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Price Cutter: Glover Park and Capitol Hill

by UrbanTurf Staff

In Price Cutter this week, UrbanTurf highlights recent price reductions on a few properties that we have featured over the last couple months.


Price Cutter: Glover Park and Capitol Hill: Figure 1

This Week’s Find: Intent on Glover Park

This two-bedroom listing in Glover Park was featured in our This Week’s Find column at the beginning of September. The sellers are transplants from South Carolina who were “intent on living in the neighborhood” when they came to DC and are now moving to simplify the husband’s daily commute. The one-story condo has windows on three sides, a front and back door, a mud room leading from the back patio, and a separately deeded parking spot, so it lives a lot like a house. The couple re-did the kitchen and bathroom when they bought it three years ago, and got innovative with their walk-in closet by turning it into an office/den. The asking price recently dropped by $10,000.


Price Cutter: Glover Park and Capitol Hill: Figure 2

1852 Federal Row House Within a Stone’s Throw of the Capitol

It is hard to imagine being much closer to the Capitol building than this 3,652 square-foot row house (these days, that may not be a big selling point, though). From the outside, it is a little hard to tell just how large this home is, but it has a double-sized living room with two fireplaces, a deep garden, and a very cool area on the second floor that serves as an office space with a number of windows. The listing, where the asking price recently dropped $145,000, may have a special place in the heart of DC journos: the seller is veteran political journalist Thomas Edsall.

  • Full listing: 19 2nd Street NE (map)
  • Original Price: $1.495 million
  • New Price: $1.35 million
  • Bedrooms: Three
  • Bathrooms: 2.5
  • Year Built: 1852

See other articles related to: price cutter, glover park, capitol hill

This article originally published at http://dc.urbanturf.com/articles/blog/price_cutter_glover_park_and_capitol_hill/4274

6 Comments

  1. saladman8283 said at 9:07 pm on Monday October 3, 2011:
    RE: the Glover Park property, do the sellers really think that a $10K price drop is going to motivate offers? Why wouldn't a prospective buyer simply offer $10K under the original asking price? Sellers should price their homes realistically when they are first listed.
  1. Kaylee said at 10:01 pm on Monday October 3, 2011:
    I'm guessing they think buyers who are doing their own online searches (like those using Redfin) might be listing $450,000 as the top price, excluding their property from even coming up in any searches.
  1. SWDC said at 11:49 pm on Monday October 3, 2011:
    No surprise here...Both are Condo/Townhome/Row Home/Co-Op...Con-dos are not good real estate investments... 1. "The condo association can take possession of your unit by law. Besides the county tax collector and Internal Revenue Service who threaten to take your property (unit) if you don’t pay them, surprise(!!!), the condo association can and will do this also if you don’t pay them." 2. Condo fees increase steadily (ask anyone who owns a condo about the steady on going increases) and never ever decrease nor never ever end. 3. Got a problem with the condo association and you have to hire a lawyer? Remember your condo fees pay for the condo association lawyer and you pay for the condo lawyer and your own too....so many reasons not to buy a condo/hoa/coop $$$ and freedom
  1. SWDC said at 12:07 am on Tuesday October 4, 2011:
    "....So why are condos are such a bad investment? Well, first and foremost, you have condo dues to pay. Condo dues can run anywhere from $50 a month to hundreds of dollars and even thousands. I once saw a condo in Reston, VA with an $800/month HOA fee. These dues will obviously take a huge bite out of your cash flow. Another reason not to invest in condos is they’re more volatile than single-family houses. They don’t appreciate as well and when things get bad, they tend to crash a lot further. Also, condos tend to attract single people or just couples, not families. Since I’m a buy and hold investor, I like to get families into my properties that are going to stay there for the next several years. I don’t want some kid in college who’s going to live there a year and then move out. Let’s not forget about the pain-in-the-butt condo association either. They seem to increase the dues every year and you’re always getting a notice in the mail regarding some violation about your door not being painted the correct shade of red."(shouldyoubuya$30,000condo)
  1. SWDC said at 12:19 am on Tuesday October 4, 2011:
    "Price won’t increase as much as a single-family house. Even when the real estate market is in an upward trend, beneficial to sellers, the price of condominium units won’t increase as much as the price of houses. There seems to be an endless supply of condominiums. Apartment buildings are often converted to condos when the market is favorable to such a move. Houses, and more importantly the land they sit upon, are much more limited in supply. If you own a condominium you own a certain cubic feet of air within your particular enclosure. You do not own the biggest driver for appreciation, the land."(Why I Will (Probably) Never Buy a Condominium)
  1. SWDC said at 12:33 am on Tuesday October 4, 2011:
    "If you own a condo… you basically own a piece of AIR. If you own a house, you actually own land. Land will always be more valuable than air."

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