The Matheson: DC’s Newest Boutique Condo Project

• June 24, 2010
• 8 Comments

by Mark Wellborn

The Matheson

As larger condos in the city begin to sell out and inventory remains low, it is nice to hear that there are some boutique developments that are now hitting the market to replenish the housing stock.

UrbanTurf has learned that The Matheson, a seven-unit condo conversion of a former row house at 1451 Harvard Street NW (map) in Columbia Heights, officially started sales last weekend. The goal with this development, according to Adam Stifel whose company CAS Riegler developed the project, was to create units with efficient layouts and high-end sustainable finishes at a low price point.

“Conversions of this boutique scale are usually full-floor luxury units,” Stifel told UrbanTurf. “Our target was to provide homes for buyers that are priced out of those projects, but want both the product amenities and walkability afforded by them.”

Living room of one of the units

The units are not only affordable, but pretty spacious.

There are three one-bedroom/one-baths priced from $225,000 to $275,000, three two-bedroom/one-baths from $350,000 to $375,000 and one two-bedroom plus den for $525,000. (The building is FHA-approved.) The floorplans range from 550 to 1,400 square feet with condo fees from $142 to $321 a month. There are three secure parking spaces available first-come, first-serve.

Living room into kitchen

Like most new developments, big or small, The Matheson has a number of green features including low-E efficiency windows, dual flush toilets, recycled carpets, FSC certified wide-plank hardwood and a reflective green roof, to name a few. Buyers will also be given two years worth of 100% Carbon Offsets via TerraPass. TerraPass calculates the emissions and environmental impact of a home and allows consumers to buy offsets in which the proceeds go to fund various forms of alternative energy, similar to an energy credit.

The balconies at The Matheson

The Matheson is already garnering a fair amount of interest: a couple previews have resulted in three of the units already going under contract, at or above the asking price.

Two more units will go on sale this weekend. For sales information, click here. More photos below.

Bedroom

Bathroom

Door to balcony.

This article originally published at http://dc.urbanturf.com/articles/blog/the_matheson_dcs_newest_boutique_condo_project/2198

8 Comments

1. SimonF said at 10:09 am on Thursday June 24, 2010:

   Units look solid. Which ones have sold?

1. CASR said at 3:47 pm on Thursday June 24, 2010:

   Units 1, 5 and 6 have been sold.

1. Schneider said at 4:32 pm on Thursday June 24, 2010:

   I was just touring this building last week for a client and was very impressed! If you are looking for a unique building with very cool layout’s be sure to check out this building. 2 story units, original exposed brick, good location with a TON of character. And priced very well to boot.

1. Sarah Smith said at 7:42 pm on Thursday June 24, 2010:

   this is exactly what I am looking for! I love all the finishes. How many units are left?

1. CASR said at 9:56 am on Friday June 25, 2010:

   4 units are left now.  We have an Open House this weekend as well.  Feel free to check out our website for more information, pictures, etc.  http://www.thematheson.com

1. Citi said at 12:23 pm on Friday June 25, 2010:

   Beautiful and very well though out.  I love the floors.  We really need more projects like this where you get true value with a reasonable price.  A buyer can be very proud.

1. cbmendez said at 4:27 pm on Friday June 25, 2010:

   @CASR, well done. Always appreciate the developer who appears thoughtful, creative and responsible.

   Having said that…

   I live in a 15-unit boutique building. I am the board president. I will never advise anyone to live in a boutique (small unit) building. It requires neighbors to be more financially dependent on each other, than most of us are comfortable with. In a 15-unit building, four owners are under forclosure threat and not paying fees. We are only 4-yrs old and don’t have much in reserves. So, while we place liens, and seek garnishment judgments these owners continue to benefit in the form of gas, electric, water, trash and master insurance. We can’t afford housekeeping, landscaping and holiday socials.

   If I had the ear of the developer, I would suggest that the condo docs REQUIRE the mortgage lender to collect the HOA fees and taxes in an escrow account with twice yearly payouts. But, I’ve yet to meet a developer who is interested in the running of the building after 51% of the units are sold.

   Again - great job and best of luck to your buyers.

1. CASR said at 8:40 am on Monday June 28, 2010:

   Thanks for the support and recommendations.  We will actually be the property managers, working with the condo board, for the first year (at least).  Point being, we define success as long-term viability - not just a great new home.  There are undoubtedly risks with smaller buildings, but also many benefits - so as you point out, it is ultimately a team effort to ensure everyone does their part.  In any event, that is great insight and we will look into that.

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