Reply to Massive markdown on DuPont condo

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]$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/[/quote]

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.[/quote]

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.   [/quote]

What legal issues do you see?

And what about it looks "dumpy"?

Thanks[/quote]

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