RSS FeedRE Corner: Buying A Carless Condo – By The Numbers
MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle and is experienced with downtown DC real estate.
When buying my condo over six years ago only three weeks after moving to DC, I decided to abandon my car so I could purchase a better condo. All these years later, it is a lifestyle that I’ve not only embraced but has produced serious savings and health benefits over time. My real estate agent at the time encouraged me to consider purchasing a parking spot to increase the marketability of my condo. But with many Penn Quarter condos conveying without parking spaces, does this really impact that owner’s ability to sell or is it just a matter of presenting the options to a car-owning buyer? Does it always make sense for a car owner to actually own their space?
Taking a look at the numbers, most parking spaces originally cost between $25,000 and $40,000. But when those same units sell, the difference between a unit with a space and one without a space in the same building often diminishes. Conveyed parking spaces also come with increased condo fees (usually around $40 per month per space) as well as an annual property tax of around $300 a year. So beyond a slightly higher mortgage, the parking space will also cost an estimated $65 or so a month for the owner.
Most Penn Quarter buildings with underground parking exhibit great commerce between residents in the rental of spaces. These spaces typically rent for a price between $150 and $200 per month while commercial parking spots rent for slightly over $200 per month. When compared to a unit with an additional mortgage, condo fee and property tax, renting will typically be slightly more expensive but not such a large difference that it should be an obstacle to a buyer who likes the area and/or the building.
Free In PQ This Summer
We live in a thriving neighborhood (and city) with an abundance of things to do. Sometimes, it’s nice to go out enjoy something really interesting and exciting without spending a dime. Here are just a few events of note that I hope to check out this Summer:
Citizen Kane
Saturday, June 16
2pm
National Portrait Gallery (8th and F Sts., NW)
Recycling Pirate
Saturday, June 16
9:30 am and 11 a.m.
National Theatre (1321 Pennsylvania Ave., NW)
(between 7th and 12th Sts., NW)
Monday, July 16th: Butch Cassidy and the Sundance Kid
Wednesday, July 25: It Happened One Night
Monday, July 30: From Here to Eternity
Monday, Aug. 6: Psycho
Live on Woodrow Wilson Plaza
(1300 Pennsylvania Ave., NW)
June 6 – August 2
12:00 pm – 1:30 pm weather permitting
Happenings at the Harman
Wednesdays at lunchtime
12:00pm – 1:00pm
Shakespeare Theatre Company’s Sidney Harman Hall (610 F St., NW)
June 13thWhy Don’t You . . . ? cabaret songs with Beverly Cosham and Cam Magee
June 20th Asanga Domask and Anna Menendez Multi-cultural dance!
June 27th – WPAS: Men and Women of the Gospel Choir
Navy Band Summer Concert Series
8:00 p.m., Tuesday evenings
U.S. Navy Memorial (701 Pennsylvania Ave. NW)
June 12, 26
July 24, 31
August 14, 28
and 1:00 p.m., Monday, September 3
Jazz in the Garden
National Gallery of Art Sculpture Garden (7th St. and Constitution Ave., NW)
Friday nights through August 31, 5pm
Summer Story Series: Tour de France (for ages 4-7)
Various dates, July 15-August 6
National Gallery of Art (6th St. and Constitution Ave., NW)
Explore scenes of France, from its countryside to the bustling urban center of Paris, through works of art in the French galleries and children’s books. Featured artists include Auguste Renoir, Claude Monet, Edgar Degas and Vincent van Gogh.
Summer Cinema Series: Humphrey Bogart
July 2-August 20, 6:30pm
National Theater (1321 Pennsylvania Ave., NW)
Penn Quarter/DC Link Roundup: Heard In The ‘Hood
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Here’s what we were reading recently about neighborhood news in DC. Have something to add? Leave it in the comments!
Tips? Send them in confidentiality to: pqliving [at] gmail.com
Penn Quarter – The Calvary Baptist Church turns 150 years old and gets a nice write up. The church was constructed when Abe Lincoln was POTUS. [WaPo]
Chinatown – New York University’s building on L St between 13th and 14th St NW is almost complete. [Prince of Petworth]
Penn Quarter – There will be a viewing party for the new Dallas TV drama/series at none other than Hill Country (410 7th St NW). The fun begins at 9 pm on Wed, June 13 in the upstairs dining room. Bobby, Sue Ellen, and JR are back! [PQL Intelligence Network]
Chinatown – A robbery takes place around Noon on June 4 on 6th St NW near the Verizon Center. Here are the details. [WaPo]
What Is The Value Of A View?
MVTResident is a realtor in the Capitol Hill office of Long & Foster who lives in the Mount Vernon Triangle.
“Monumental view” – that is what many real estate agents (including me) say in our advertising to communicate that a condo comes with the added amenity of an iconic sight line. And, Penn Quarter is home to some of the best views in the city. For many residents, a condo is a condo is a condo until they look out the window and see a perfectly framed Washington Monument or U.S. Capitol. How about standing on your balcony to watch the Fourth of July fireworks and having as good a or a better view than your building’s roof deck or the National Mall?
Although beautiful vistas and iconic views can attract the eye, these features more often or not come with a price, and putting a price on these features is definitely more an art than a science. So how much could a view cost a buyer? In general, a view property could cost an additional 5 to 15 percent more than a comparable unit in the same building. Factors that contribute to the pricing include the type of view (Monument, U.S. Capitol, city) and the width of a view. A peekaboo view has little value but often gets a lot of hype whereas a 180 degree view can give a unit a large bump in price.
Recent sales in Penn Quarter show that one and two bedroom monument view units tend to price at around nine to ten percent higher than comparable units in the same building that have city views. And this pricing includes both units with the Washington Monument framed in the window as well as those with a vista that includes the U.S. Capitol.
So would you pay more money for a room with a view? Which buildings do you think offer the best views in Penn Quarter?