What is up in SW?

[Anonymous]

There are a ton of older buildings that look very well priced in SW. They are not moving. Why? I have a few guesses below but tell me if you know:
- increase in crime by youth in SW;
- noise from stadium etc;
- rats and vermin in old buildings?;
- not trendy?;
- everyone wants new?

I looked at SW years ago and was talked out of it but now I am reconsidering. Would love to hear grub any of you who live there. My kids are in and out of college now; we’d sell the house and move into a coop or condo. Thoughts? Thanks so much!

[Anonymous]

The HOA fees in some of those buildings are more than the mortgage would be, so that’s priced in.

[Anonymous]

Anonymous wrote:The HOA fees in some of those buildings are more than the mortgage would be, so that’s priced in.

Yes, but you can say the same about nearly all DC coops. They still sell, anyway!

[Anonymous]

I think the condo/coop market is just soft overall, these days and there's been a ton of construction so even though that's mostly rentals, inventory increased.

I've lived in one of the coops for decades and really like it. I haven't been ever impacted by crime, the Wharf is a nice addition (walkable but a little distant so doesn't make for noise/rowdiness) and lots of parks and greenspace.

Most of the buildings do have the maintenance costs of older buildings - but also amenities like gardens and big common spaces that aren't being built now. Our coop has a long term capitol account and plan for maintenance and improvement.

[Anonymous]

To PP's earlier point, the filling in down at buzzard point has both increased inventory a bunch but also made that end of the neighborhood nicer. When the Riverwalk trail is complete, it'll be a pretty walk all the way to the Navy Yard.

[Anonymous]

Here’s a random 1BR in an older SW building: https://redf.in/yjT9VN

Look at the price history. You can see they tried to rent it out for $2,350/month and were unsuccessful at that (indicating that real rent for a 1BR in that building is likely around $2,100/month).

Yet at the sale price factoring in $1,088/mo HOA dues, buying with 10% down would result in a roughly $3,200/mo payment plus responsibility for inside-your-unit maintenance and repairs.

So why would I buy at $3,200/mo with added responsibility plus the hassle and cost of selling in the future (people statistically don’t stay in condos that long in the DMV), especially in a building where units take awhile to sell, when I can rent the same unit with zero responsibility aside from a 12 month lease at $2,100/mo, and invest the difference?

[Anonymous]

That coop limits rentals to 3 years over the total period of ownership and only after a few years of ownership so rentals aren't a frequent or long term option. Its a very nicely maintained building, though.

[Anonymous]

Anonymous wrote:Here’s a random 1BR in an older SW building: https://redf.in/yjT9VN

Look at the price history. You can see they tried to rent it out for $2,350/month and were unsuccessful at that (indicating that real rent for a 1BR in that building is likely around $2,100/month).

Yet at the sale price factoring in $1,088/mo HOA dues, buying with 10% down would result in a roughly $3,200/mo payment plus responsibility for inside-your-unit maintenance and repairs.

So why would I buy at $3,200/mo with added responsibility plus the hassle and cost of selling in the future (people statistically don’t stay in condos that long in the DMV), especially in a building where units take awhile to sell, when I can rent the same unit with zero responsibility aside from a 12 month lease at $2,100/mo, and invest the difference?

Judging from the listing photos, the previous poster who mentioned nice gardens and amenities had a point.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here’s a random 1BR in an older SW building: https://redf.in/yjT9VN

Look at the price history. You can see they tried to rent it out for $2,350/month and were unsuccessful at that (indicating that real rent for a 1BR in that building is likely around $2,100/month).

Yet at the sale price factoring in $1,088/mo HOA dues, buying with 10% down would result in a roughly $3,200/mo payment plus responsibility for inside-your-unit maintenance and repairs.

So why would I buy at $3,200/mo with added responsibility plus the hassle and cost of selling in the future (people statistically don’t stay in condos that long in the DMV), especially in a building where units take awhile to sell, when I can rent the same unit with zero responsibility aside from a 12 month lease at $2,100/mo, and invest the difference?

Judging from the listing photos, the previous poster who mentioned nice gardens and amenities had a point.

I agree. If OP really just wanted a pied a terre, id be tempted by this for the huge patio opening into the gated garden.
https://www.redfin.com/DC/Washington/510-N-St-SW-20024/unit-N134/home/16900539

And for room for visitors/home office these are nice. The second one looks very light and bright.
https://www.redfin.com/DC/Washington/430-M-St-SW-20024/unit-N711/home/143309739
https://www.redfin.com/DC/Washington/510-N-St-SW-20024/unit-N217/home/22042247

[Anonymous]

Op, buy a big quadruple in EOTR area like anacostia and you could do very well in the future

[Anonymous]

Anonymous wrote:Op, buy a big quadruple in EOTR area like anacostia and you could do very well in the future

This is OP. I’m not interested in an investment property - BTDT. I want to find gracious one level living to enjoy my retirement and eventual grandchildren.

[Anonymous]

SW is awesome if you don't need schools (we still do unfortunately), simple as that. As an empty nester, I'd grab one of those mid-century townhouses (other than Riverpark, which has kind of crazy coop fees; even then, those fees cover a lot and there are multiple THs listed to be had for a song if you can handle the fees)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Op, buy a big quadruple in EOTR area like anacostia and you could do very well in the future

This is OP. I’m not interested in an investment property - BTDT. I want to find gracious one level living to enjoy my retirement and eventual grandchildren.

Its a good spot for aging in place - Safeway, library, farmers market, community garden, Arena stage, and the Wharf are all within a few blocks. The buildings have on site maintenance, front desks for deliveries, ample parking. At Harbour Square and Tiber Island, in particular, staff are very long term. The coops, especially, have incentives to keep high ratios of resident owners which makes for a good sense of community. Prices for smaller units are rather soft but larger ones can move more quickly (and are often people already in the buildings wanting a larger space) so it can be good to be positioned to act if you see something you like.

[Anonymous]

I know the building I had my condo in, their HOA dues have doubled since I lived there and its covering the same thing.

[Anonymous]

Anonymous wrote:Op, buy a big quadruple in EOTR area like anacostia and you could do very well in the future

People have been saying that for decades now.

I thought that myself when I bought my place EOTR in 2017. It has appreciated a little, maybe 20% since then but the future for DC as a whole doesn't look great and if/when prices fall EOTR will be the first to be hit.

That being said, my neighborhood EOTR has been and still is a great place to live and I believe it's still a value if you're planning on living there long-term, but I don't think it's a great place for an investment property.