Why does the Watergate attract such a premium?

[Anonymous]

My grandparents live there and it is pretty amazing. The $500 chairs are probably authentic Saarinen chairs to keep with the mid-century aesthetic. (Also, $500/chair is not a lot for a an upscale lobby.)
The location is terrific--they hold season subscriptions to the Kennedy Center and go to Millenium Stage all the time, walk to Whole Foods, take the Metro, take super cheap classes at GW (there's a program for retirees who live in the same zip code), and walk or take a quick taxi to the Smithsonians. During the summer, they use the pool.
The doormen are professionals--they have been there for decades and know everyone by name. The front desk is full-service. Maintenance is performed by the building engineer and his staff.
Each building in the Watergate is its own co-op, so each building is run a little differently. But, the co-op fees cover a lot, from what I understand.
I would totally live there as a senior, assuming I could afford it.

[Anonymous]

Anonymous wrote:I work right there. The only appeal that I can see is the close proximity to work for well to do State Department staff and Saudi diplomats. The plaza it’s shops are so dated.

State Department has over 75,000 employees and I would say it was them but $1M+ condos would have to be Deputy Secretaries and up - of which there are far fewer.

With 15 units for sale now, and over 70% of them being over $1M I still don't see the draw.

https://www.highrises.com/washington/watergate-condos/

Although this one is really nice https://www.highrises.com/washington/listing/1006069110-watergate-condo-for-sale-2500-virginia-ave-nw-717-s/

[Anonymous]

Anonymous wrote:My grandparents live there and it is pretty amazing. The $500 chairs are probably authentic Saarinen chairs to keep with the mid-century aesthetic. (Also, $500/chair is not a lot for a an upscale lobby.)
The location is terrific--they hold season subscriptions to the Kennedy Center and go to Millenium Stage all the time, walk to Whole Foods, take the Metro, take super cheap classes at GW (there's a program for retirees who live in the same zip code), and walk or take a quick taxi to the Smithsonians. During the summer, they use the pool.
The doormen are professionals--they have been there for decades and know everyone by name. The front desk is full-service. Maintenance is performed by the building engineer and his staff.
Each building in the Watergate is its own co-op, so each building is run a little differently. But, the co-op fees cover a lot, from what I understand.
I would totally live there as a senior, assuming I could afford it.

I agree this is nice and a rare find in D.C. Not many full service white-glove condo/co-op buildings here for some reason.

Even the Wharf condos don't have doormen! Just a front desk attendant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My grandparents live there and it is pretty amazing. The $500 chairs are probably authentic Saarinen chairs to keep with the mid-century aesthetic. (Also, $500/chair is not a lot for a an upscale lobby.)
The location is terrific--they hold season subscriptions to the Kennedy Center and go to Millenium Stage all the time, walk to Whole Foods, take the Metro, take super cheap classes at GW (there's a program for retirees who live in the same zip code), and walk or take a quick taxi to the Smithsonians. During the summer, they use the pool.
The doormen are professionals--they have been there for decades and know everyone by name. The front desk is full-service. Maintenance is performed by the building engineer and his staff.
Each building in the Watergate is its own co-op, so each building is run a little differently. But, the co-op fees cover a lot, from what I understand.
I would totally live there as a senior, assuming I could afford it.

I agree this is nice and a rare find in D.C. Not many full service white-glove condo/co-op buildings here for some reason.

Even the Wharf condos don't have doormen! Just a front desk attendant.

Do you really need that reason explained to you?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My grandparents live there and it is pretty amazing. The $500 chairs are probably authentic Saarinen chairs to keep with the mid-century aesthetic. (Also, $500/chair is not a lot for a an upscale lobby.)
The location is terrific--they hold season subscriptions to the Kennedy Center and go to Millenium Stage all the time, walk to Whole Foods, take the Metro, take super cheap classes at GW (there's a program for retirees who live in the same zip code), and walk or take a quick taxi to the Smithsonians. During the summer, they use the pool.
The doormen are professionals--they have been there for decades and know everyone by name. The front desk is full-service. Maintenance is performed by the building engineer and his staff.
Each building in the Watergate is its own co-op, so each building is run a little differently. But, the co-op fees cover a lot, from what I understand.
I would totally live there as a senior, assuming I could afford it.

I agree this is nice and a rare find in D.C. Not many full service white-glove condo/co-op buildings here for some reason.

