960s coppertone refrigerator with retro cabinets!!!

    It is a nice, almost not-in-the-city feeling in that part of town. Not beaucoup overpriced but, for what and where it is, the rent should be about $200 less.

  • sb

    1brs in the neighborhood are going for that amount these days, but the unit is a uglier than most. If they redid the kitchen they’d probably get $1800, especially if it includes parking as well as all utilities.

    SW rents have gone up since Arena Stage and Safeway reopened. I moved in 2009, just beforehand, and I rented a small 1br for $1175 including utilities. When I left 18 months later, the new tenant was paying $1400. Now studios are going for that amount or more.

    • Anonymous

      I agree, IF they re-do the kitchen and provide parking. As-is, it needs a $350 price drop. Or more.

  • Anonymous

    Not a good deal. Wayyyyyy overpriced for the area, in addition to being aesthetically challenged.

  • AngryParakeet

    Harbor Square “DANGER-WARNING!” Fascist coop board! Historical cred: former police chief Ramsey used to live there.

    • Disco Stu

      Anyone considering purchasing into a large co-op or condo needs to keep in mind that the board is often made up of bitter old harpies who get off on giving backhanded commentary to applicants because they’ve seen your credit reports and love sticking it to you because you once missed a montly student loan payment back in 1998. This IS their hobby it seems. The Harbor Square board does seem to be more interested that you are the “right” kind of person for their building, which is not just about your assets or credit score. Facist is an apt term.

  • AK

    The kitchen is hideous, but I am amazed that people are panning this as a bad deal. Above-ground 1BR plus amenities like pool and gym located two blocks from the Metro? Feel free to send all those terrible deals my way.

  • It might be an alright deal if the furniture stayed — there’s some nice pieces in there. I have a thing for old kitchens, so I’m kind of liking how crazy this one is.

  • Anonymous

    Was looking into renting a jr 1 br in one of the co-ops in SW…$1500…co-op wouldn’t even look at my application because I didn’t make the income requirements…I forgot what the inquirent but I HAD to make slightly more than 100k/yr to rent a $1500 unit.

    I spoke with the unit owner about it and said that the co-ops have driven him crazy bc of the income requirement, plus the fees he had to pay for owning.


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