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GDoN “corner-unit condo” edition

by Prince Of Petworth March 9, 2017 at 12:00 pm 19 Comments

2701 4th St NE #302

This unit is located at 2701 4th Street, NE. The MRIS listing says:

“Move-in-ready 2BR/1BA corner-unit condo just 1/2 mile from Rhode Island Metro + Rhode Island Row shops & restaurants. This conveniently located gem features a spacious LR w/ HW floors, recessed lights, gourmet kitchen, 2 sunny BRs, well appointed bath, full size In-unit laundry all in an 850+ sf open floor plan. Bike storage, easy street parking & quick access to Brookland or downtown! OPEN SUN.”

gdon

You can see more photos here.

This 2 bed/1 bath is going for $350,000 ($331 monthly fee.)

  • Anon

    This isn’t too far from the Brookland metro and Monroe Street Market, and it’s right next to the big development planned at the Foreman mills location. Seems like a decent deal to me.

  • anon

    Also close to the Rhode Island Ave. metro. Right on the G8 line to go straight downtown. And close to the (hopefully) forthcoming McMillan development. It’s a long game, but a good deal.

  • anon

    Consistent with sales over the last two years for that area, though most of the other comps come with parking. If this goes for list, it’ll bump the value of the similar places with parking. I think that part of town is going to be very hot in the coming months with all the announced development around.

  • JoDa

    Price is a *smidgen* ambitious. Unit 201 (just a little smaller) had two goes on the market at $300K (currently pending, again). Not sure one additional floor, a few extra square feet (per listings, 15 additional ft2), a few more windows, and a slightly roomier kitchen are worth $50K (potentially +, depending on what 201 settles at) more. Not a *terrible* deal, but maybe not a “good” deal.

    • JoDa

      But I agree with the anons that it could be a good deal in the long run. If you’re looking to stay for 6-8 years or so while the big developments complete, and suffer the inconveniences they create in the meantime, then this place will probably appreciate nicely. Within a few to several years, you’ll likely be living spitting distance from tons of bars, restaurants, other entertainment, shopping, a good gym or two, and more. And it’s fairly close to the RIA Metro when you consider cutting through the Foreman Mills plaza/its replacement (the path you’d take now will be preserved/replaced exactly) and using the bridge to the Metro.

      • anon

        The path you take now might actually improve with grading of that area, and certainly with an improvement to the experience of walking through what will one day be a parking lot. But yeah.

        • JoDa

          The “experience” of that walk will surely improve significantly. Grading won’t make much of a difference when entering from 4th, but that’s not a major issue, since it’s not steep coming in that way now. My point, which I didn’t articulate clearly, is that the walking step count from point A to point B will be the same in number. Given the hysteria about this development from the small group of my neighbors opposing it (they won’t win in terms of “stopping it”), a walking path through the site will likely be available throughout construction.

    • anon

      Had Unit 201 listed a couple months later than it did, it would have gone for more. An offer was accepted on Unit 201 within a week of listing the first time. A nicer place further east on Evarts listed December 20 — who advised them to list right before Christmas? The sellers accepted an offer within a few days of dropping the list price to $325k; but people listing similar places in the neighborhood last spring easily got offers for $340-350k within a week of listing.

    • Anon

      201 settled over asking.

      • JoDa

        Okay…so, are the same differences between the units worth 14% more, rather than 16.5%? I’m still not convinced they are. As for these similar listings…umm…they’re not showing up on Zillow or Redfin, which seems a little strange. Especially since I get alerts for this area from Redfin, and, with the exception of Mint and the new condos right across from FM (Bryant, I think?) which aren’t really comparable (luxury building vs. standard building, Bryant ones were brand-new construction, size of units) I’ve never seen anything this high. It was/is headed that direction, but you seem oddly committed to making this price make sense, in light of a lightly critical post.

        • anon
          • anon

            Pardon — the units in 432 Evarts sold in 2015, not 2016.

          • JoDa

            That is why they didn’t show up when I went fishing for comps…I limited it to 12 months prior. My fishing expedition turned up a nearly identical unit in the same building. That sold for 14% less than this list. In my buildings, an extra floor gets you around 4%, and square feet can be adjusted directly (2%). Whether people value the tiny amount of exposed brick and two extra cabinets and their attendant counter space in the kitchen is largely a matter of taste, but I have a hard time believing that drives it up an additional 8%.
            .
            Still, the comps you provide are all larger (except for 420 Evarts, which has far nicer finishes and fixtures…and appears to be a new flip with a lower fee), and as you admit, have parking and decks. One of my places has the same (off-street parking and a deck), and those totaled up to $15K in increased value, per the appraisal when I refinanced it. I know I get more rent for that place than the places without those. And that is in a nearby neighborhood where street parking is easier (so, if anything, the parking would be worth *more* in this specific subdivision).
            .
            Look, as I said, this isn’t a *terrible* deal. For someone looking to stick it out for the medium haul, it’ll probably turn a nice profit and pad a downpayment elsewhere. The second bedroom appears useful, so it could work for a roommate for now and a kid down the line. It’s a nice place, but the price is just a little more aggressive than I would have gone. If I were in the market, I’d offer $325K and be willing to escalate to full list, but tap out above that. If someone’s willing to pay this or more…hey, that’s good for all of us nearby condo owners.

  • anon

    A little surprised by the lack of comments on this listing. When a super-expensive listing comes up, people are quick to remark about how impossible it is to buy in the city. But here’s a decent deal in a neighborhood that will soon be pretty great, and nobody even pays attention. I guess outrage is the only thing that excites.

    • anon

      Could be a sign people are trying not to hype the neighborhood before they get in at the current price point.

      • textdoc

        I doubt it’s that calculated — I suspect a lot of people can’t quite picture where this is and/or are unfamiliar with the development coming to the area. (I know it mainly because it’s on my route to Home Depot.)

        • JoDa

          And, if you ask Google Maps for a route to the Metro, it doesn’t represent the route properly. For me, it appeared to suggest I walk through an alley behind stores, hop on the MBT, and then cross over. As a woman, I would never cut through a long alley without homes facing/backing up to it during the day, much less anytime after dark. But through the parking lot of stores that are open or where there is some security after closing? Sure…that wouldn’t be a problem. Plus, the Realtor is marketing this as closer to Brookland, which is a nearly 20 minute walk (vs. about 10 to RIA). Sometimes, “marketing” (Brookland is “hotter”) backfires.

          • JoDa

            Sorry, I take back part of that. Realtor is clearly marketing this as close to RIA. I had been looking at a different, nearby listing where there were no pics of RIA and tons of Brookland, and got them mixed up. Point that still stand is that if you ask Google Maps for directions from the Metro to here, it won’t return the relatively safe route.

    • textdoc

      That is a good point. I thought this listing looked pretty good.

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