Highlight of the Week
Highlight of the Week:
Two-Bedroom for Below Market in Adams Morgan
Price: $669,000 — $437 per square foot
2906 18th Street
It is not often that you find a brand-new property in one of the trendier areas of the city at a discounted price. Well, with this two-bedroom condo in Adams Morgan that is what you are getting. Built from the ground up, the only remnant of the home that used to be there is the original brick façade. The price has been reduced a few times since it was listed, and at $437 a square foot it is one of the better deals in the zip code right now.
Specifics
This property is part of a two-unit condo development called The Glenbrook at 2906 18th Street NW (see map here) in Adams Morgan. It is the ground and first floor of the building, while the other unit is the second and third floors. The complex was built by The Vaughan Group, a DC-area builder that has constructed two other homes on the same block of 18th Street over the past few years.
As with most new condos in DC, the floorplan of the unit has a very open feel. There are no walls that separate one room from another on the main floor, so the living area, dining area and kitchen all flow together. The living area is the first section that you come into when you enter, and the kitchen and a small dining area are at the rear of the floor. There is an impressive granite island with a glass bar that overlooks the dining area. The kitchen is outfitted with all Jenn-Air appliances, and the cabinetry is semi-custom. There are two sets of double doors that make up the back wall next to the kitchen which means that the area is usually flooded with light.
Behind the living area is a wide stairwell that leads down to the two bedrooms. At the foot of the stairwell is a closet that houses the washer and dryer, and then a turn to the right takes you into the master bedroom. The best aspects of the master bedroom are the connected bathroom that features a dual vanity and dual shower heads, and a nook at the front of the room that has two large windows that look out on the front of the house. However, the fact that the bedroom is not very large and is in the basement has been an issue for prospective buyers.
There are hardwood floors throughout the property and the utility lines (water, gas, electric) coming from the street are all brand new. The unit has its own parking space in the back of the property, and there is a small front porch.
How Does This Property Stack Up In The Area?
Originally listed for $725,000, the price has dropped over $50,000 on 2906 18th Street in the past few months. The average price per square foot for condos on the market in Adams Morgan is $513, according to Redfin, so getting this property at around $440 per square foot seems like a very good deal. We found another two-bedroom condo at 2301 Champlain Street for roughly the same price and here is how they stack up:
| 2906 18th Street | 2301 Champlain Street | |
|---|---|---|
| Price | $669,000 | $675,000 |
| Number of Bedrooms | Two | Two |
| Number of Bathrooms | 2.5 | Two |
| Square Footage | 1,530 | 1,472 |
| Parking | Yes | Yes |
| Outdoor Space | Front Porch | Roof Deck |
Living Area
Who Should Buy This Property?
If you put down 20 percent ($133,800) and can get a 6.2 percent interest rate on a 30-year loan, then your mortgage payments will be about $3,275 a month. Adding in condo fees, property taxes and insurance, those monthly payments balloon to about $4,200 a month. Using Keith Gibbons’ advice that annual payments should be about 28 percent of gross income, prospective buyer(s) should have an annual income of at least $175,000.
So, who should buy this property?
The set up, price and location points to a well-off young couple, but listing agent Jennifer Vaughan told UrbanTurf that a variety of people have been coming by the open houses. “Of course, we have had a larger group of young people coming by,” she said. “But we have also had empty-nesters and older couples dropping in.”
What Do The Experts Say?
“Even though this property is priced on the high-end of comparable properties that have sold in the area in the last 90 days, it is certainly not the highest price, and has undergone a dramatic price reduction. Probably the best indication that this is a good deal is that the other unit in the same building sold for $818,000 on September 12th. The features are top of the line, and the location is prime.”
— Shari Walker, Long & Foster
“The price seems justifiable given the property's level of renovation and location especially since it includes parking, which is a must in this part of Adams Morgan.”
— Kevin Joseph Wood, William Sawyer and Co.
Kitchen
Parking & Transportation
The listing price for the unit includes a parking space in the rear. This is a huge asset in a neighborhood like Adams Morgan where finding parking on the street can be very difficult.
The closest Metro station to the property is the Columbia Heights green and yellow line which is about a 13-minute walk. However, the S1, S2 and S4 bus lines which run along 16th Street to downtown are just about five minutes away.
Quick Answers
Closest Grocery Store — Safeway, 1747 Columbia Road (five minute walk)
Closest Coffee Shop — Crumbs & Coffee, 1737 Columbia Road
Closest Pharmacy — CVS Pharmacy, 1700 Columbia Road
Photos & Resources
- Full listing for the property
- Listing Broker: Jennifer Vaughan
1 Comment
Well out of my price range ... but gorgeous!