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
963 square-foot 1bd/1ba unit in swanky Wesley Heights
4201 Cathedral Avenue
The property is just a few blocks (see map here) from the National Cathedral and Ward Circle between New Mexico Avenue and Massachusetts Avenue. The area is not close to any Metro station, but the 30 bus runs on Wisconsin Avenue to Georgetown and the N bus runs downtown along Massachusetts Avenue.
DescriptionThis unit is on the fifth floor of The Towers, a multi-unit, doorman building just off New Mexico Avenue.
When you come into the unit, there is a little hall that leads into a living room that is off to the right. The room is large and has two big windows. Adjacent to the living room is a dining area that could fit a table. Behind that area is a kitchen that has a dishwasher and a new oven.
A hallway lined with ample closet space takes you down to the bedroom and bathroom. The bathroom is big by DC standards, and could fit a queen bed, wardrobe, dresser and perhaps even a desk.
Although there is a garage, this unit does not come with a parking space, so the street is the only option.
| Price: | $248,000 |
|---|---|
| Square Footage: | 963 |
| Price Per Square Foot: | $257 |
| 2007 Taxes : | $2,313 |
| HOA Fee: | $658/month |
* Click here for the full listing.
Unit at 4201 Cathedral Avenue
The building offers a swimming pool, tennis courts, fitness room, party room and in-house dry cleaner for its residents. There is a 24-hour doorman and communal laundry area. Like a hotel, taxis line up at the door. The unit has central A/C and the hardwood floors were recently refinished.
Bottom LineRemember that DC gem we were talking about? Well, this is it. The fees are rather steep, but it is still hard to believe that this ritzy DC zip code has one-bedrooms in this price range.
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.