Why does the Watergate attract such a premium?

[Anonymous]

There was a scandal a few years ago about the board pushing out a woman living in one of the units because she didn't get along with her neighbor who was on the board. Then the neighbor got her unit! Also, the leaks and maintenance problems are apparently significant.

[Anonymous]

Anonymous wrote: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.

Location is great for people who don't want to drive. Fees are high, but there are very few condos/coops that offer the level of service that the Watergate does/

It is true that the average age of residents is probably 75.

[Anonymous]

I think it's basically the Leisure World of the country club set.

[Anonymous]

Anonymous wrote:I think it's basically the Leisure World of the country club set.

and you know this how? You've never been inside have you? We have young friends who bought in the building. I salivate over the view every time I'm there. And to be in short walking distance to the Kennedy Center!

[Anonymous]

It is very simple. It attracts a premium because many people love it.
You may hate it but the public disagree with you.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think it's basically the Leisure World of the country club set.

and you know this how? You've never been inside have you? We have young friends who bought in the building. I salivate over the view every time I'm there. And to be in short walking distance to the Kennedy Center!

How many times can you go to the KC?

Yes, I have been inside. Lovely views, lovely apartments. Not set up for anyone who works, has kids or needs a grocery store.

[Anonymous]

Convenient to the Kennedy Center, State Department, IMF, World Bank etc. Condoleeza Rice used to live there...

[Anonymous]

Anonymous wrote:

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 wrote: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.

Foreign Service Officers (diplomats, not to be confused with civil service State Dept employees) are actually pretty well off as a whole, even at the mid level (late 20s / 30s). They have all of their living expenses covered overseas, so with free housing + free private schooling + free plane tickets and, depending on where you're posted, extra money just for existing, it's pretty easy to build up a nest egg pretty quickly. Lots of FSOs looking to rent out their million-dollar properties in the DC area while they're overseas.

That said, I agree that Watergate isn't a huge draw for them. The career FSOs who take advantage of very generous government benefits to have large families will decamp to the deep suburbs to house their 3-8 kids. And they will whine ad nauseam about how horrible it is to pay their own rent or mortgage for once or have to suffer the indignity of working for 2-3 years in the very country they represent. Those who can comfortably fit into a 2br apartment or smaller will choose much more interesting neighborhoods in DC.