RSS FeedCribs VIII: Vaunted Vista
This installation of Cribs is notable for two reasons.
The first reason is the view from the balcony. Unit #1025 is at 701 Pennsylvania Avenue, NW, and it looks to be a the end unit of in Market Square West East with some great views of the Washington Monument and the Archives building. Condo fees are $750 per month.
The second reason is the $795,000 asking price which could be within bounds for a 2 bedroom, 2 bath unit in this area. But, PQ Living looked at the dollar per square foot (or $/ft2) cost for the 840 square foot listing and came up with a whopping $946 per square foot. We know Market Square commands premiums but this is almost $400 per square foot more than other PQ condos. Let’s put this into perspective by taking a look at Georgetown (20007 zip code) condo listings. The brand new Wormley Row development on Prospect Street is asking anywhere between $928 and $1082 per square foot and except for one condo for sale at Water Street, that is the most expensive condo property in Georgetown. And, it’s brand new construction. To be fair, we did not include #1025’s 200 square foot balcony in the calculation but outdoor area is usually not included in this metric. Wormley Row’s least expensive unit still includes 1 parking spot so we figure that more than balances the equation.
There’s a lot to love about this property but is it up to going toe-to-toe with the most expensive condos in Washington DC? Only time will tell.
701 Pennsylvania Avenue – Unit #1025 – Homevisit Virtual Tour
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Comments
I would not think that those who pay 900+ que per què sf are too reliant on Metro but maybe i am mistaken….
I have not been in, but a friend looked at the last unit in Mkt Sqr that was profiled on PQLiving and said the unit was really tired inside and needed a 500k overhaul / redo.
You actually get quite a bit for the condo fee at Market Square. In addition to water (pretty normal) you get cable. The really great thing is the security service. Probably because it is shared with the office building on the first few floors – but in addition to the 24 hr staffed front desk, there is another security guard that patrols the halls at night and another guard that stays outside of the garage door to alert you to pedestrians walking past on the side walk and keep intruders from coming in before the garage door closes.
The condo fee also gets you a gym and a quiet rooftop pool overlooking the capitol and the washington monument. The building’s interiors are all being redone in the next year (no assessment necessary due to the building’s great reserves).
Living on the front of the building usually adds about 100k to the price (because the vues are unparalleled anywhere…including georgetown). And that unit probably has a corner terrace that is over 300 sq ft where you can have dinner in the summer while listening to the navy band concerts.
I’m not saying I can afford it, but I don’t think the price is ridiculous. $600k for a 1 bedrooom in logan circle, now that’s ridiculous!
Andy in PQ – you made a good point on the value of a view. sometimes it is those views that sell a place all by their own. it sold me mine.
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Well, it IS right atop the Metro – I love Georgetown and all (I am a Gtown undergrad alum), but its lack of a Metro stop will always be a bit of an inconvenience. The Metro access definitely adds (some) value.