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GDoN “Remarkably huge” edition

by Prince Of Petworth November 4, 2016 at 12:10 pm 32 Comments

1111-w-st-nw

This unit is located at 1111 W Street, NW. The listing says:

“Newly Renovated! Stunning, spacious 2BD/2.5BA in U St Corridor!! Remarkably huge, multi-level space featuring 18′ ceilings plus bonus loft! Sophisticated finishes include HW floors, Bosch SS appliances with gas cooking, Quartz counters, Gas fireplace, Two Master Suites w/ walk-in closets. Common Outdoor Space with grill and lounge areas. Parking available.”

gdon

You can see more photos here.

This 2 bed/2.5 bath is going for $989,900 ($264 monthly fee.)

  • HaileUnlikely

    This is one of those places where I can see the appeal to somebody in the abstract but am baffled by the notion that there exists any overlap at all between people who want it and people who can afford it.

    • anon

      Why? This would be great for a dual-income-no-kids couple with jobs downtown who had about $200k saved up. With 200k down, including condo fee and other misc. costs, I peg the mortgage payments at 4k/mo, 48k annual. Applying the 28% rule, this means income around 200k/year, which is a) an underestimate, since I imagine 100k as a minimum personal income for each of this career-driven duo, b) assuming they abide by the 28% rule, which is generally something one violates when living in a trendy part of town, not having kids, and prioritizing walkability over car ownership.
      .
      Would you contend such a couple doesn’t exist, or is there some other housing choice you would prescribe to this entire demographic as if it were a monolith?

      • HaileUnlikely

        Comment was about unit, not location. It strikes me as basically a rich adult’s version of a jungle gym. I would have loved this place when I was like 12, but I’m old now, and I can’t imagine anybody old enough to have that kind of income and savings wanting to have half of their space accessible only by ladder. Have you ever injured an arm or a leg or your back? If you live here, I hope you don’t, because half of your place will be inaccessible. It is about the least practical space I have ever seen in my life.

        That said, I don’t doubt that it will sell. There are lots of people in this world whose preferences mystify me. I don’t question their existence, I just don’t understand them at all. The buyer, whoever that turns out to be, is likely to be one of them.

    • Anon

      Yea, I bet this unit stays on the market forever and ever. U street is sooo passé now.

      • Jake

        It’s actually a complete renovation project that Fundrise equity helped fund. (local DC fintech startup) They’ve already sold 6 of the units in the building, and with the three they just listed this week that leaves another 5 they’re still finishing up or waiting to put on the market. They converted the building from apartment rentals to condos. https://fundrise.com/offerings/71/view

        So it doesn’t appear these units are going to sit for very long….

      • textdoc

        For close to $1M, I think you could get a different U Street-area property that would be better.

      • jdegg

        LOL

  • Anonymous

    Lived in the biggest loft in this building just prior to being converted to condos. The insulation and windows are terrible in these are were not replaced. We paid $3K for a massive 2200 square feet.
    Even with 20%, you’re looking at a mortgage + HOA of over $4300 per month. Lame.

    • CS

      I’d also place my money on that condo fee not staying that low for long…

    • Anon

      People have more money than you, it seems. Perhaps a lot more money.

      • textdoc

        I don’t think Anonymous’s quibble is with the price tag per se — rather, with what you get for the price.

        • Anon

          One and the same: you know how many Rolexes you can buy for the price of one Patek Philippe?

          • flieswithhoney

            Are you the same anon that’s being snarky over in the Cotton and Reed thread? Because it’s getting old. Please play nice.

          • asg

            That depends. A limited edition Paul Newman Daytona is pricier than all but the most complicated Pateks :)

          • textdoc

            Flieswithhoney, I was wondering the same thing!!

  • Rich

    Condo fee is unrealistically low.Tthe kitchen doesn’t look like it has much storage–an island would have not cost very much and would add usable space. Good to know about the windows–probably lots of potential for noise and expensive window coverings.

    • Anonymous

      Insane utility bills with the high ceilings. Electric A/C in the summer and gas heating in the winter easily pushed the bill to $250-300/month during peak months.

    • textdoc

      Agreed on the kitchen — it’s odd to see what’s basically a galley kitchen in a space that could’ve accommodated a non-galley kitchen.
      .
      And if the builder had put in an island, presumably they could’ve put the sink in it so as to get the fridge, sink, and stove in a more user-friendly triangular configuration (vs. all lined up along the wall, like they are here).

  • Am I viewing this correctly? It appears to have only one bedroom with walls, and then the second loft space, unless I’m misinterpreting the photos. Either way, I agree with all the previous posters about this not being a good deal.

    • textdoc

      Yep — it looks to me too like a one-bedroom plus den, not a two-bedroom.

  • Anonymous

    Nice, but I see a lot of dead space

  • jumpingjack

    I love all of the windows but the thought of going down that staircase/ladder nearly gives me a panic attack.

  • ET

    I like it (other than the staging choices) but not for almost a million dollars. For that price you would think the closets would be a step above Container Store (like CS but someone paying that money would likely expect more lux).

    • huh

      Huh? Elfa is the gold standard for closets unless you are going to get custom cabinets done, which is >10x more expensive than Elfa and less flexible to boot.

    • textdoc

      Also, the sinks in the only bathroom pictured look like IKEA sinks to me.

  • JJ

    There are way too many stairs in this place, not to mention one of them being more of a ladder than stairs. Can you imagine going up there with a cup of water?? In addition to previous comments about the dead space, it’s inconvenient to have different levels not being connected to one another. Eek.

    • Petworth Landlord

      Correct. Very neat place, but too many stairs for $1mil. Those loft spaces don’t look very large.

  • kn

    I lived her for a number of years when it was apartments. The space is great, but your electric bill for the summer is HUGE if you are in a south facing unit. There isn’t a ton of storage. All the units are 2 bedrooms (2 huge bedrooms) with their own bathroom and pretty big closets, plus an additional loft space (the ladder stairs go to the lofts). The stairs are an issue if you have a lot of carry. I wouldn’t want to live here with children. The location is convenient to a lot though.

    • tl

      Can you explain the set of stairs by the laundry? I roughly understand the layout, except for that staircase

      • Anonymous

        There’s two sets of stairs in each apartment. One set goes to a completely separate floor where there are two large master suites (each with own bathroom and large walk-in closet). The other steep staircase/ladder goes to a lofted space in the main living room. Some people used it as an office area, a guest bed area, or just another living/chillout space. Our lofted area was around 160 sq feet – definitely big enough for a guest bed and a desk. Also, the HVAC closet is located up in the lofted area.

  • houseintherear

    Price is so high, wowsa… but omg I’m so into white/black/grey and natural light, so looking at the pics made me happy.

  • nightborn

    This condo fee is so low that there will clearly be no reserve, so residents can expect to get hit with assessments. And… for a million dollars, you can buy an actual house… no condo fees.

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