RSS FeedCribs IV: More F Street
Our PQ Living Cribs posts take a look at the largest and most interesting apartments for sale in the downtown area. The Ventana (912 F Street NW) has three apartments with historic facades and today’s unit is one of those apartments.
Unit #208 has 2 bedrooms, 2.5 bathrooms, a two level design, one parking space and approximately 1,500 square feet. The list price is $950,000.
912 F St, NW – Unit 208 – Mouse On House Virtual Tour
Ed. Note: As of March 23, 2008, this unit is now on the market for $895K under MLS #DC6672843 and the parking is now labeled ‘rental parking.’ The square footage has been amended to be approximately 1,650 ft2.
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Comments
the alley also lines the back of The Artisan.
commercial contractors (trash pickup and others) need to be reeducated that people now live downtown and as such don’t appreciate 4 am trash pickups because it wakes them in the middle of the night. this issue arose at the most recent Downtown Neighborhood Association meeting.
The asking price may be ludicrous, but that doesn’t mean some schmuck with too much in the bank won’t pay it.
900k is definately too much. Condos are down a lot, especially in PQ/Chinatown. When you can get 1000-1000 sq ft in a nearby building for under $500, it is hard to pay $950 for 1500 sq ft. Sure the brick walls are worth a littl, but not that much.
There’s a place in 400 Mass thats 3,000 sq ft. Asking is $1.2m I believe (but I hear they are willing to take much less).
I agree closer to $900 would be more realistic but I don’t think it is totally off base. There aren’t may condos that size (1500+ sq feet) in PQ, with two levels and brick walls. And, if I’m seeing the floor plan correctly, windows front and back, which makes a huge difference. It makes finding true “comps” very difficult. I speak from experience, we hunted for a truly unique space in PQ and wound up at The Artisan, paying more than I expected but getting some really unique features that in the long run should pay dividends. I think this unit will be the same.
You have to look at $/square foot to start comparing apples to apples. This unit comes with parking so you also need to determine what you think that is worth. 208 is new, not used so that comes into play too. Here is a sample comparison with a new unit still up for sale at The Artisan (#1105).
912 F, #208
Parking = $50K (assumption)
Unit – Parking = $950K – $50K = $900K
$/square foot = $900K/1500 = $600/square foot
Unit #1105 at The Artisan is approx. 1100 square feet, no parking, list price is $589,900, also new.
915 E, #1105
No parking so we go straight to the $/square foot calculation.
$/square foot = $589,900/1100 = $536/square foot
You can see that the asking price is on the high side, 11.9% over The Artisan comp. 208 has some unique features like exposed brick and windows on both sides though. It only takes one willing buyer to close a sale…the trick is finding that buyer. The market will set the price.
This is a simple illustration but it becomes much easier to compare condos with each other using the above methodology. Houses are trickier because you have to figure out the land costs also.
If you want reams of detailed data on real estate sales in DC, check out: http://www.dchousingprices.com
Disclaimer: I am not a realtor nor the operator of the above referenced web site.
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Very nice looking apartment but I am stunned at the asking price. I have heard that alley noise is a big problem at the Ventana.