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 http://dc.urbanturf.com/articles/blog/from_100000_to_1_million_in_logan_circle/6191
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