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Good Deal or Not? “the list is endless” edition

by Prince Of Petworth — January 22, 2013 at 1:00 pm 21 Comments

This condo is located at 1213 4th Street, NW:

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The listing says:

“Fabulous New Construction. 2 BR, 2 Bath. High Ceilings, Hdwd Flrs, Granite Counters, Espresso Wood Cabinetry, Bosch Appliances, Kitchen island. Open Floor Plan. Huge Private Fully Fenced Rear Yard. Lives like a house – Amazing Mt. Vernon Square/Shaw Location. Metros, Restaurants, Shopping, Safeway, Vida the list is endless. Amazing quality of life and amazing investment. A Must See.”

You can see more photos here.

This 2 bed/2 bath is going for $515,000 ($232 monthly fee.)

Ed. Note: You can see the 3 bed/3 bath unit here.

  • That Man A

    The unit looks nice
    i like how they did it

    i just thinki this proce is up there

    location is great geographic wise… but i just dont think that neighborhood is there just yet (yes they have over $1mill brand new builds just around the corner)… but they neighborhood just isnt there yet imo

    alswo if this is what a 2br condo os going for now im almost scared to see hwat pricec jump to in a few years.. scary thought

  • FedUp

    Definitely not a good deal. The sellers need to look at the current market situation and the one forthcoming. A basement unit with two windows for over a half of a million dollars. Come on. (And the location for now – haha)

    • Anonymous

      The listing price is line with rental rates and recent sales prices in the neighborhood.

      The location is deceptively good with easy access to the Convention Center metro stop and multiple bus stops. Noma, the U.S Capitol, Penn Quarter, Logan Circle, and the White House are all approximately 1 mile away so there is a good chance whoever buys the unit will have less than a 15 minute walk to work.

      The nightlife within 5 blocks is definitely lacking, but again, Logan Circle is 1 mile away, and the 7th and 9th St. corridors are the next big time bar/restaurant and retail corridors IMO with the Passenger, Hogo, Rogue 24 and Corduroy already firmly establishing themselves as destination spots.

      This exact unit would sell for $650K east of 14th St., so I don’t think $515K for a large two bedroom in a quickly developing neighborhood is that bad of a deal. Regardless of what we think, this unit WILL sell at listing price and ultimately that is all that matters.

      • On the defensive?

        Nice plug and all, but you haven’t addressed the fact that it’s a basement apartment with minimal natural light. Half a million to live in a cave is a steep order.

        • Anonymous

          My rebuttal would be that this unit would rent out for more than the mortgage payment and comparable units in the neighborhood have sold for more $ per square foot.

          I agree that living in a ground floor unit is a horrible mistake, but there are plenty of stupid first time buyers that don’t know any better. My idiot downstairs neighbor with her incessant noise complaints and perpetually flooding unit is a perfect example.

  • brian

    Ya it seems expensive but the same sized condo 2 blocks away is much more so.

  • Anonymous

    I live nearby and comparable units are selling for $425-$525 per square foot so this listing seems to be in line with other sale prices in the neighborhood.

    The larger 3 bedroom top unit is a much better deal at $839K or $381 per square foot.

    The lower level units in the new or renovated rowhouses frequently have flooding and security problems so I personally would wait for either a great deal on one of those units, or opt for a high rise condo building in a similar price range.

  • Anon

    So they built three connected buildings, split each one into two units, and are trying to sell the two separate pieces in each “row house” for a total of $1.35 million? Bad deal in this neighborhood IMHO.

  • Anonymous

    3 bed 3 bath condo for over 800k? Terrible deal, surely you can still get a fee simple house in that part of town for less? (I hope so)

    On the plus side – easy access to the 395 tunnel on NY Avenue!

  • Anonymous

    Walking distance to I-395… who could ask for anything more?

  • I bought something comparable (same sq ft, beds, baths, condo fee) six blocks west of this (other side of convention center) two years ago this week. This is $150K more expensive. Amazing.

  • Jay

    I can’t imagine who would pay $840,000 for the 3 bed unit. That strikes me as just a phenomenally stupid use of money. You can still easily buy a home in this city if you’re working with an $840,000 budget.

    • nathaniel

      One you are assuming someone wants a house and all of the upkeep that entails.

      two, please find me an example of a 2200 sq foot 3 bedroom more than one bath house house close in for 840. The only one I could find for that didn’t include a rental unit (for some people this may be good, not so much for others, either way it reduces your living space) needs serious work.

    • Anonymous

      Someone else is stupid because you lack imagination? I hope your day gets better.

    • Anonymous


      Consider that this unit would rent out for over $4,500 a month or make a solid starter home for a dual income household with 1 or 2 small children.

      The price may look high, but you are getting a lot of house in core DC for under $1M. I challenge you to find a comparable unit that is currently on the market for less, or ANY unit that is selling for less than $400 per square foot.

  • annonny

    Hmpf. Personally I would never, ever consider buying an apartment where the living space is below ground. Having been in an “english basement” for my first few years in DC – and a very nice, new construction one at that – there is no way to avoid spiders, mustiness, dirt and dust, and a whole host of other things that come with subterranean space.

    That said, I am sure some fool with more money than sense will pay the asking price for this place. Stainless refrigerators and espresso stained wood makes lots of people lose their minds, apparently.

    • Anonymous

      Why must they be a fool? Rather harsh.


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