Is it worth it to buy at the Watergate?

[Anonymous]

Hello, I'm a first-time homebuyer looking to buy a studio or 1BR at the Watergate (targeting Watergate South for now, since it seems to be the best-maintained based on my research), and I wanted to see if it's worth it. I'd love to hear unbiased opinions either from former residents or realtors who've worked with properties at the complex before.

Here's what I like about the Watergate:
- great views
- solid location next to the Kennedy Center (I go to shows frequently)
- large unit and balcony sizes
- quiet buildings (as far as I can tell; maybe unit-to-unit noise transmission is awful if you live there?)
- full-service

That said, I have a few big reservations:
- the co-op thing is the biggest one to give me pause, not just the high fees (which I can understand, given the amount of staff they employ), but the lower resale prices. I'm also very hesitant about getting involved with any HOAs or co-op boards, in no small part due the power struggles they've had in recent years, which are unfortunately all too common with such things: https://www.washingtonpost.com/local/dc-politics/a-legal-dispute-with-a-view-at-a-famous-dc-address/2018/05/02/0d391342-292e-11e8-874b-d517e912f125_story.html
- if I don't buy at the Watergate South, I hear that other buildings are terribly maintained, have constant leaks, and have restrictions around when work can be done to fix those issues
- there are more and more homeless encampments near the Watergate and Kennedy Center

Would it still be worth it to buy at the Watergate, or should I look elsewhere?

[Anonymous]

Look elsewhere.

[Anonymous]

No, it’s not worth it.

[Anonymous]

Im interested in this too! Where would you recommend looking instead?

[Anonymous]

Um, you know about the coop fees (or whatever they call it these days) - right?


Last I knew, it exceeded rent/mortgage payments.

[Anonymous]

Wow, a few nos already! For everyone saying "no," would you be comfortable expanding on why? -OP

[Anonymous]

Watergate, leaks, lol!

[Anonymous]

I went to GWU and anytime I shopped at that old Safeway I saw rats. No thanks.

[Anonymous]

OP I have done co-op boards many times and HOA's

Nope not anymore. Run far far away....

[Anonymous]

I lived there and it’s a nice building but needs a lot of work, which unfortunately means the owners are paying for it. A good example is they had to replace all the building wide air conditioning systems and it was a huge capital expense. The building is old and I could see a lot of expensive updates in the future. Make sure you ask for the co-op meeting minutes before buying as well as a copy of the budget.

[Anonymous]

Honestly you gave some good reasons in your list. It is a unique place though, historic, great mid-century modern vibe, has some of the most spectacular views and settings in DC, great location if you like the Kennedy center

I wouldn’t put my life savings on it but if you’re rich and can afford to move on and possibly take a loss if things don’t work out then go for it. Condo fees are through the roof there but the prices on one-bedrooms are comparable to similarly sized units in other downtown DC condo buildings

[Anonymous]

I have friends in Watergate South. On the plus side, the community seems really nice. I've met several of their neighbors and they're a friendly, down-to-earth, interesting bunch. They are, I should say, all retirement age or near it. The vibe is definitely old-people's building.

These friends report that the number of residents in the building is falling, because the trend is for incredibly rich people to buy and combine multiple units. Between that and the apparent age profile, I'm not sure it would feel like a place with a lot of community for a younger person.

The big downside for me is that it's incredibly loud on the balcony. Huge balcony overlooking the Potomac and it should be idyllic, but the noise from Rock Creek Parkway is amplified by the shape of the building and it's nonstop. Inside the apartment with the windows closed it's very quiet. But in a building where the river views are so much of the attraction, it's a shame to have that big drawback to the outdoor space.

I am also honestly not a fan of the kind of wedge-shaped layouts of the apartments, where there are only windows at one end. If I were going to splash out for a DC coop in a historic building, I'd look for one with multiple exposures. But that's me.

[Anonymous]

Anonymous wrote:I have friends in Watergate South. On the plus side, the community seems really nice. I've met several of their neighbors and they're a friendly, down-to-earth, interesting bunch. They are, I should say, all retirement age or near it. The vibe is definitely old-people's building.

These friends report that the number of residents in the building is falling, because the trend is for incredibly rich people to buy and combine multiple units. Between that and the apparent age profile, I'm not sure it would feel like a place with a lot of community for a younger person.

The big downside for me is that it's incredibly loud on the balcony. Huge balcony overlooking the Potomac and it should be idyllic, but the noise from Rock Creek Parkway is amplified by the shape of the building and it's nonstop. Inside the apartment with the windows closed it's very quiet. But in a building where the river views are so much of the attraction, it's a shame to have that big drawback to the outdoor space.

I am also honestly not a fan of the kind of wedge-shaped layouts of the apartments, where there are only windows at one end. If I were going to splash out for a DC coop in a historic building, I'd look for one with multiple exposures. But that's me.

Thank you for your insight; this is the kind of insider info I was looking for . I don't mind the lack of community, but the noise is a great point: that there will probably be some airplane noise, too, in addition to the Rock Creek Parkway noise. I imagine it'd get old quickly if you're there to relax or have a conversation as cars honk and planes are taking off or landing; it can be annoying having to talk over the planes at East Potomac, for example. Great point about light only coming in from one side as well; exposure is something I hadn't considered, even though I love natural light, but it's so true. Thank you again. -OP

[Anonymous]

I've considered the Watergate, as have my friends. The prices are really attractive. The issue that has stopped all of us is the HOA fees. They're really high compared to similar square-foot condos/coops in the area. I don't personally care about rats in the Safeway, because I imagine every Safeway in the DMV has rats. But the high HOA fees would impact resale values, and they're probably going to stay high given the building's ongoing needs. Also, if you're over about age 25, the Kennedy Center is obviously appealing, but a lot of the area is focussed on GW undergrads. The views from the balconies are fabulous, though.

[Anonymous]

What about the Westbridge Condos? close to the kennedy center, but way closer to amenities/metro/georgetown etc

https://www.dccondoboutique.com/the-westbridge/