At or Above Asking: Priced Right in Logan Circle and Capitol Hill

• August 13, 2013
• 6 Comments

by Shilpi Paul

In Above Asking, UrbanTurf highlights homes it has featured that recently sold for above their asking prices. This week, we didn’t see any huge price jumps: it looks like the properties we recently featured went at or just above their asking price. Here are a few.

One of Logan’s First Modern, Industrial Condos

While this industrial-looking Church Street unit was snapped up by a buyer within five days, it looks like the original asking price was pretty much right on for the market: the home sold for less than $10,000 above the asking price. The unit is in The Metro, a condo project that went up on Church Street in 2004 around the beginning of Logan Circle’s renaissance. There are floor-to-ceiling windows, exposed piping and an open floor plan (like many residential buildings along this block), and a few extra touches like an Elfa organizing system in the closet, a small outdoor balcony and garage parking.

• Address: 1444 Church Street NW, #201 (map)
• Asking Price: $699,000
• Sale Price: $707,177
• Bedrooms: Two
• Bathrooms: Two
• Square Footage: 1,050
• HOA Fees: $412 per month
• Days on Market: 5

Historic Capitol Hill Rowhouse Renovated By Owners

This Capitol Hill rowhouse entered the market in June for the first time since 2007. The home had been updated over time by the owners, and retained historic details like woodwork, etched glass transoms and moldings. There is a rentable basement efficiency as well as a porch off of the second story and a patio in the backyard. Priced at $775,000, it took about two weeks for the right buyer to come along, but when they did, they paid full price.

• Address: 514 7th Street NE (map)
• Asking Price: $775,000
• Sale Price: $775,000
• Bedrooms: Three
• Bathrooms: 2.5
• Year Built: 1909
• Days on Market: 13 days

This article originally published at http://dc.urbanturf.com/articles/blog/at_or_above_asking_priced_right_in_logan_circle_and_capitol_hill/7450

6 Comments

1. Zesty said at 6:50 pm on Tuesday August 13, 2013:
   I guess I'll never understand why people by small expensive condos with big HOAs.

1. Jack said at 7:11 pm on Tuesday August 13, 2013:
   That is definitely not a high condo fee, esp for the price point.

1. Zesty said at 4:25 am on Wednesday August 14, 2013:
   There was a joke that said, "things are so expensive, we think they're cheap". This is my view on condo fees/HOAs. Paying an extra $412 a month is the equivalent of paying $85,000 more (purchase price) compared with a house without HOA (assuming a 4% interest rate on 30 year mortgage). And the worst part of HOAs is that they increase.

1. Zestier said at 2:41 pm on Wednesday August 14, 2013:
   Condo fees cover expenses and services that an individual home owner pay themselves either directly (e.g. buying a new roof) or with their time (e.g. finding and hiring a roofing company). It's a different way of being charged for the same thing. And for the area, that is a cheap condo fee, and the building has been around for a while, so that's a good sign. Now you understand why people pay a condo fee. As to why people buy small expensive condos, it's because they have enough money and want to live in a desirable, urban area. They prefer living downtown to living in a big house in the suburbs or slightly larger house in a less desirable part of the city. Now you know why people buy small, expensive condos.

1. zcf said at 4:18 pm on Wednesday August 14, 2013:
   meh. (re: Logan Circle condo) Exposed piping only looks cool when you have actually have a loft (converted warehouse) or its attributes (big space, really tall ceilings, columns, etc) Otherwise, it looks cheap, hokie and unfinished.

1. Zesty said at 4:29 pm on Wednesday August 14, 2013:
   I'll be surprised if this 2 bedroom cash flows when taking into account $700k + HOA + Taxes+ Insurance, etc. You would need to rent this for well over $4,000 just to break even. There is a place next door charging $3,900 for 2 bedroom with Loft. I don't think this cash flows, so it doesn't make sense for me.