Loft Listed For $2.7M, Now Renting for $14,500

• April 13th 2010

by Mark Wellborn

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Luxury units and single-family homes are some of the toughest properties to move when the market goes into a downturn. Evidence of this came across UrbanTurf’s radar recently when we learned that an enormous loft that we profiled way back in 2008 is not only on the sales market, but also available for rent.

2424 18th Street NW, #R2 is the larger of two massive units in a small building located in the middle of Adams Morgan. The 3,800 square-foot, three-floor industrial space has 14-foot ceilings, two bedrooms, a private deck on the second floor, a roof deck with downtown views and a garage parking space as well as a living area big enough to throw around a football. The home was originally priced at $2.7 million back in 2008, but has been on and off the market over the past two years, and is now listed for $1.7 million. Perhaps looking to cut losses, the owner is also now making the home available for rent at a rate of $14,500 a month.

When UrbanTurf visited, there were some signs that the unit would be a tough sell. Listing agent (at the time) Fred Bates noted that there were probably less than ten prospective buyers in DC that were currently looking for this type of home. To further diminish the buyer pool, a representative from Washington Home Mortgage said that an individual would need to put down at least 40 percent of the closing price, about $1 million. (Now about $680,000, but still a lot of money.)

Needless to say, if there is someone out there in the market for a massive loft, we know where you can probably get a deal.

This article originally published at https://dc.urbanturf.com/articles/blog/loft_listed_for_2.7m_now_renting_for_14500/1968.