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GDoN “Amazing value near Logan Circle!” edition

by Prince Of Petworth June 14, 2016 at 12:20 pm 25 Comments

1245 13th Street Northwest

This unit is located at 1245 13th Street, Northwest. The listing says:

“Amazing value near Logan Circle! Renovated: fresh paint, new light fixtures and appliances including washer and dryer. Move-In ready! Loads of closet storage, large open living space, all bathed in light from walls of windows! Panoramic city views from rooftop deck and peaceful seclusion in pretty courtyard. Utilities included in fee. Rental parking available. Walk to 2 metros. Walkscore 96!”

inside

You can see more photos here.

This 632 square foot 1 bed/1 bath is going for $369,000 ($513 monthly fee.)

  • No Bikes

    For a $513 monthly fee I might as well keep renting next door.

    • domrep

      Devils in the details though, what does the monthly fee include?

      • anon

        From Redfin (for another unit that recently sold; I didn’t see an apt # for this one):

        Gas Included, Heat Included, A/C Included, Water Included, Trash Removal Included, CAM, Custodial Services Included, Electricity Included, Exterior Building Maintenance, Management Included, Master Insurance Policy Included, Sewer Included

        Pretty standard for condos, although it does include electric, which many do not. Still, not worth $500+

        • N

          That screams co-op to me. Co-ops are very hard to appraise or sell.

          • Rich

            Having owned co-ops, I don’t think you’re option in is very informed.

          • anon

            It can’t scream coop, if you can read. The taxes are listed at about 2500, so clearly condos. Taxes for coops, if given at all, are given for the whole building, since that’s the entity that pays the taxes – so, it would be many, many multiples of that figure. It is never broken down to a per unit number. Now you are informed.

      • Rich

        The building has been in bankruptcy in the past. Probably a lot of making up for a period of mismanagement.

        • Owner

          It’s never been in bankruptcy since I’ve lived in the building which has been since 2001, and I’ve never heard anyone else say it was ever in bankruptcy. It started off as rentals and converted to condos around 1993. It’s actually managed pretty well. It’s just older and it costs more to keep up when funding the reserves.

          • Rich

            My informant is a realtor who has lived in the area for 30+ years

          • Owner

            Well it’s not been in bankruptcy the entire time I’ve lived here, and I don’t think it has. Maybe your realtor needs to give more details.

  • ExWalbridgeGuy

    Arguably the ugliest building in DC. What an atrocity. The city should use eminent domain to demolish this building.

    • OP Anon

      +1
      Kill it with fire.

    • fka Shawess

      +1. It looks substantially better in the photo than in person, and it looks atrocious in the photo.

    • oh2dc

      I live near this building and couldn’t agree more about its aesthetic value

  • ***

    Tiled living/dining rooms look like basements, regardless of what floor you are on. Hard pass.

  • anon

    That tile in the living area, whatever it is made of, isn’t cutting it – bad choice – only a person with incontinent pets would prefer to stand on tile – needs to be hardwood to attract most buyers. Ditto for the bedroom if that’s laminate (can’t tell from the photos). Bathroom is ugly. Otherwise, looks like a good layout for the size. Good luck.

  • LCinDC

    With those condo fees, you’d have to be making a 10-year commitment and pony up 20% down to make a recognizable benefit vs. renting (15% total/about $300/month) in my quick estimate.

  • just my opinion

    This building appears here from time to time–last I recall was with the ground floor/basement duplexes. I am meh on this, mostly because of what look like absence of overhead lighting. I also (admittedly) scrooge-like don’t care for condo fees that include electric because I don’t like paying for my neighbors to keep the A/C at 65.

    • Tsar of Truxton

      The bigger issue with buildings like this is that you cannot control when to use a/c and when to use heat because the building is one one system, so it does the switch over at some point in spring and some point in the fall. There is nothing worse than hot spring days before the a/c is switched over. (I haven’t lived in this building, but I once lived in a building with the same issue)

  • MarkQ

    I live across from this building. Folks living there seem to have a really *good* time.

  • anon

    My husband and I looked at this unit back in March to possibly rent. The owners clearly could not find a feasible renter, so now they are trying to sell. They did make some improvements though, because the W/D was not replaced yet when we looked at it. The tile in the living area is really weird, and the bathroom is even worse in person–the bathtub has this weird ledge thing. It has a great layout though, if someone was willing to fix these things or loves tile for some reason.

    • mvexplorer

      Just curious.. Howe much were they trying to rent it for?

      • Anon

        $2000/ month including all utilities

  • Ced

    Plugging in all the numbers to USMortgageCalculator.org, this comes out to $2203.41/month for Principal, Interest, Taxes, and Insurance (PITI). That’s assuming you have the $74K laying around to put down 20%+closing costs.

    It’s almost better to rent in this city.

    • anon

      Not necessarily – it just means this unit is overpriced. By a lot. Since most buyers of small units like this likely don’t put down anywhere near 20%, and they often pay PMI as well. But then, if you have earnings, you take the sizable reduction in taxes you get from owning into your overall estimate of what it costs to buy v. rent.

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