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(Was it a) Good Deal or Not? “HUGE WALK-IN PANTRY” edition

by Prince Of Petworth — January 29, 2013 at 1:00 pm 21 Comments

This condo is located at 910 S St, NW:

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The listing says:


You can see more photos here.

This 2 BD/2 Full, 1 Half BA unit was listed at $769,000 ($169 monthly fee) and went under contract in less than 5 days. This is the new construction on the abandoned lot/playground just off 9th Street.

  • anon

    CCRE crushes the metal-frame back porches, they’re a great look. i don’t love the interior but that’s me, i’m sure that’s a reasonable price.

  • That’s the price for a place like this in this market. But there’s no upside on this place, IMHO. I hope they are not planning on selling in the next 10 years.

    A $600K mortgage on this place (including property tax & PMI) is $4000/month. I don’t think they could get that price if they tried to rent it.

    • Anonymous

      PMI only applies when you put down less than 20%. I’d guess the buyer is putting down at least 20%. Mortgage + property tax is probably more around $3,500, so with condo fee maybe around $3,700.

      Sure, you had to put down $150K + down payment, but they can rent it for close to $4K. Not that far out of the question for this rental market.

  • Alex

    It’s pretty, but at the end of the day, $770k for a 2-bedroom condo? They might be big bedrooms in 1,400 sq. feet. But, it’s still 2 bedrooms. Geez.

  • Rich

    For the square footage, the bedrooms look small. Low fee means that you’ll paying a lot more in the future unless you can sue the builder for all the serious flaws.Low fees on new condos mostly are designed to widen the pool of people who can theoretically afford the mortgage.

  • I tend to agree. And I know I am going to get the Shaw adopters all in a Tizzy, but 770K for a 2 bedroom condo “there”?

    Even if this unheard of real estate boom we find ourselves in, and makes the one DC had from 2001 to 2008 look childish continues, there is no upside to that for a minimum of 10 years, then the place has to appreciate 10% just so the buyer doesn’t sell it at a loss.

    1848 8th street, a full house a block closer to the Shaw Metro just closed last week for 565K…so on and so forth.

    I’d much rather take that money and pay less or the same to live in a house in places like Tenley, American University, Friendship Heights, places a lot less trashy and shooty. But hey, call me weird.

    • And there are a lot of people who will pay a premium to never have to commute into the city on the Red Line.

    • Anonymous

      This comes a lot in these posts, as of today there is one property in the upper NW hoods you mention available for this amount. You can’t pay that money or less to live there.

      • “As of today”

        This condo wasn’t bought today. Whose to say the below places, some not under contract, some are weren’t available then?

        4705 48th street
        5300 nebraska
        5536 30th pl

        And just for comparison sake, here are a bunch that have just sold in the past 30 days for the same or less in these same neighborhoods. So obviously houses are available for these prices, in these neighborhoods.

        3740 appleton
        5227 chevy chase parkway
        3523 alton
        3718 chesapeak

        The difference between all of these single family homes and this condo?

        You don’t have to wade through a foot of trash as you walk down the sidewalk, you are constantly hearing gunshots and you can walk down the sidewalk in your neighbohood without constant threat of someone robbing you. But hey, if everyone made smart decisions, we wouldn’t get to be amused with the constant lack of common sense that gets paraded here.

    • Anonymous

      Totally agree with you here. We bought a comparable rowhouse in Shaw for about $200k less last year. Have we reached the point where I can put my home that I’ve owned for less than a year back on the market with a $200k price increase? I love my new home but I’ll happily sell for a $200K gain and buy a larger unit further East for half price.

      • Was your “comparable” house a brand new remodel? 2.5 big marble bathrooms, deck, secure parking, high end appliances, similar sq footage, similar storage?

        • Anonymous

          Yes, it was virtually identical to this unit in terms of square footage, ceiling height, finishes, but mine has bigger, nicer East/West facing windows that let in more natural light.

          The bedroom on the main floor in this unit kills the open concept and probably makes the unit too dark when the bedroom door is closed.

      • Definitely worth a try. If you could lock-in $200K of equity in one year, you’ll be a PoP’ville hero. You’ll also be the clearest sign of an unsustainable real estate bubble.

        Sell at the peak, buy on the dip?

        • Anonymous

          There is another listing on 7th and P for $725K that is under contract. If I see one more go under contract for over $725K, I’m going to list mine for $759K and keep it on the market for 90 days to see if I get any offers over $730K.

  • Rock

    S between 9th and 10th is probably Shaw’s most prized, beautiful block. And I’m a huge fan of this developer’s work…the new buildings blend in really nicely.

    I think a real brand new 2 bedroom with parking and outdoor space would get very close to $4k if not 4 on the nose.

  • Anonymous

    I think that was priced to sell (obviously). If the construction is as high end as advertised, that is about $530 per sqft…… not bad at all. Who knows, it could go as high as $800K if it sold that quickly.

    In 5 years, the area between the Logan circle and Shaw Metro is going to be totally filled in. I don’t think the buyer intend on flipping the condo, some people are actually looking to live somewhere turn-key and close to a subway. Not everyone is looking for a good investment, and place that over convenience.

    I bet you could rent it for about $3,500-3,600. Coming close to break even (mortgage + taxes + condo fee = potential rent) at the closing isn’t bad at all in case you have to move within 2-4 years.

    • Anonymous

      I have to disagree with you here as I was recently in the market in this area. I have yet to see a large rowhouse style condo unit that has sold for more than $450 per square foot, so I’m pretty sure the buyer jumped the gun here.

      If they waited I’m sure they could have got this unit or a very similar for under $675k. I can totally relate to the buyers anxiety in this situation because units similar to this have been flying off of the market for the past two years. This bid probably represents the buyers frustration more than the actual value of the property.

      Totally agree with the above posters who are saying it’ll take 10 years to sell this unit at $775k. I’m concerned that the bidding wars and ensuing panic, buy at any price mentally will result in a number of foreclosures 3-5 years down the road.

      • Anonymous

        I could be wrong, but I doubt you saw anything that high end with comparable specs. Hard to tell from the pictures, but people pay money for high end finishes, and brand new construction.

        Good luck finding anything like that for less than $700K. I’m not saying $530 per spft is a steal, but this reno definitely is “worth” $500+ per sqft in the current market.

        The market moving too fast in Shaw being another question.

  • Anonymous

    I’m surprised by the lack of interior finishing details at this price. Couldn’t they have added some crown molding, better quality door trim? I think it’s overpriced. I agree that it’s a nice block, but I think you can do better for this price. Obviously someone disagreed.

  • Anonymous

    Lots of shaw cheerleaders/homeowners in this thread. I would never drop that much for a condo in this area, but if I were planning on it, I bet you could get something closer to U in a high rise where you’re not splitting the fees with 2 other units

    Surely you can still find a renovated rowhome for less than 700 in Shaw still?

    • Anonymous

      From memory, the row houses on that block (in various states of renovation) have been going for mid- to high- $900k over the past 2 years. The smaller 2 story rowhouses (~1200 sq ft) in reasonable condition on 8th St btwn S and T seem to be going for $550 to 620k – no basements though.


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