Tuesday, August 29, 2006

Senate Square Condos in Washington, DC

View from Congress Street in Washington, DC of Senate Square condo development.




Prices:

  • Studios: 230K - 340K
  • 1br: 340K - 500K
  • 1br / den: 400K - 730K
  • 2br: 470K - 980K
  • 2br / den: 600K +
Posted by David at 4:36 PM

17 comments:

  1. AnonymousAugust 29, 2006 2:07 PM

    Condos in an up and coming market are a good idea.

    However, when you price them at $400,000... ...mmm... not so much.

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  2. AnonymousAugust 29, 2006 2:34 PM

    Since this is considered an up and coming area shouldn't the prices reflect that? Are these prices similar to those in already established neigborhoods? I'm confused with some of the pricing. I mean..the market isn't exactly robust right now..especially not for condos.

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  3. AnonymousAugust 29, 2006 2:41 PM

    Yeah, I concur with the first two posters. I would be somewhat optimistic about the area, with the new construction going in there. But the prices are still way too high- even if everything works out.

    A Redskins fan

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  4. sc in dcAugust 29, 2006 3:11 PM

    prices seem kind of 2006, if you ask me.

    Then again, I am continually shocked by the prices things are still selling at around where I rent - near 14th/P St - although at a slower pace than last year.

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  5. AnonymousAugust 29, 2006 3:51 PM

    600K, 20% down =120K. Monthly payment around, $3700.00 fixed for 30yr, at the rate of 6.5%

    Sign me up for two!

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  6. LanceAugust 29, 2006 3:54 PM

    In this kind of market, they want to be able to say "prices reduced!" ... these pre-construction prices are probably not the ones that will be heavily advertized in the near future ... Just like the stores at the mall where items get offered for one day at full price and then get a sale tag put on them the next. (I worked in a mall stores years ago. Almost all our sale items went through this process.)

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  7. LanceAugust 29, 2006 3:54 PM

    This comment has been removed by a blog administrator.

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  8. AnonymousAugust 29, 2006 3:57 PM

    va_investor said...

    It is expensive to own a home in the D.C. area. Always has been, always will be. For some it will never be an option.

    It is, however, no more expensive than in prior times. So that excuse should be put to rest.

    ReplyDelete
  9. kbr7171August 29, 2006 4:17 PM

    "Since this is considered an up and coming area shouldn't the prices reflect that? Are these prices similar to those in already established neigborhoods?"

    That's how it is in Chicago too. They price the condos in the "up & coming" areas only 5% less than the established ones when they should be priced at 20% less.

    Speaking of Chicago...David, any thoughts on our market after your visit there a couple of weeks ago?

    ReplyDelete
  10. AnonymousAugust 29, 2006 5:06 PM

    I live about a block from this development. I stopped in at the sales office a couple of weeks ago, they're only 30% sold. I asked the lady if they sold to investors, she replied enthusiastically, "Absolutely!". I wonder how many of the 30% were bought by investors, probably the majority.

    I would say the neighborhood is mostly OK, we see the occasional transvestite prostitute roaming the streets at night still, and there's also the homeless people in wheelchairs that camp out under the next door H st overpass. I've seen an occasional car break in. H street past 3rd or 4th NE is still an area I don't venture at night, and the area past K street is full of old warehouses, and a lot of crime does go down there at night. Again, not an area I would venture into at night. The walk down 2nd under the H st bridge to Union station is pretty safe, goes by the new SEC building, and lots of new yuppie cafes. In all, this area is kind of hit or miss. If you know the area, you're fine. One wrong turn though, and you end up in some dangerous areas. My two cents as a resident in this area.

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  11. AnonymousAugust 29, 2006 5:46 PM

    "The New Quarter for Washington"

    and in two years....

    "A New Condo For A Quarter"

    ReplyDelete
  12. AnonymousAugust 29, 2006 6:08 PM

    Wow up to 340K for a studio jail cell? 500K for a 1-BR? While I would love to be able to buy something, that 500K out of reach.

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  13. AnonymousAugust 29, 2006 6:14 PM

    For those that believe that prices can't fall, just look at these situations in Sacramento:

    http://flippersintrouble.blogspot.com/

    ReplyDelete
  14. AnonymousAugust 29, 2006 6:17 PM

    Tulips, Clarendon VA is a ghetto, too. It all depends upon whom is using the word. I'd take H St. NE over Clarendon, Courthouse, Cleveland Park, Friendship Heights etc. *any day*.

    ReplyDelete
  15. AnonymousAugust 29, 2006 7:00 PM

    This development is an absolute symbol of the bubble. $300k studios in the middle of the ghetto. If you don't think this is the ghetto my friends, you have lived in DC way too long.

    There are no nice shops in the area to walk to, no 7/11, CVS, forget Whole Foods. It's boarded up

    You don't want to look like the richest guy in the neighborhood walkin around those streets at night. Forget it, unless you really like the stunning views of the train tracks (always an indication that you are on the wrong side of town.)

    Right... so CVS is a sign of a gentrified neighborhood? Ha ha. There's CVS's in many locations I would never consider living. There's no CVS because there is no place to build one. The surrounding neighborhood consists of *gentrified* rowhouses. Down the street about, oh 1 block or so, just south of H st. you have tons of yuppie coffee houses and restaurants. Union station is about 4 blocks away, with many nice boutiques (no CVS though, must be ghetto).

    This is a fringe area, but not a ghetto. A fringe area is defined as an area at the gentrification frontier, and that this building is in. The blocks to the south and west are solidly gentrified already. To the north and east, the houses are in mostly good shape. The real eyesores of this area are on H st itself, past 3rd, the warehouse district to the north, and of course, sarsum corda, over on K and N. Capitol.

    I agree that the condos in this project are grossly overpriced, however. I am the resident that posted above. I rent a 1000 sqft rehabbed rowhouse in this neighborhood for $1200. If this is any indication of where prices should be, the prices on these condos have a looonnnng way to fall. True, these condos will have parking and will be better appointed, but they are no where near worth what they are being priced at.

    Alas, this project is too far along to turn back. The workers have definitely been working overtime to get this thing done. I notice them working even on weekends. Altogether, there will be about 500 units in all the buildings on this block.

    If the city revamps H st like they say they will, I think this neighborhood will continue to gentrify. The condos will eventually sell, just at prices far below what they advertise.

    That being said, I'm glad I rent here and not own. My landlord bought my house a week before I signed the lease. I spoke with the RE agent that sold him the property. He paid 420k for it. At that kind of price and cost savings on my part, I'm perfectly willing for him to accept the risk.

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  16. AnonymousAugust 29, 2006 8:02 PM

    Those prices are whack. I don't care what anyone says...that area is total ghetto.

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  17. AnonymousAugust 29, 2006 8:45 PM

    you may want to upgrade to wordpress and use Captcha to reduce the spam.

    Mr Lereah's comments only embarrass himself

    ReplyDelete

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