Condo Fest Report

Thanks. Does anyone know if the 22West Condo was part of the Condo Fest?

I am considering buying a condo in the DuMont. Does anyone here have some thoughts on the wisdom of this? I plan to live in DC for the next years or so….

The DuMont seems a good choice. Their floor plans seem to have been created with elegance and style in mind. I, too, am considering a residence in the DuMont. I like the look of the building on the outside, architecturally. I am willing to actually pay a little more if need be for Broadway’s attention to detail versus a few neighourhood residences with very generic or standard floor plans. I think the DuMont is competitively priced. I like the style that Broadway Real Estate is bringing to DC. I say go for it anon.

Anon: I personally like the DuMont because it has a high number of units – which usually translates into having a pool and lower condo fees compared to smaller developments. Also, the ability to own a parking space is nice. It’ll be close to the new Safeway at 5th & K and will also be in the middle of a high density residential area of Mount Vernon Triangle. It’ll take a couple of years to fully appreciate the scope of Mount Vernon Triangle, being that the area is pretty much a blank slate right now. But it’s shaping up to be very nice.

In my opinion, the negatives would be that it’s 3-4 blocks from a metro station (not too bad) and further out from the National Mall than other options.

A friend of mine in SF, thinking of moving back to DC, was in town visiting me a few weeks ago and dropped in to the sales office (which is in my building). He reported that it looked really nice, AND the prices didn’t seem outrageous. I don’t remember the exact price ranges, though. He’s considering buying in there too. It does look pretty cool.

And you can buy a parking space in the DuMont? I am so jealous. (Even though I don’t drive!)

I am surprised the Artisan was there. I emailed them about a month ago and they never replied. There are more than a dozen unit listed between MLS and Craigslist. I wonder how much the builder is listing the units for. I was interested in the 1br/den. The only thing that seems attractive is the parking garage, but is it worth $50K vs renting for ~$210 a month?

Anon: It looks like a lot of people are trying to flip units in the Artisan, but that’s pretty much par for the course with all new DC condo developments.

As for the parking space, consider this: 50K at a 6.5% 30-year fixed rate loan would be $316 per month. In 30 years, you would have spent ~$114K on the loan and own the spot.

Assuming a 3% annual increase in rent on your parking space of $210, in 30 years, you would have spent ~$120K.

Moral of the story is that buying a $50K space works out if you’re going to own the unit for more than 30 years.

Having bought recently in the Artisan, I can tell you that there are no parking spaces left to purcahse from the builder. You can now only get one by buying a unit being flipped that includes a space. There are 160 units in the Artisan, but only 80 or so parking spaces.

GP Living – can you deduct interest payments for a parking space if it is for your primary residence? Also, you fail to consider that the person is buying an asset, so they can sell the space in 30 years and get a certain amount of money back. Also, isn’t there an annual .0096 property tax to consider (which can also be deducted)? I think purchasing a spot might actually make more sense, even if it is for just a few years…

gplving: your calculus omits any associated parking fee or interest in the building (read: condo fee) that might attach to the parking spot. Plus property taxes.

That could be another $30-$70/month. Assuming a 3% increase per year for 30 years on these fees, that is an additional $17k to $40k spent on owning a parking spot, over 30 years.

Anon & Dave: Both of you are correct and it looks like it’s a wash based on your added information.

22 West was not part of the Condo Fest because it is being marketed/sold by EastBanc. this was a McWilliams Ballard only event.

of the PQ condos, the Dumont has the best floor plans and consistently good sight lines. second place is a toss up between 555 Mass and the Artisan.

why is the Dumont first? it consistently has reasonably sized rooms and the mechanical closet is never placed in a BR, LR or DR. sight lines are very good to excellent. this is the sign of a smart architect.

555 Mass has some great sight lines down Mass Ave and towards downtown. sadly, all but the 1 BR/Den units have their mech closets facing a BR, LR or DR. try sleeping or having a dinner party when the HVAC is running. not so smart. it will be closest to the Safeway though.

the Artisan is better on the mech placement but the spectrum of views is poorer…I hope you like the FBI Building’s architecture. room sizes are OK.

there are 4 units left from McWB in the Ventana. all of them face south with 1102 being the gem of the bunch. why? it’s on the top floor so you will get a lot of unobstructed sun even in the winter. go down a few floors and you end up in “Alley Canyon.” just walk behind the building via the side alley and you’ll see what I mean. mech placement is excellent, however.

don’t forget to check City Vista too…but again watch out for the poor mech placement.

as always, it depends on what you value in a condo. if you can wait, my money is definitely on the Dumont.

legal disclaimer: I’m not getting a commission from this posting but maybe I should be.

PQResident

- It sounds like you are hung up on mechanical placement in side your condo. Care to share your experience on this?

Oh, I liked 555 Mass too. I was actually deciding between a unit in 555 Mass and the one I ended up buying in the Clara Barton.

In the end, I got more square footage in the particular CB unit I bought, and it was closer to my office. 555 is still a nice building, though.

Anon: Not to speak for PQResident, but there are several things to be aware of when you are placing a contract on nothing but a floor plan in an un-built building.

In addition to mechanical room placement, I look at neighboring floor plans to see if my bedroom is going to sit next to my neighbor’s living room. Also, are the doors in the hallway staggered, am I across from an elevator or trash room door, etc?

Anon 10:19 – I pay attention to the details and I appreciate architects who pay attention to the same details. after having spent many nights in hotels being awakened by the HVAC when it turns on and rattles around, I cherish the silence.

also, audiophiles such as myself like to get all of their dollars from their audio systems. a four digit system devalues to three digits if you have to listen through a din.

I looked for some of the same things GPLiving looked for pre-construction and rejected buying a unit next to the trash room.

some people want convenience, some want views, some want low cost, some want granite countertops…I want a quiet, sunny place to live.