All I can answer right now is, it depends.
What it depends on is:
- What metro is it two blocks from? The area you are purchasing in determines the market value.
- What is the square footage of the condo?
- What amenities come with the condo, and what does the condo fee cover?
- Are you working with an agent, or did you only work with the builder's sales office? If you are working with an agent, they most likely got you the best price. If not, they could have negotiated on your behalf because they will know what the market price should be for what you are getting or could possibly have found some points in the contract to negotiate.
For most of DC, $463,000 for a 1BR w/den condo is about what I would expect for a condo in the downtown area that is very walkable to restaurants and shopping, as well as the metro. And it should also have some outdoor space, either a balcony or a rooftop terrace, in-unit laundry (if not on-site) and several amenities.
Its never stupid to purchase as long as you stay within a payment you feel comfortable with. I am assuming you are asking if you paid too much for the unit. The DC Market is hot particularly NW, so much assumption would be no, but always check comparable sales. look at other units sold in the development. it will be probably be a rental producer if you have decide to rent down the road.
Best of Luck
In places where new construction is occurring, this is how most of the units are sold.
Most buyers realize as soon as the last unit is sold, they will go on a wild equity ride. (PROFIT)
A major vulnerability is if the builder fails to meet the deadlines. That when the lawsuits start rolling in and the project starts circling the drain.
Best of Success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL