Is it worth it to buy at the Watergate?

[Anonymous]

Crossing the lanes is not that bad. I did that when I lived in the area.

[Anonymous]

Having lived in the DC area for 25 years, I kind of thought that the Watergate would be a great location (except for the airplane noise, which I imagine would be noticeable).

We went to their rooftop restaurant for dinner in October, and it was a fun vibe. The thing that surprised me was that, when walking from the parking garage to the elevator area, there was an area with vacant retail store space that presumably were once occupied. Maybe the buildings were much more vibrant in the past, when those retail locations were filled. (I'm guessing that, because those retail shops would only be visible to people who live at the Watergate, they would not get enough foot traffic to succeed.) So the place had kind of a vacant storefront feeling.

However, the courtyard area with the green space seemed pretty and well-maintained. I could imagine kids would enjoy playing there, but everything seemed pretty quite.

[Anonymous]

The extreme HOA fees drive the total monthly payment up to a level where it makes no sense.

You’re paying for a ton of staff and for ultra pricey maintenance on an aging building (remember when part of the garage collapsed awhile ago).

I think the only logical reason to live there is if you are very old, very wealthy so don’t care about the price value or resale potential, have a winter home somewhere else, and have enough friends that live there to make it a social scene.

[Anonymous]

My office is in the Watergate. I have views directly into dozens of living rooms. Less privacy than other buildings because of the curvatures. Also there was that pancake collapse, it’s just like, not a well-constructed building.

[Anonymous]

Anonymous wrote:Also there was that pancake collapse, it’s just like, not a well-constructed building.

Wonder what the special assessment was to repair that collapsed garage.

Has anyone ever seen the HOA’s annual budget to get a glimpse into how much it costs to keep this old building afloat?

[Anonymous]

Yes, I love the place!
/s/ G.Gordon Liddy

[Anonymous]

The collapsed garage is concerning; that's beyond messed up. I read online that 2 people were injured. Is there any other insider info? Also, what's happening to the abandoned shops another PP mentioned? I don't believe the Safeway space has been occupied since the store closed. -OP

[Anonymous]

I am considering it as well. The west side of it seems quite close to Georgetown — you can cross on Virginia avenue where there is a traffic light and then it’s a ten minute walk to the heart of Georgetown and the waterfront park. It is also an easy walk to my work.

Some things giving me hesitation, besides a number already mentioned, are 1) the schools it is zoned for suck - the senior citizens there don’t care but I’m much younger and do have kids, and 2) flood risk is rated as extremely high which makes sense.

But just in terms of size and location it’s a bargain for a condo/co-op in DC, even with the fee. But assessments are a concern

[Anonymous]

My understanding is that the buildings have not been consistently maintained throughout the decades, especially in the 80's and 90's. It's had a revival in the last 10 years with new residents and more interest just because there's limited inventory elsewhere in the city.
The buildings have asbestos, which requires abatement during renovations.

[Anonymous]

Anonymous wrote:I am considering it as well. The west side of it seems quite close to Georgetown — you can cross on Virginia avenue where there is a traffic light and then it’s a ten minute walk to the heart of Georgetown and the waterfront park. It is also an easy walk to my work.

Some things giving me hesitation, besides a number already mentioned, are 1) the schools it is zoned for suck - the senior citizens there don’t care but I’m much younger and do have kids, and 2) flood risk is rated as extremely high which makes sense.

But just in terms of size and location it’s a bargain for a condo/co-op in DC, even with the fee. But assessments are a concern

How is it a bargain? You get a spacious 2 bed 2 bath for $750k (good price) but then you pay $2,395/mo in pure HOA fees, taking your total monthly payment to north of $6,000. And on top of that your HOA fees will keep rising and you’ll be hit with occasional special assessments. Aren’t there better options for ~$6,500/mo?

[Anonymous]

Anonymous wrote:My understanding is that the buildings have not been consistently maintained throughout the decades, especially in the 80's and 90's. It's had a revival in the last 10 years with new residents and more interest just because there's limited inventory elsewhere in the city.
The buildings have asbestos, which requires abatement during renovations.

My god; thank you for saying this! That's not good. -OP

[Anonymous]

Asbestos doesn't make renovating impossible. Your future neighbors may be able to recommend contractors who deal with asbestos.

https://www.apartmenttherapy.com/a-sleek-renovation-in-the-watergate-complex-241599

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am considering it as well. The west side of it seems quite close to Georgetown — you can cross on Virginia avenue where there is a traffic light and then it’s a ten minute walk to the heart of Georgetown and the waterfront park. It is also an easy walk to my work.

Some things giving me hesitation, besides a number already mentioned, are 1) the schools it is zoned for suck - the senior citizens there don’t care but I’m much younger and do have kids, and 2) flood risk is rated as extremely high which makes sense.

But just in terms of size and location it’s a bargain for a condo/co-op in DC, even with the fee. But assessments are a concern

How is it a bargain? You get a spacious 2 bed 2 bath for $750k (good price) but then you pay $2,395/mo in pure HOA fees, taking your total monthly payment to north of $6,000. And on top of that your HOA fees will keep rising and you’ll be hit with occasional special assessments. Aren’t there better options for ~$6,500/mo?

A one bedroom is as cheap as 400k. In a luxury coop with tons of amenities the truck is they usually charge maint by square feet. Other factors in my building was floor and if you had a balcony.

My friend in Manhattan in a super luxury coop with very high common charges and amazing amenities him and wife bought smallest unit in building in ground level in back which is lowest maint fee in building.

They use pool, gym, library, party room, door man, valet, huge common areas, roof top BBQ basically they have people over and enjoy the luxury common areas.

[Anonymous]

Those buildings always have mice!

[Anonymous]

I have several friends in the Watergate, but not sure which building is which. One is in the building closest to RC Parkway and has fantastic views. Also did extensive renovations to the unit, but wasn't living in it yet so not sure what the challenges were.

One of my friends is c. 40 and has lived there for 10 years. Another is maybe 65 but has lived there for 15-20 years. And the one above is 80's. I also know a couple of people who have units that they use as a pied a terre when they are in DC - tend to be older since they are wealthy. They all seem to like living there.