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GDoN “Sophisticated studio” edition

by Prince Of Petworth August 28, 2015 at 12:45 pm 32 Comments

This house is located at 1801 Clydesdale Place, Northwest. The listing says:

“Sophisticated studio in The Saxony! Features include parquet floors, modern kitchen, and open floor plan. Bathroom is roomy and has bright white tile, unit also has enormous walk-in closet. Located in the heart of Adams Morgan, close to Rock Creek Park & National Zoo.”

You can see more photos here.

This studio is going for $149,900 ($298 monthly fee.)

  • GBinCH

    I’m going with good deal on this one. It’s only $150k.

  • Accountering

    Whats the catch? Is this one of those buildings with too many rentals? Can this be rented?

    • textdoc

      The listing details say that the building is a co-op. It doesn’t mean that the unit absolutely _can’t_ be rented, but it usually means that there are a lot more restrictions on renting — not allowed within first X years, allowed for a maximum of Y years at a time, etc.

      • Accountering

        Makes sense. Reading skills are not on point today! Regardless, this seems like a great deal for someone new to DC to snatch up and live for $1000/month in. Nice neighborhood, good views. I would definitely say good deal.

        • textdoc

          The wording is only in the click-through listing, not in the capsule thingy above. So your reading skills might be OK after all. ;)

          • charles

            I wonder if it’s a co-op on one of those land-lease deals like River Place in Rosslyn where the value decreases to zero as the end of the land lease approaches.

          • Rich

            @Charles, no it isn’t. The price is low because the floor space is so small and it’s co-op, which means cheaper to buy, but a little more expensive to finance. The building is an underachiever that once had poor management but over the last 10-15 years has modernized–new elevators,new lobby, I think they’re getting a new roof. BTW, It has one of the best roof deck views in the city. It also has parking, although it may take a while before the buyer is high enough on the wait list.

      • anon

        I’ve seen quite a few rentals in this building on craigslist (usually in the $1300-$1400/month range). Seems like there may not be restrictions.

        • Rich

          There are restrictions. Units can only be rented for a period of 2 years and then the owner has to move back in for 2 years before it can be rented again. When this rule took effect, there were existing absentee owners who were grandfathered-in. Last I heard, over 60% were owner occupied.

      • tonyr

        If it’s a co-op then the $298 pcm fee will include taxes. Seems to be an excellent deal. Doesn’t a studio pretty much by definition have to have an “open floor plan”?

  • That Man A

    That random kitchen door is strange

  • Anon

    That’s not Adams Morgan. It’s Lanier Heights. Don’t let the people who live back in there hear you call it Adams Morgan, for the love of God!

    • Rich

      It’s Adams Morgan. I’ved lived there and the Ontario, it’s Best Address neighbor across the street.

    • textdoc

      IMO, Lanier Heights is a sub-neighborhood of Adams Morgan. I lived nearby for almost 10 years and didn’t hear of the Lanier Heights designation until after I moved.

      • And when I say nearby, I mean that the houses on the other side of my alley were in Lanier Heights. _I_ might even have been in Lanier Heights, although I don’t think it extends as far south as Columbia Road.

        • Emilie

          My street recently got “historic kalorama” signs. I’ve been gentrified!

          • Interesting. I wouldn’t have thought Kalorama extended that far east!

          • Emilie

            I don’t think it does and Wikipedia doesn’t think it does, but whoever put the signs up does.

          • Haha!

    • AdmsMgn

      Not everyone who lives Lanier Heights is like that. I know quite a few that aren’t. I live close to the building and whenever someone asks where I live, I say Adams Morgan.

    • Joseph A. Gonzalez

      Ha! So true. My GF lives on Harvard and she hates it when people call it Adams Morgan. I guess Lanier Heights just sounds so much more classy or something?

      • artemis

        I lived on Harvard for years, and I always called it that “no man’s land between Adams Morgan and Mt. Pleasant.”

    • anon

      I live in the building next door and definitely say I live in Adams Morgan (quickly followed by the disclaimer: “…not for the nightlife”). People who don’t live in the central city generally have not heard of Lanier Heights.

    • Anon

      I live in the Saxony, and it’s Adams Morgan. Lanier Heights isn’t a neighborhood, it’s half Adams Morgan, half Mt. Pleasant, and it only exists to make people feel classier than they are. ;)

      • MM

        This is incorrect. The border between Mt Pleasant and Lanier Heights (or Greater Adams Morgan) is Harvard St.

  • Rusty

    I live in the building and you are allowed to rent for 2 years max…..great building and location…I love it! We have no underlying mortgage and it is not a land-lease deal.

    • bruno

      A rose by any other name would smell as sweet.
      It does not really matter in the end what you call it. It is what it is.
      And it is a nice area. Very woodsy and quiet, but close to a lot of action. Such as — the zoo!

    • Liz

      I looked at this building back in 2006 and while I didn’t buy, I’ve noticed that the rents and sales prices have always seemed low for the units and the neighborhood (which I love).

      Any idea if it’s proving to be a good investment over the long-term for owners? I could never figure out what the “catch” was. Like if there was some hidden cost beyond mortgage and co-op fee. Or some aspect that made re-sale difficult.

      Any idea?

      • The OP Anon

        “Or some aspect that made re-sale difficult.”
        Pretty sure the rental restrictions are what make re-sale difficult and keep prices low. You can’t rent it out for more than two years at a time. This pretty much screws over any person who fancies himself an “investor.” This probably isn’t a great building if you’re looking for good return in a short time frame (5-10 years). It’s an awesome building if you’re a person with a relatively low paying job (Fed, teacher, non-profit, etc) and just want a roof over your head. It’s also a great savings vehicle for eventually trading up and building equity.

        • Anon

          I don’t think that “two years at a time” part is true. I own in the Saxony, and while it’s true that you must live there as an owner for two years first, there are no restrictions on how long you can rent it out after that. Or maybe I just need to re-read my by-laws.

        • HaileUnlikely

          Wouldn’t say “screws over.” Somebody who “fancies himself an ‘investor'” oughtta read the fine print before buying.

      • anon

        Coops to me seem like a great deal in this city (compared to NYC, where they don’t sell at prices as much lower than condos than they do here, probably because they are in the majority over condos there). If you want to live there, not rent it out, they seem like great deals. They just seem to take a bit longer to sell. And you can’t do what so many here seem to do as condos – keep it long term as an investment to rent when you move on to a bigger place.


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