Comments on: Good Deal or Not? Condo Edition

By: ET

ET — Fri, 15 Aug 2008 16:38:10 +0000

DCDave05 – I have to agree with you on that. Add to that the fact that they turned this into a 5 condo unit says everything.

I have to say when to do this house to multi-condo things the layout usually sucks and the unites are usually small. Wasn’t there one a few weeks ago here on PoP where the entry was on the “main” level but you had to go down to get to the bedrooms (or something like that)?

I know that the smaller condo are more affordable (by which I mean they are the only that many buyers could afford and they are still expensive as hell). But I don’t know that they would necessarily be good for resale – this ain’t Manhattan. Of course that could change. Hopefully the buyers of these types of units won’t find that they have to rent them out because they can’t sell them and upgrade. If so it would suck that what was a condo building with owner occupied unites ended up being a building of condo’s rented out.

By: emikael

emikael — Fri, 15 Aug 2008 14:46:14 +0000

Location is everything. Two blocks from the metro will always command more $ than a “short bikeride.” So will proximity to the grocery store, Target, Gym, restaurants, etc. Sorry, but that’s just how it is. These prices are a little high BUT that is the way it always used to be before the market craziness of 2001-2006. You start higher than the price you are willing to accept and negotiate down.

By: anonymous

anonymous — Fri, 15 Aug 2008 14:22:33 +0000

re: 2:28. I think what she was trying to say was that, in real estate, location is everything. There very well could be nice houses on the other side of Sherman, but, like David points out, those house are quite close to places being shut down by the US Attorneys for drug issues. Rightly or wrongly that is going to affect property values. Brand spanking new retail from national chains is, rightly or wrongly, going to affect property values in the other direction. In a few years, you could have the last laugh (I’m assuming the ones that responded to 2:28 live where you are suggesting that she buy), but, I don’t consider the price difference to be irrational. Quite simply there are more people willing to live near the Columbia Heights metro than a quick-bike-ride’s distance away, and the prices reflect that.

By: DCDave05

DCDave05 — Fri, 15 Aug 2008 11:56:10 +0000

The “$79″ Home Depot entry door that is out of character with the exterior makes me question the entire renovation.

By: Heather

Heather — Fri, 15 Aug 2008 02:07:56 +0000

Yeah, what bogfrog said. There are a couple houses on the 700 block of Kenyon that have been on the market for awhile. Two are renovated and right around 400 or less, a few more need work but are great prices. And not 150K, more like 30-40K.

By: Kelly

Kelly — Fri, 15 Aug 2008 00:13:49 +0000

Not. The condo market blows and the fact that this is a cut up row house doesn’t make it any better.

Anon 2:28 you might want to find yourself a new realtor and start looking on the other side of GA ave. There is a super nice guy on my street (NH Ave) that has lived here for about 4 yrs. I am sure he knows the area pretty well. I can give you his info if you like

By: bogfrog

bogfrog — Fri, 15 Aug 2008 00:02:27 +0000

Wordwitch is talking about 511 Irving St NW.

Anon 2:28, the following houses are all under $400 K. I think Sherman really is the dividing line for prices in 2008:
-3213 Sherman Ave NW
-767 Kenyon St NW
-609 Harvard St NW
-542 Hobart Pl NW
-432 Luray St NW
-3300 Warder St NW (corner house)
-1007 Lamont St NW (on the “good” side of Sherman)

By: bogfrog

bogfrog — Thu, 14 Aug 2008 23:58:10 +0000

Anon 2:28, there are dozens of houses for sale around Sherman Ave — from Harvard up to Kenyon — for sale in the low price range. Great deals! Have a look on redfin.

By: David

David — Thu, 14 Aug 2008 21:24:50 +0000

There’s a fully renovated full house in NOPE (That’s North Petworth to you rookies) on my block that’s been on the market since March I believe. They priced it at about $500 but they are probably significantly down from there. 4900 block of 9th St NW. The renovation is gorgeous. A couple of other beauties around the corner on the 800 block of Farragut and Emerson. I realize it’s not quite the location but it’s a quick bike ride to Columbia Heights and the neighborhood is getting better. Actually the renovated house on my block was closed down by the US attorney for drug issues – that had been the problem house but it’s gorgeous now.

By: Parkwood Person

Parkwood Person — Thu, 14 Aug 2008 20:10:50 +0000

Anon 2:28- I also would like to know where these single family homes (that don’t need three years and 150K of work before they’re comfortable) in the area are.

I wouldn’t call this a rip off or a good deal. The prices do seem reminiscent of 2 years ago, but the area has also appreciated, so it’s a tough call. And realtor worth his/her salt is going to try to get as much as possible on the sale, and adjust the price down, so I’d call this “fair.”