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From $100,000 to $1 Million in Logan Circle

by Shilpi Paul

From $100,000 to $1 Million in Logan Circle: Figure 1
Frontiers Condominiums

Frontiers Condominiums, the plain, brick row house development on 14th Street NW between S and Swann streets, seems incongruous next to the new luxury condo and apartment buildings sprouting up along the increasingly high-end corridor. The homes were built in 1977 as rental housing, and sold in 1998 for between $100,000 and $150,000 a piece.

As Housing Complex’s former reporter Lydia DePillis investigated last spring, developers have been trying to buy up the homes in the complex for a while. According to the condo bylaws, all 54 residents have to approve the deal in order for it to move forward. The unanimous decision-making process has proven to be quite a roadblock.

Last year, Monument Realty came to the residents with offers of between $681,000 and $810,000 per house. Residents wanted more money, and Monument eventually gave up.

Next to try was Lakritz Adler, a company that offered as much as $1 million to certain residents. Many were still uncomfortable with the deal, and the conversation fizzled out in the spring. In both situations, some residents were eager to sell, but neither developer could convince the entire group.

Well, it appears that at least one resident wanting to sell is taking matters into their own hands. A four-bedroom listing at the complex just hit the market…for $995,000.

Tenfold appreciation in just over a decade? It seems like all the conversation with developers has shaped residents’ perceptions of the value of their homes. However, it’s hard to say if each unit has the same value when it’s not being sold as part of a package deal. We’ll follow up if and when this home finds a buyer.

This article originally published at https://dc.urbanturf.com/articles/blog/from_100000_to_1_million_in_logan_circle/6191

3 Comments

  1. Ha! said at 9:29 pm on Monday October 22, 2012:
    the listing SHOULD say - "we know this price is too high for such a sucky place, but you can blackmail all your neighbors who want to sell to a developer, and who knows what you might get?" (I disavow all knowledge of what 4BR older units in that area would normally go for)
  1. Uncommonlycommon said at 10:43 pm on Monday October 22, 2012:
    Hahahahahahahahahahahahahahahahahahaha. I laughed so hard I almost peed my pants when I saw this listing. Almost a million for that crap? where are the Italian marble floors, the granite counters, the butler who feeds the dog 3 times a day and the chauffeur that drives the dog around town for play dates. These people need to get real and these developers need to quit. I cant wait for another housing burst to happen. Geez.
  1. Jason said at 4:44 pm on Tuesday October 23, 2012:
    Biggest joke ever. They least they could have done was clean the place up and get some professional photos. The agent should be ashamed of themselves.

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