Home Buying in Washington>Question Details

sahasan, Home Buyer in Washington, DC

am i stupid for paying $463,000 for a condo that is not even built yet, 1 bedroom w/den one bath. two blocks from the metro (dc, nw)

Asked by sahasan, Washington, DC Wed May 21, 2014

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6
Hi Sahasan,

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.
0 votes Thank Flag Link Sun Jul 13, 2014
Hello Sahasan,

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
0 votes Thank Flag Link Thu Jul 10, 2014
If you are able to qualify to purchase a condo valued at $463,000 you can not be completely stupid!
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
Remax
Palm Harbor, FL
727.420.4041
0 votes Thank Flag Link Wed Jul 9, 2014
That doesn't seem out of line with the values we are seeing in DC. We've seen clients lock in great pre-construction prices and then see the same types of units selling for 50k-100k more after they are built. It's always hard to predict the market, but if you love the property and are comfortable with the idea of owning it for 5 years, it's a smart move. Good luck!
0 votes Thank Flag Link Wed Jul 9, 2014
New homes in most case set the market as far as price goes. But from my experience $463,000 may just be a fair price for your property depending on the location.
0 votes Thank Flag Link Fri May 23, 2014
Maybe. Maybe not. Depends what the market value of the condo is. What does your Realtor say? Is the market rising? Is that the nicest condo in the best location for that money? You are likely getting a "pre-construction" price, which is typically cheaper than it would cost after it's built. If you're concerned about getting taken advantage of...make sure you have an ally going into it. Most likely the best ally you'll find is a good buyer's agent. Best of luck...
0 votes Thank Flag Link Wed May 21, 2014
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