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.
Most Popular... This Week • Last 30 Days • Ever
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
When sellers haven't quite lined up their next house before their settlement date com... read »
In this edition of First-Timer Primer, we look into the question of how to determine ... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
Here's what you need to know about reporting profit made from the sale of your home.... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
A recent transaction shows that the housing market isn't cooling off everywhere.... read »
Developer Akridge has released new images of their planned Burnham Place development ... read »
The new development will also have a nearly 20,000 square-foot public plaza.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro