June 9, 2007

Waterfront Bargain or A Greedy Dream

The Offer:
--- $245K. 700 SF or so one bedroom for sale at Carrollsburg Condominium at 1250 4th St SW. Mid-range renovation granite and stainless. Parking for another $25K. My guess about 700 SF.

--- Capitol view. Outdoor pool. Walkable to Rayburn, DOE, DOT or the baseball stadium.
--- Don't like this one? Try one of these to buy or rent.
--- Built in 1967, the Carrollsburg offers mid-century charm, if can appreciate it. Lose the granite for some retro formica.

What's It Worth To Ya?
--- Buying as an investor or an owner occupant would take some vision. The waterfront is charmless now, but in ten years . . .
--- Will the stadium have a positive impact in 2008 or will it take a few more year?
---Owner might take an offer 10% below ask, since there is so much on the market.
--- Is there much of a rental market in Southwest?


Anonymous said...

I live in this building, and I believe the square footage is about 750 SF. If so, condo fee with parking will be about $425-450 a month, which includes utilities.

One important thing: the DC government has shut down the Carrollsburg pool indefinitely for code violations. Bringing the pool up to code will probably require a special assessment. Prospective buyers will probably want to modify their offers accordingly.

Anonymous said...

Hi, I just read your post regarding Carrollsburg Condominium. I to live there in the 300 M Street (North Bldg). Curious have you heard anything about the status of the pool? Hummmmm, an assesstment for the pool?

Anonymous said...

I spoke with the manager, and he said that they were trying to get a waiver from the DC government to open the pool for this summer.

The long-term problem is that right now the pool doesn't have dedicated shower and toilet facilities, as DC code requires. There are bathrooms in the East Building basement, but they haven't been used in years and are vulnerable to flooding and sewage backups during heavy rain.

Short of closing the pool permanently, the only solution, IMO, is to build an above-ground structure with the required facilities next to the pool. Because the budget has mo money for that, a special assessment would be the only way.