Sunday, April 01, 2007

Condo Sales: The Q14 Residences

The Q14 Residences, located at 1401 Q St NW, have the unique distinction of having perhaps the most expensive condo in the United States, if the District's data were to be trusted. As I mentioned in an earlier post, the District recorded unit #603 as having been purchased for slightly more than $88M. Talk about blowing the comps!

Update: the actual sale price for unit #603 per the District's Recorder of Deeds was $881,403.10.

As described by the building's designer, Bonstra | Haresign:

The Q14, a 28-unit luxury condominium building located at the northwest corner of 14th & Q Streets, is soon to be a landmark along the reemerging 14th Street corridor. The building, with 5 units per floor on 7 levels, is served by 2 high-speed elevators. Two levels of below grade parking accessed from the rear alley, contains up to 37 parking spaces. A terraced courtyard at the ground level will provide a visual respite from urban life, with unit balconies visually linked to this “urban oasis”. A rooftop terrace serves the recreational needs of the residents, providing dramatic views of the surrounding cityscape.

The Q14 Residences 1401 Q St NW, DC, 20009

Sales through January 2007

Twenty units' sales have been recorded to date. The District's real property assessment database shows that 8 units have either not sold or not had their sales recorded yet. Unit #605 just went under contract and, according to the Q14 web site, units #201, #203, and #505 are still available.

Information about individual sales can be found at DcCondoPrices.com.

Current Flips

No condos in the Q14 have been flipped to date, but that's not for want of trying. Two units are currently listed on MLS:

  • #402, 2/2.5. MLS ID: DC6319308. List price: $749,000. Initial purchase price: $617,500 (recorded on 11/22/2006)
  • #504, 1/2. MLS ID: DC6219991. List price: $788,000. Initial purchase price: $704,125 (recorded on 11/17/2006)

If successful, the speculators will generate a nice 21.3% and 11.9% return on their "investments", excluding time value of money, carrying and transaction costs, and other such trifles.

6 comments:

Anonymous said...

Keith:
My son moved to Arlington 1 year ago and wants to buy a place. He can afford only about 275-325K. Is there anything good out there with 2 bed/2ba in a decent area?
Mom in Indiana

Keith said...

His best bet is to work with a good real estate agent. I'm not an agent, but I'm hard pressed to believe you can get a 2/2 in that price range in the District itself.

Anonymous said...

Hi Keith: Thank you for the amazing research and your observations. Could you please advise if when you state original purchase prices like that for Q14 Unit 402...does that include the price of parking or is that strictly the price of the residence? Thanks for the clarification.

Keith said...

For new condos like Q14, the District records the parking space at the condo's price, e.g., if the Q14 condo sold for $88MM, the parking space is recorded at $88MM. If the parking space was a separately priced option purchased with the condo, there's no publicly available data that enables me to break out the cost of the parking space from that of the condo.

Anonymous said...

Keith,

It looks like you've put a lot of quality work in your analyses. If you don't mind me asking, what do you do for a living? Have you ever thought of being a commercial real estate appraiser? Its similar analysis, and you would be paid well for your work.

Jamie

Keith said...

Thanks for the positive feedback. I'd not considered that line of work before.