Newseum Residences Reviewed

The Web site shows that the vast majority of these residences are still available. It’s no wonder considering the absurd purchase prices being charged when the Web site’s pictures show that the condo’s interiors are nearly identical to every other new, luxury building in Penn Quarter. The view from most of the condos is also far from stellar as it is not of Pennsylvania Ave. but of C Street (i.e., the back of the courthouse). Personally, I never really saw the appeal of this building, the Lafayette, Clara Barton and other buildings are all very close by and appear to have much nicer amenities.

In addition to the exorbitant monthly rental fees for these apartments, and according to the WT article, the apartments also “require a $700 monthly ‘amenity fee’ for use of the second-floor business center, lounge and rooftop terrace.” Are they joking???

$700 to use a computer or sit in a lounge or on a rooftop (w/o a pool). I sure hope that lounge has an open bar for that price.

I considered moving into this building when I first heard that it was opening. But between the prices and amenity fees, there was no way I could afford it.

It seems ridiculous to charge that kind of money for apartments when the comp rentals in local condo buildings are much lower without the amenity fees and with better amenities.

I agree as well. I considered living there as well but they would not budge on the prices. Something comparable to what I have now was over 1k a month more. I also have a pool and am lot closer to the metro.

Plus honestly, who wants to live on top of the Newseum when that opens. Tourists and crowds in my basement. Ugh.

B-b-but you can have a Wolfgang Puck restaurant downstairs! Surely you’re willing to pay a premium for that!

The condo market implosion can’t come soon enough.

Don’t worry, if there is an implosion, your rental fee will increase.

I’m not sur how that works, but I have noticed the cost of renting a unit in my condo building has gone up. It’s no where near what the newseum is charging, but it’s getting up there. Meanwhile, I haven’t really seen the prices for condo units change much over the last year. Are rental rates just catching up? Are we headed for monkeyrotica’s implosion? Anyone have some insight?

We don’t plan on ever selling our condo, so I guess I’m not overly concerned. We’ll probably rent it out when we outgrow it, and move back into it when we retire. With its central location and proximity to everything, I think it would be stupid to let it go.

The rental market’s in the air right now. I know of at least two rental apartments that spent several years converting to condo just in time for the condo market to plateau. They’re now trying to lure old renters back into condos that aren’t selling.

And I think rental vacancy rate downtown is still hovering under 5%, so demand for rentals is strong, particularly for those who want to sit out the condo market until they can get a better deal. With the majority of new units not folling under rent control laws, I don’t see rental prices declining in the forseeable future.

With less people looking to buy in this market, more people are entering the rental market and increasing the demand in that area. As monkeyerotica stated, the rental vacancy is still low downtown so you don’t have the same overabundant supply of rental units available compared to condos. In addition, and even with the tax breaks, it usually works out to be cheaper to rent in this market compared to buying (monthly rent is less than monthly mortgage + condo fees for a similar unit). As a result, even some owners who sell are re-entering the rental market because of that cost discrepancy.