Even the Wharf condos don't have doormen! Just a front desk attendant.

Do you really need that reason explained to you?

Yes, actually I would. I weighing buy a very expensive condo but having a maintenance/service guy at the very least would be nice. It's funny that I can get all these things in a expensive rental, but a condo building - much less likely.

[Anonymous]

Anonymous wrote:I think it offers a relatively seamless transition to the next level (death). A lot of people believe that the afterlife will be very much like the Watergate.

LOL. Well done PP.

[Anonymous]

I had a friend that lived in the Watergate.

Pros - large floorpans, interesting interior architecture like huge curved wrap around windows, some units with second floors, high ceilings and lots of storage. Great pool that is always empty, view of the fireworks, city or river views are amazing, close to the Kennedy Center. Not sure if its still under there but all you had to do was take an elevator down and you are at Safeway, CVS, Wine store, dry cleaner, 2-3 restaurants, access to the indoor pool and gym at the hotel, and right in front of the running trails down to the monuments and bridges. Great for waking to work if you worked downtown or taking the metro to the hill.

Cons - filled with crazy old people, bad maintenance, lots of leaks that owners couldn't control, restrictive work hours and difficult to remodel.

Financially co-ops are better for people with high income and lower assets. The purchase prices are lower but the co- op dues are much higher than a condo. The WG has ridiculous debt to income requirements too so you have to make a lot or being buying your unit in cash so you have no mortgage debt.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Even 50 years later the co-op apartments are going for extremely high prices and high HOA fees.

https://www.redfin.com/DC/Washington/700-New-Hampshire-Ave-NW-20037/unit-402/home/143394864/amp

Coops don't have HOA fees.

Well, the unit listed has a $4,860/mo monthly fee - so what do you call that?

https://www.compass.com/listing/232553117969836721/view

.

It is a corporation not a HOA. Only HOAs has HOA fees.

[Anonymous]

It's a dump and extremely outdated. Central location but tons of traffic, airplane and helicopter noise. I don't believe it's desirable at all.

[Anonymous]

Anonymous wrote:It's a dump and extremely outdated. Central location but tons of traffic, airplane and helicopter noise. I don't believe it's desirable at all.

Well, the sale prices for these old units state otherwise. $2.6M for 3 bedrooms is insane. Granted it has all the finer appointments and renovation details but that's about $1M more than the same layout would claim in Logan or Dupont Circle.

[Anonymous]

Anyone can tell why this same unit sold for $600K in 2002? A $2M increase in 17 years is a bit much...even for D.C.

[Anonymous]

I like the units with water views. Otherwise no. The low ceilings are a problem.

[Anonymous]

Anonymous wrote:I had a friend that lived in the Watergate.

Pros - large floorpans, interesting interior architecture like huge curved wrap around windows, some units with second floors, high ceilings and lots of storage. Great pool that is always empty, view of the fireworks, city or river views are amazing, close to the Kennedy Center. Not sure if its still under there but all you had to do was take an elevator down and you are at Safeway, CVS, Wine store, dry cleaner, 2-3 restaurants, access to the indoor pool and gym at the hotel, and right in front of the running trails down to the monuments and bridges. Great for waking to work if you worked downtown or taking the metro to the hill.

Cons - filled with crazy old people, bad maintenance, lots of leaks that owners couldn't control, restrictive work hours and difficult to remodel.

Financially co-ops are better for people with high income and lower assets. The purchase prices are lower but the co- op dues are much higher than a condo. The WG has ridiculous debt to income requirements too so you have to make a lot or being buying your unit in cash so you have no mortgage debt.

I don't know about the rest of the stuff apart from the CVS and liquor store, which still are there, but the Safeway closed nearly eight years ago:

https://www.washingtonpost.com/local/watergates-decline-accelerated-by-grocers-exit/2011/11/23/gIQAlwvOzN_story.html?utm_term=.4c0b3115e6cf

[Anonymous]

I've been in several Watergate units and I don't get it. I mean, yeah, the views are nice and the large windows let in amazing amounts of light. But the location is just meh and the fees are way too high for what you get.

Not to mention that nearly everyone there is old.

[Anonymous]

I have worked at State for 10 plus years and have never heard of a single person who lived in the Watergate. The Department's location leads to families living in Nova and singles have many other better options than what sounds like a nice set-up for well-off old folks.