Friday, April 1, 2011

Out of three apartments, one.

The Washington Post's Lifestyle section has an article about a couple who bought an apartment in the 601 Pennsylvania Ave N.W. building in 1999.  That seems like yesterday, but our neighborhood has grown leaps and bounds since then.

The couple then bought two more apartments adjacent to theirs and after $400,000 worth of construction, made one large home with stunning views.

We have heard of this practice happening in the Watergate and other old buildings, but wonder how much it happens in Penn Quarter.  The article says it's practically impossible to know, but it's in the single-digits throughout the city, though it used to happen more when the housing market was at its peak.

There are many challenges, such as dealing with having three kitchens, that make the construction difficult.  In the apartment in the article, they had to acquire an easement to part of the hallway of the building, as well.

Worth it?  Maybe.  This couple still only spent about $1,000,000, which is a steal in our neighborhood for about 2,500 square feet of space plus their views of the Capitol.  But they did buy at the right times, and they had to live in a construction zone for awhile. 

1 comment: