From $1 Million to $799,000 in Logan Circle

• November 13th 2012

by Shilpi Paul

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In late October, we reported on a plain, brick row house on the 14th Street Corridor that hit the market at $995,000. While plenty of row houses in this neighborhood can fetch $1 million and up, the price for this home caught our eye for a few reasons.

The row house is part of Frontier Condominiums, a 1977-built development that feels incongruous on the increasingly high-end corridor. The homes originally sold for between $100,000 and $150,000 just over a decade ago, and their modest design stands out next to the trendy restaurants and shiny condo buildings going up all around them.

For the past year or so, developers have been clamoring to buy up the units and turn them into some sort of luxury complex — one offered as much as $1 million per home — but getting all 54 owners to agree to a deal has been difficult. The most recent attempt, by Lakritz Adler, fizzled out in the spring. Some owners were uncomfortable with aspects of the deal, while others simply wanted to stay in their homes (Housing Complex’s Lydia DePillis reported on the negotiations here).

The owner of the home we wrote about in October is taking matters into his own hands. However, it appears that his original price of close to $1 million is not attracting any buyers. After 23 days on the market, the owners have now reduced the price to $799,900.

Is $799,900 enough of a drop to entice a buyer? Are buyers wary of buying a home that may be scooped up by a developer soon? If this unit fails to sell, will the next developer will have more luck convincing the owners to accept a buy out? We’ll continue to keep our eyes on this property, and will follow up as the story progresses.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/1_million_in_logan_circle_drops_to_799900/6291.