Market Conditions in 20001>Question Details

Mighty_E, Home Buyer in 22202

Any updates on the 400 Mass and the area?

Asked by Mighty_E, 22202 Thu Aug 7, 2008

Any updates on the 400 Mass and the area?

I have seen the post regarding the 400 Mass Ave (this was an April post), and I’m wondering what your thoughts are now - have things changed? I actually looked to buy at the DuMont (making an offer on the unit 1209 (1 bedroom, about 740 sqf in size) and got a counter offer from the builder for 350k (no parking) – I think it is little bit too high... I’m also looking at the 555 Mass – and this building seems ripped with speculators including Korean investors (one of the realty companies is named Hyundai – and from I’m able learn from their web site – their business model dependent on selling real-estate to Korean investors)… What about City Vista – they had listed some units that did not close at 369k (1 bedroom den) in the L building… Any thoughts as to where the prices may go (it seem that there are few banked owned properties in 400 Mass and soon in 555 Mass).

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Wes Grooms’ answer
Also - check out this blog - very informative for the entire downtown market. the archives will have stories about other soon to come development along 5th Street NW just north of K Street NW
Web Reference:
0 votes Thank Flag Link Fri Aug 22, 2008
Prices are probably close to bottom in that area. City Vista "L" bldg closed out 1br+den including parking at the $369K you cite. That kind of layout including parking, with gas cooking is a real bargain. Prices further south in Penn Qtr will be nearly or more than $500K for the same space without parking. City Vista "L" sales office called me because they had a 1BR including parking come back at $320K on 10th floor - it has been a couple of weeks since I had the call so I do not know if it is still available. Lots of building styles in that area. I think in a few months once the stores open up (Safeway, Results Gym, etc.) their sales will probably pick up even more. Really good pricing in that area right now.
0 votes Thank Flag Link Fri Aug 22, 2008
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