Reply to Overpriced or kind of cool? (DC Wharf)

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I would be embarrassed to spend a million dollars on that sh*thole.[/quote]

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

[/quote]

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[/quote]

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Still don't know why anyone would choose to pay 1m for that extremely outdated condo at the Wharf, rather than just getting a cheaper and /or more updated condo (plus crime at Wharf area is still iffy)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

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