Wednesday, February 04, 2015

My DC condo is worth 40% of its purchase price -- and I am one of the "lucky" ones

In case you pockets are a little too fat for the "Under $50k Club," The Advoc8te presents HOMES YOU CAN BUY that are for sale for over $50,000 but below $75,000.

Coincidently (or not) all of these properties are located east of the Anacostia river. 

Happy hunting for potential homebuyers and my deepest sympathies for the current homeowners who are so underwater they are practically drowning. 

The Advoc8te poses a question: "What happens when entire condominiums that were once owner-occupied go into foreclosure or short-sale and the majority of the units become investor owned?" What is the effect on the surrounding community?

From my Washington City Paper "People Issue" interview:



Imagine for a moment if the condos below were located in NW? Would this crisis really be so quiet? Heck, would it be a crisis at all?


ZIP CODE 20032



"Potential Short Sale Gorgeous 1Bedroom/1Bath Condo Located in Gated Garden Style Community Hardwood Floors ThruOut Walk-In Closet w/Built-Ins Laundry in Unit Central Air/Heat Stainless Steel Appliances Dishwasher Microwave (NonWorking) OffStreet Parking-Potential Pets Allowed-Restrictions Apply 600-SqFt Available for Rent Close to Bus/Congress Heights & Southern Ave Metros "

A perfect fit! Investors should check out this 1-bedroom/1-bath condo in Congress Heights. Has a captivating living room with wood floors, laundry with w/d included, step-saver kitchen with garbage disposal, gas range, appliances included, refrigerator, granite countertops, main entrance with controlled access.


"This condo offers a newly renovated kitchen, black appliances, breakfast bar, washer and dryer, thermo pane windows and it's pre-wired for cable and your own reserved parking space at a additional monthly cost. The best thing about this unit is you only pay electric! yep that s correct just electric! 1 Parking space at a additional cost"

"This condo offers a newly renovated kitchen, black appliances, breakfast bar, washer and dryer, thermo pane windows and it's pre-wired for cable and your own reserved parking space at a additional monthly cost. The best thing about this unit is you only pay electric! yep that s correct just electric! 1 Parking space at a additional cost"

"Beautiful condo is a short sale but well worth it. Kept in pristine condition, it's makes for a fantastic starter home or investment property."

"PRICED TO SELL- Wells Fargo Offering 5% down financing for owner-occupants. Now priced to sell. Galley kitchen equipped with gas range, microwave, dishwasher, refrigerator Bedrooms carpeted. Mint Condition - Move-in Ready!"

"Spacious, upgraded 2 bedroom condo.Call for showings. Tenant paying $1100 and will convey."


ZIP CODE 20020


"Beautiful and spacious condo with updated kitchen appliances, hardwood floors and granite kitchen counter tops. Renovated Condo Building with security entry. Radiator heating offering moist heat with window units. Just 10 minutes away from our Nation's Capitol. Great investment opportunity. Tenant occupied."


"Hurry! Investment rental opportunity. Call your agent to show & write. ALL Cash only w/proof of funds, Nice 1 BR, !BA w/Balcony. One DEEDED park space. Separate storage. Common laundry. Overall good condition, needs minor fixes & cosmetic updates. Anacostia & Potomac Ave METROs, B2 & U2 Bus. NEW area development in progress."


--Editor's Note: Blogger is being wonky today and deleted the remaining listings. I am running out to work, will update the list later. 

1 comment:

h st ll said...

How do you know who is purchasing the units? Do you have some way accurately assessing who is purchasing and living in the units? I'm sure many homeowners would find such affordable homes appealing for living in themselves.

Remember that we are still in the early innings of the EOTR recovery/growth.

I am sorry that you are underwater on your condo. That does suck. I do think the future is bright - as evidenced by the recent articles noting 20020 had the highest percentage growth in values last year. Rising values of that nature should increase values in all housing types i.e. sfh, condos and commercial