Comments on DC Home and Condo Prices: Condo Sales: 1010 Mass

These prices aren't necessarily representative of ...

2008-10-13T11:42:00.000-04:00

These prices aren't necessarily representative of the deals people received though, they also offered incentives. They were offering 20k in incentives when I bought, but I negotiated the sales prices down and gave up a little in incentives.

The same person did buy the two units, they combin...

2008-05-01T13:59:00.000-04:00

The same person did buy the two units, they combined the two units into one.

I've looked at buying at 1010 Mass and they defini...

2008-04-22T22:47:00.000-04:00

I've looked at buying at 1010 Mass and they definitely have inventory especially for the pricier end of the spectrum. don't know if they'll dicker or not but I think they'd be foolish not to consider offers within 10% of list price.

For a unit costing $600k, if it was purchased w/ 2...

2008-04-16T21:38:00.000-04:00

For a unit costing $600k, if it was purchased w/ 20% down, the monthly payment on the mortgage would be around $2800/mo; add in condo fees (around $500/mo) and taxes (around $400/mo), it would become a breakeven proposition at around $3700/mo.

A savvy investor who cares about cashflow could also choose loan products that could drop the mortgage part of the carrying cost to closer to $2100/mo, which would bring the total monthly carrying costs to closer to $3100, so positive cashflow isn't out of the question as a rental.

(Whether or not the sales price paid for these units is a reasonable one is another question altogether, that I can't go into in public fora thanks to the vagaries of DC real estate agency law.)

At $2200 or $3200, I can't see how it's even a bre...

2008-04-16T17:28:00.000-04:00

At $2200 or $3200, I can't see how it's even a break-even proposition given the prices paid and the capital/operating expenses required to furnish and maintain the units. But who said profit had anything to do with it?

Thanks for your comments.

I'm an agent who just helped a client rent a unit ...

2008-04-16T17:09:00.000-04:00

I'm an agent who just helped a client rent a unit in 1010 Mass, and $4150/mo for a 2BR (like #706) furnished is definitely high. I was able to get my client a $2200/mo furnished 1BR, although that transaction was a little atypical for a variety of reasons; even so, based on the other activity in the area and in the building, #706 really shouldn't go for more than $3200/mo (give or take a few hundred depending on terms of the lease).

$4150 for a furnished corporate unit may be a comp...

2008-04-15T22:22:00.000-04:00

$4150 for a furnished corporate unit may be a competitive price. I recall such units rented for about $3500/month in late 2003, when I was last in the market.

Thanks Keith, very helpful. My experience is that...

2008-04-15T22:18:00.000-04:00

Thanks Keith, very helpful. My experience is that many of the developers are in denial of the current declining market and not willing to decrease the price of their remaining units at current market value. Interesting now how they are not releasing the true number of units sold. Looks as if they are almost all sold when the numbers tell otherwise.

I rent one of the units on your list. Last I hear...

2008-04-15T21:42:00.000-04:00

I rent one of the units on your list. Last I heard from the sales rep, they had about 20 units remaining... which is consistent with the earlier (25) figure they'd mentioned to me back in October 07. As for the $4150 unit, judging by the 1200 sq ft size, it's a 1BR + Den, 2FB model, nice, but certainly not $4150 nice?! They can dream on, then again there's one born every...