Last week, The Wharf celebrated the grand opening of the first phase of the project. What was once an underutilized strip of nondescript buildings hiding the prime DC waterfront has been transformed into a dazzling array of glass and steel. Before you get too nostalgic about the historic Maine Avenue Fish Market, keep in mind it will be back and better than ever in 2018.
In addition to the shops, restaurants, piers and plazas, there are two condo buildings that are part of the first phase of the development, 525 Water and Vio. It’s understandable that a waterfront view and prime walkable location will come at a price, but the record setting $1,000/square foot price tags at VIO were still somewhat startling even for someone accustomed to high housing costs in DC.
Sure, we’d all love a brand new waterfront condo, but let’s be realistic here, the prices are way out of reach for most DC residents. With that in mind, today I’m exploring the other options in the Southwest Waterfront neighborhood, within a few short blocks of the Wharf and at a fraction of the cost.
While real estate agents have been touting The Wharf as a selling feature for years, history shows that the real price appreciation of existing units in the immediate vicinity has yet to take place.
355 I Street SW #114 | 1 bed/1 bath | $395,000 | condo fee $321/month
- Potomac Place Condominium
- Newer construction, built in 2005
- 730 square feet with balcony, in unit washer dryer, open floor plan
- Rental parking available within the building for an additional cost
1301 Delaware Avenue SW #N725 | 2 bed/2 bath | $325,000 | coop fee $851/month
- River Park Mutual Homes Cooperative
- Monthly fee includes all property taxes and utilities
- Amenity filled community
- Total monthly payment (with 20% down) is less than $2,200/month
490 M Street SW #W608 | 1 bed/1 bath | $299,900 | coop fee $704/month
- Waterfront views!
- As close to The Wharf as you can get
- Monthly fee includes all utilities (+cable) and property taxes
- Parking available for sale for $45,000
240 M Street SW #E102 | Studio | $225,000 | condo fee $429/month
- Carrollsburg Condominium complex
- Less than 1 block to metro
- Assigned parking included
- Total monthly payment is less than $1500/month (with 20% down)
Interested in other Southwest/Waterfront properties? Send us a message and let us know what you’re looking for to learn about opportunities in advance, or check out the full list of available listings here.
Do you have a burning real estate related question or topic that you would like to see covered? Send me an email at [email protected] and I would be happy to cover it in an upcoming column.