Overpriced or kind of cool? (DC Wharf)

[Anonymous]

I can't decide if this listing is out to lunch or kind of great. On one hand, over $1M and it's got the same kitchen from when it listed in the early 2000s? On the other hand, that private roof terrace is great. I would have morning coffee and evening cocktails out there all the time. (The realtor recycling neighborhood photos so old they list the Wharf as "coming in 2017!" and including a Mike Isabella restaurant have me leaning towards "out of touch").
https://www.redfin.com/DC/Washington/520-N-St-SW-20024/unit-S511/home/143381773

[Anonymous]

It's horrific.

[Anonymous]

Holy mirrors, batman. That is very 1990s. I'm going to go with 'overpriced' since it's also only a seasonal water view, since it's below the treeline. But it would be super light and bright as a corner unit with all those windows so maybe not. Given the spiral stairs, i'm going to guess not a lot of takers on an Urban Moms board, though...

[Anonymous]

Its like a vertical blinds showroom! And I don't get the screen thing on the one bedroom window. But the views even just of the courtyard are nice. I think I would have staged the terrace, too, given what a selling point it is. The staging in the apartment does help see that the bedrooms, especially, are good sized.

[Anonymous]

HOA fee is $1866 per month. I would rather buy a condo with a porch or patio in a small building with low HOA.

[Anonymous]

Anonymous wrote:I can't decide if this listing is out to lunch or kind of great. On one hand, over $1M and it's got the same kitchen from when it listed in the early 2000s? On the other hand, that private roof terrace is great. I would have morning coffee and evening cocktails out there all the time. (The realtor recycling neighborhood photos so old they list the Wharf as "coming in 2017!" and including a Mike Isabella restaurant have me leaning towards "out of touch").
https://www.redfin.com/DC/Washington/520-N-St-SW-20024/unit-S511/home/143381773

And the Waterfront/SEU metro sign!

I know that complex a bit and I think that would be aggressive but reasonable pricing with nicer kitchen and baths, probably overpriced for what it is - but not a lot of comps, so who knows?

[Anonymous]

Wayyyy overpriced.

[Anonymous]

I would be embarrassed to spend a million dollars on that sh*thole.

[Anonymous]

I'm going to go with comps don't support the price for dated kitchen and bath. I bet it'll go like this one from last year and end up in the $900k range.
https://www.redfin.com/DC/Washington/530-N-St-SW-20024/unit-S-805/home/184944900

(That said, I think the cosmetic fixes would be easier to this one - new appliances, paint kitchen cabinets, new window treatments, remove mirrors, and save bathrooms for another day.)

[Anonymous]

Anonymous wrote:I would be embarrassed to spend a million dollars on that sh*thole.

Same here, man does it look dated. The floors, the kitchens, the bathrooms, just super super old looking, as if it's an apartment stuck in the 70s. Would be dumb to spend that money on that especially given the high HOAs.

At that point I'd rather buy a TH or a SFH for around 1.3m, would have more space than that tiny and dated condo, but still have the same monthly payment. No Idea why someone would go for that. It doesn't even seem high up enough to get decent views majority of year.

The comps don't suggest that price either in my view. The realtor really wanted that listing it seems... Sounds like (given 1300sq ft) it should be going for between. 700 and 800k (more like 700 than 800 in my view). See below:

https://redf.in/vkDROW
https://redf.in/52VFvH

Hell this one (granted 500sw ft smaller) only sold for 500k. https://redf.in/2uzheT

[Anonymous]

The crime near the wharf is also terrible.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would be embarrassed to spend a million dollars on that sh*thole.

Same here, man does it look dated. The floors, the kitchens, the bathrooms, just super super old looking, as if it's an apartment stuck in the 70s. Would be dumb to spend that money on that especially given the high HOAs.

At that point I'd rather buy a TH or a SFH for around 1.3m, would have more space than that tiny and dated condo, but still have the same monthly payment. No Idea why someone would go for that. It doesn't even seem high up enough to get decent views majority of year.

The comps don't suggest that price either in my view. The realtor really wanted that listing it seems... Sounds like (given 1300sq ft) it should be going for between. 700 and 800k (more like 700 than 800 in my view). See below:

https://redf.in/vkDROW
https://redf.in/52VFvH

Hell this one (granted 500sw ft smaller) only sold for 500k. https://redf.in/2uzheT

I don't think the buyer considering that unit is thinking about a TH or, certainly, SFH and that building does tend to run more expensive/be seen as more desirable than the neighbors you link ... but I agree on overpriced. I think these (admittedly, old) comps for similar sized ones in nice condition in that building might be a better anchor point with, say, another $75-100k for the terrace which isn't a common option in the complex.
https://www.redfin.com/DC/Washington/530-N-St-SW-20024/unit-S209/home/81827237
https://www.redfin.com/DC/Washington/510-N-St-SW-20024/unit-N227/home/143284025

[Anonymous]

Outdoor space up PITA stairs with zero shade and no screens in DC isn’t going to get used except at night in June. You think you’ll use it all the time but you won’t.

[Anonymous]

horribly outdated. that common room looks so sad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would be embarrassed to spend a million dollars on that sh*thole.

Same here, man does it look dated. The floors, the kitchens, the bathrooms, just super super old looking, as if it's an apartment stuck in the 70s. Would be dumb to spend that money on that especially given the high HOAs.

At that point I'd rather buy a TH or a SFH for around 1.3m, would have more space than that tiny and dated condo, but still have the same monthly payment. No Idea why someone would go for that. It doesn't even seem high up enough to get decent views majority of year.

The comps don't suggest that price either in my view. The realtor really wanted that listing it seems... Sounds like (given 1300sq ft) it should be going for between. 700 and 800k (more like 700 than 800 in my view). See below:

https://redf.in/vkDROW
https://redf.in/52VFvH

Hell this one (granted 500sw ft smaller) only sold for 500k. https://redf.in/2uzheT

I don't think the buyer considering that unit is thinking about a TH or, certainly, SFH and that building does tend to run more expensive/be seen as more desirable than the neighbors you link ... but I agree on overpriced. I think these (admittedly, old) comps for similar sized ones in nice condition in that building might be a better anchor point with, say, another $75-100k for the terrace which isn't a common option in the complex.
https://www.redfin.com/DC/Washington/530-N-St-SW-20024/unit-S209/home/81827237
https://www.redfin.com/DC/Washington/510-N-St-SW-20024/unit-N227/home/143284025

That is a fair point, if someone is looking at condos at that price range chances are they are older and/or downsizing. But still the comps don't support it, as you pointed out (I should have checked my comps more, didn't realize they were not from that same complex). Although it has that terrace I somehow doubt it's that useful (climbing those tiny stairs does not look fun either tbh).

Still don't know why anyone would choose to pay 1m for that extremely outdated condo at the Wharf, rather than just getting a cheaper and /or more updated condo (plus crime at Wharf area is still iffy)

Here is one (don't know if priced appropriately but seems to be) that is in a good location:
https://redf.in/TLt9JF

Here is another in a much nicer neighborhood of dc: https://redf.in/aciWLD