What $$ Buys
What $250K Buys You in the DC Area
While a quarter-million dollars might sound like a lot of money, in a post-real-estate-bubble world it’s shocking how little turf it buys these days in and around the nation’s capital. In 2000, $250,000 was the average sales price for a spacious two-bedroom property in DC. Today, you’ll be lucky to get a 600 square-foot studio with that chunk of money. However, there are still gems if you look closely (see below). And if you don’t mind living about an hour from the city, you can still get a bonafide house with that money.
- 519 square-foot studio near the Penn Quarter
- 963 square-foot 1bd/1ba unit in swanky Wesley Heights
- 1,854 square-foot, 3bd/3.5ba townhouse in charming Leesburg
- 2,300 square-foot 4bd/3ba Victorian home in Manassas
519 square-foot studio near the Penn Quarter
Unit at 400 Massachusetts Avenue
This unit is in 400 Massachusetts Avenue, a few blocks from the Gallery Place Red Line metro station (see map here). It is on the edge of the Penn Quarter near the Mount Vernon Triangle.
DescriptionUpon entering this unit, there is a washer/dryer and a full bath. There are also three closets, including a large walk-in closet that measures 7 feet x 9 feet. The kitchen has granite countertops, maple cabinets, and all GE appliances.
The living space measures about 12 feett x19 feet. The current resident has enough space for a queen bed, two side tables, a couch, a coffee table, a TV, and a desk with a computer. The unit is on the seventh floor and has south-facing windows, so it gets good natural light.
| Price: | $249,500 |
|---|---|
| Square Footage: | 519 |
| Price Per Square Foot: | $480 |
| 2007 Taxes: | $1,474 |
| Condo Fee: | $227/month |
* Click here for the full listing.
Kitchen
The building features a 24-hour concierge, a huge rooftop deck with a pool, a full gym, a community center with a full kitchen and a bar that can be reserved for parties. The condo fee includes payment for all of the above as well as all utilities, except electricity. There is no parking available with this unit, but spaces can be rented from other residents as they become available.
Bottom Line500 square feet makes for a pretty big studio and the price per square foot for this unit is not too bad for DC. Also, the Penn Quarter is one of DC’s up and coming areas.
2 Comments
It will also buy you (OK, almost buy you) a 3 bedroom townhouse in Petworth. $279 will buy it—4 blocks from the new condomium construction at Petworth Metro where the same $279 probably won’t get you a condo. Great neighbors, nice playground down the block. The downside is you’ll probably have a 1950s kitchen that you’ll eventually want to redo, but you won’t have to live with someone else’s taste. There’s lots most of this kind of house under $400G in Petworth.
all that, *and* the police check everyone’s ID when they drive past your house.