Massive markdown on DuPont condo

[Anonymous]

Most people who could deal with a 3rd floor walk up are too young to afford that price.

[Anonymous]

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

I'm the person who say 400k and that was specifically based on the home owing 8k in back taxes (which raises the likelihood of other liens against the property), and having an 800/mo condo fee despite being in a small building with no shared outdoor space and no amenities (indicating building mismanagement or major structural issues). Combine this with the unit likely needing a ton of work (how much is unclear due to the weird AI pictures but I think you are looking at a kitchen gut reno for sure and likely a number of other updates to the unit and potentially to the building).

You will not find comps in the neighborhood going for 700k with those issues. Older condos with high fees routinely go for well below market because it's the only way to make the math work for buyers, and even then they sit a long time because of built in risk -- high fees can go higher, older units may have hidden issues, building that have been poorly maintained often have additional issues that lead to special assessments.

Even the comps selling in the 700k range all have updated kitchens and baths and lower condo fees, and likely don't have the lien issues.

Plus there are tons of condos on the market right now, so buyers have lots of other options if they are in the market for a condo. The main thing this one has going for it is the location, which should help it retain value, but everything else is a minus compared to other units in the same neighborhood.

Could be a good investment opportunity -- if I had the cash on hand I might come in with lowball offers and let them sit, the seller might get desperate enough to take one eventually.

[Anonymous]

This stretch of 16th street is constant backed up traffic all day long.

[Anonymous]

Anonymous wrote:According to the city website it's owned by a trustee and behind more than $8k in taxes. There's no recent sales record and its condition is described as "average." So, yea, the pics are bullshit.

It's also a 3rd floor walkup with a nearly $800 a month condo fee for a building with no amenities

its an almost 1,500 sf condo with two beds and two baths and parking included for $800. That is cheap.

[Anonymous]

Anonymous wrote:

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

I'm the person who say 400k and that was specifically based on the home owing 8k in back taxes (which raises the likelihood of other liens against the property), and having an 800/mo condo fee despite being in a small building with no shared outdoor space and no amenities (indicating building mismanagement or major structural issues). Combine this with the unit likely needing a ton of work (how much is unclear due to the weird AI pictures but I think you are looking at a kitchen gut reno for sure and likely a number of other updates to the unit and potentially to the building).

You will not find comps in the neighborhood going for 700k with those issues. Older condos with high fees routinely go for well below market because it's the only way to make the math work for buyers, and even then they sit a long time because of built in risk -- high fees can go higher, older units may have hidden issues, building that have been poorly maintained often have additional issues that lead to special assessments.

Even the comps selling in the 700k range all have updated kitchens and baths and lower condo fees, and likely don't have the lien issues.

Plus there are tons of condos on the market right now, so buyers have lots of other options if they are in the market for a condo. The main thing this one has going for it is the location, which should help it retain value, but everything else is a minus compared to other units in the same neighborhood.

Could be a good investment opportunity -- if I had the cash on hand I might come in with lowball offers and let them sit, the seller might get desperate enough to take one eventually.

This is LOW fees based on sf and garage spot. I am President of a condo association. Our killer is insurnace, utilities, maint and if allocated based on square foot this is cheap. Why. It is almost 1,500 sf with parking. If you back out lets say $100 a month for parking you got around $700 a month maint. But is is 1,500 sf.

In adams morgan there are 300 sf studios with no parking. So would you call $140 high for that monthly. That is 1/5 the size and 1/5 the common charges.

This is bigger than most row houses.

Not saying buy it as looks dumpy with legal issues. But common chages is not the issue.

[Anonymous]

That's actually a great price for a 2/2 in DuPont with that square footage. There's nothing close right now and I've been watching the market. No telling what the place actually looks like. If I were able to buy sooner, I'd go check it out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

I'm the person who say 400k and that was specifically based on the home owing 8k in back taxes (which raises the likelihood of other liens against the property), and having an 800/mo condo fee despite being in a small building with no shared outdoor space and no amenities (indicating building mismanagement or major structural issues). Combine this with the unit likely needing a ton of work (how much is unclear due to the weird AI pictures but I think you are looking at a kitchen gut reno for sure and likely a number of other updates to the unit and potentially to the building).

You will not find comps in the neighborhood going for 700k with those issues. Older condos with high fees routinely go for well below market because it's the only way to make the math work for buyers, and even then they sit a long time because of built in risk -- high fees can go higher, older units may have hidden issues, building that have been poorly maintained often have additional issues that lead to special assessments.

Even the comps selling in the 700k range all have updated kitchens and baths and lower condo fees, and likely don't have the lien issues.

Plus there are tons of condos on the market right now, so buyers have lots of other options if they are in the market for a condo. The main thing this one has going for it is the location, which should help it retain value, but everything else is a minus compared to other units in the same neighborhood.

