|
"I purchased a one bedroom unit at The
Lamont at the intersection of 11th Street and Lamont in Columbia
Heights in October, 2001 for $130,000. Taking advantage of multiple
first time homebuyer incentives, including a $5000 tax credit,
zero recordation tax and five year tax abatement, I was able to
acquire the property with no money down. I met NDC’s President
Adrian Washington when he was developing NDC’s first property
at 3422 13th Street, NW in Columbia Heights. NDC did a great job
on that project, so when I learned that NDC was the developer
on The Lamont, I was anxious
to see the units under development. Although I wasn’t actively
seeking a condo purchase at that time, I made a purchase decision
on the stop. I believe that the majority of the units sold out
on that first day. I sold my condominium in 2004 for $227,000,
a 25% annual appreciation on the value of my condo. I would have
loved to keep the unit, but needed to sell in order to afford
a town home in Columbia Heights. My unit was both cozy and very
attractive and had upscale finishes including hardwood floors,
a fireplace, stainless steel appliance, etc. My family, friends
and realtor had all advised me against purchasing a condo in the
city, and particularly in Columbia Heights, but I shared Adrian’s
vision for the neighborhoods and have benefited immensely from
that decision. NDC was very attentive to my needs and was quick
to address any issues or necessary repairs. I never had any problems
that went unresolved. I also had a good experience with my neighbors
and the condo association. I would definitely buy an NDC product
in the future and consider myself a friend of the company."
- - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
"When the Neighborhood Development Company
purchased our building in 2001, Mr. Washington asked if I would
like to keep my apartment. I’ve been living at 1020 Fairmont
for over twenty years and had no desire to relocate. NDC made
a noticeable effort to keep the building clean and maintain our
quality of life during the construction of the condominiums. NDC
also renovated my apartment at no cost and kept our rent consistent
with what we’d been paying before the building was sold.
I think we were treated fairly and with respect and appreciate
being able to keep my home."
- - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - -
In November of 2001, I bought my first home.
It was a one-bedroom condo with a small den in Columbia Heights
DC and was one of six units for sale in a beautifully renovated
townhouse by the Neighborhood Development Company. The main selling
points were that the building had all the charm of a classic DC
row house, though the interior had all the comforts of a modern
loft—namely plenty of sunlight from ten windows and a lovely
kitchen with granite countertops and stainless steel appliances.
Furthermore, even a realtor friend of mine stated that she and
her husband were considering buying an investment property in
the neighborhood since it had the highest rate of return in the
city. So it was easy to make up my mind relatively quickly, and
I moved in that month.
In the fall of 2003, with
the housing prices still increasing exponentially, my partner
and I decided to house hunt together for a larger place. After
looking at about 80 properties in various neighborhoods, we ended
up deciding on a three-bedroom duplex condo just five doors down
the street. It was also a recently renovated townhouse done by
the NDC, this time in conjunction with KL Associates. I was comfortable
purchasing from NDC a second time because I knew that they would
address and repair any problems that I might encounter with the
condominium and that they had grown considerably in experience
since the previous project, which I believe was one of their first.
We moved in mid-March 2004 and are very fond of the place and
entertain here often on our private roof deck, which offers us
a view of the Capitol.
In terms of investment,
I purchased my one-bedroom for 134K and sold it at 238K in just
over 2 years. We purchased the three-bedroom at 425K in March.
It appraised in November of the same year at 475K. Vacant properties
on our block are finally starting to undergo renovation, and petty
street crime has dropped noticeably. There is now a well-lit trendy
bar across the street and walking home at night feels safer than
a year ago. So we’re rather optimistic that both our own
judgment, as well as NDC’s, will continue to pay off.
- - - - - - - - - -
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - - - - -
|
