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February 16, 2006
Is this what $700k buys you in Washington?
Tip of the cap to one of the posters on our popular "Washington D.C." thread (if you live in Washington, you owe it to yourself to check out the discourse on this thread) for spotting this listing on Craigslist. An 830-square-foot apartment in Georgetown where the seller is asking...$707,000! Check out the details below. If someone has a digital camera and can visit this apartment, I'd be happy to post photos on this blog.
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707,000 bought a huge house in Spring Valley, where I grew up, or Foxhall in the 80s. Topping it off is the thudding reality that 25th and M is NOT Georgetown. Never was. Never will be. It might be Foggy Bottom to some. But in reality, that area is more like an extended quad for GWU students living in their parents' investments. How do I know? I now RENT a condo almost directly at this address (after selling my SF home in NWDC in fall 05...phew). Those in the market had best wait for the additional 52,000 condos coming on the DC market in the next couple years (source: Washington Post). Sorry, CL-er: you are hallucinating.
Posted by: Jerkstore at February 16, 2006 11:33 AM
For some reason, I thought this post was going to be about Jack Abramoff :P
Posted by: Todd Carpenter at February 17, 2006 12:37 AM
Posted by: http://dcbubble.blogspot.com/2006/02/how-low-is-it-gonna-go-logan-circle.html at February 19, 2006 03:31 AM
Luxury condos in New York are selling for up to $4000 a square foot. The world’s top architects are now vying to design these condo towers in New York City.
Top example of these are Richard Meier’s Perry Street towers and Gwathmy Siegel's Astor Tower.
Luxury condos in New York increased in value by 65% in 2005. Most were bought for cash. These buyers are not at all interest rate sensitive.
The owners in fact frequently have second homes of equal luxury in the Hamptons or in Palm Beach.
Is this a look into the future?
Posted by: Gordon Schaye at February 19, 2006 04:39 PM