Could be a good investment opportunity -- if I had the cash on hand I might come in with lowball offers and let them sit, the seller might get desperate enough to take one eventually.

This is LOW fees based on sf and garage spot. I am President of a condo association. Our killer is insurnace, utilities, maint and if allocated based on square foot this is cheap. Why. It is almost 1,500 sf with parking. If you back out lets say $100 a month for parking you got around $700 a month maint. But is is 1,500 sf.

In adams morgan there are 300 sf studios with no parking. So would you call $140 high for that monthly. That is 1/5 the size and 1/5 the common charges.

This is bigger than most row houses.

Not saying buy it as looks dumpy with legal issues. But common chages is not the issue.

What legal issues do you see?

And what about it looks "dumpy"?

Thanks

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

I'm the person who say 400k and that was specifically based on the home owing 8k in back taxes (which raises the likelihood of other liens against the property), and having an 800/mo condo fee despite being in a small building with no shared outdoor space and no amenities (indicating building mismanagement or major structural issues). Combine this with the unit likely needing a ton of work (how much is unclear due to the weird AI pictures but I think you are looking at a kitchen gut reno for sure and likely a number of other updates to the unit and potentially to the building).

You will not find comps in the neighborhood going for 700k with those issues. Older condos with high fees routinely go for well below market because it's the only way to make the math work for buyers, and even then they sit a long time because of built in risk -- high fees can go higher, older units may have hidden issues, building that have been poorly maintained often have additional issues that lead to special assessments.

Even the comps selling in the 700k range all have updated kitchens and baths and lower condo fees, and likely don't have the lien issues.

Plus there are tons of condos on the market right now, so buyers have lots of other options if they are in the market for a condo. The main thing this one has going for it is the location, which should help it retain value, but everything else is a minus compared to other units in the same neighborhood.

Could be a good investment opportunity -- if I had the cash on hand I might come in with lowball offers and let them sit, the seller might get desperate enough to take one eventually.

This is LOW fees based on sf and garage spot. I am President of a condo association. Our killer is insurnace, utilities, maint and if allocated based on square foot this is cheap. Why. It is almost 1,500 sf with parking. If you back out lets say $100 a month for parking you got around $700 a month maint. But is is 1,500 sf.

In adams morgan there are 300 sf studios with no parking. So would you call $140 high for that monthly. That is 1/5 the size and 1/5 the common charges.

This is bigger than most row houses.

Not saying buy it as looks dumpy with legal issues. But common chages is not the issue.

What legal issues do you see?

And what about it looks "dumpy"?

Thanks

Owned by a trust. Back taxes. Ugly and dated decor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:$400k? Come on. A 2/2 condo that size in that location with garage parking can sell for over $600k even if it needs some updates (though it's unclear what is the real condition of this one)

Look at sales of 2/2 in this zip code:
https://www.zillow.com/homes/66133_rid/

I'm the person who say 400k and that was specifically based on the home owing 8k in back taxes (which raises the likelihood of other liens against the property), and having an 800/mo condo fee despite being in a small building with no shared outdoor space and no amenities (indicating building mismanagement or major structural issues). Combine this with the unit likely needing a ton of work (how much is unclear due to the weird AI pictures but I think you are looking at a kitchen gut reno for sure and likely a number of other updates to the unit and potentially to the building).

You will not find comps in the neighborhood going for 700k with those issues. Older condos with high fees routinely go for well below market because it's the only way to make the math work for buyers, and even then they sit a long time because of built in risk -- high fees can go higher, older units may have hidden issues, building that have been poorly maintained often have additional issues that lead to special assessments.

Even the comps selling in the 700k range all have updated kitchens and baths and lower condo fees, and likely don't have the lien issues.

Plus there are tons of condos on the market right now, so buyers have lots of other options if they are in the market for a condo. The main thing this one has going for it is the location, which should help it retain value, but everything else is a minus compared to other units in the same neighborhood.

Could be a good investment opportunity -- if I had the cash on hand I might come in with lowball offers and let them sit, the seller might get desperate enough to take one eventually.

This is LOW fees based on sf and garage spot. I am President of a condo association. Our killer is insurnace, utilities, maint and if allocated based on square foot this is cheap. Why. It is almost 1,500 sf with parking. If you back out let’s say $100 a month for parking you got around $700 a month maint. But is is 1,500 sf.

This is why buyers are afraid of condos in the current market. I agree $800/mo is an appropriate HOA fee for this unit when you factor in ballooning insurance costs and the need for maintenance and reserves on an older building, but buyers are thinking “I don’t want to throw away $800/mo on fees when it doesn’t even get me a pool or a gym or a shared rooftop.” Plus they know in a few years that fee will surpass $1,000/mo.

I could rent a similar unit for much less than the monthly outlay of mortgage taxes insurance and HOA fees on this unit, plus I’d have zero exposure to the risk of rising fees and special assessments.