Sponsored: Velocity -- Buying Into the Capitol Riverfront

• April 14th 2011

by UrbanTurf Sponsor

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Three years ago, a couple moved to DC and decided to rent a two-bedroom apartment in Capitol Riverfront so they wouldn’t have to juggle a mortgage here and one at their home down south.

However, a few weeks ago, the same couple learned that their rent would increase for the coming year, so they decided to explore buying in DC’s newest neighborhood. When they visited Velocity, a 200-unit condo project at 1025 1st Street SE, they found that, with 20 percent down, the monthly mortgage payments on a two-bedroom unit at Velocity would be far less than the rent at the apartment they had been living in for two years. So, they bought.

Located about a block away from the Navy Yard Metro station on the Green Line and about a five-minute walk from Nationals Park, Velocity has been seeing a number of buyers coming in to the sales center recently whose monthly rents are beginning to equal or exceed what their mortgage payments would be if they bought a comparable property. And the supply of remaining units at Velocity is representative of this trend — just seven studios, six one-bedrooms and a number of two-bedroom units remain.

Velocity was one of the last large-scale condo projects to deliver in DC at the end of the condo construction boom a few years ago, and a large amount of attention was paid to every detail of the project. For example, the walls in every unit are the same thickness used in Class A office buildings, so residents never have to worry about being disturbed by their neighbors. Every unit is satellite, cable and FiOS-ready, has oversized windows and open living spaces, and the kitchens are not only outfitted with GE Profile appliances but also have perks like Lazy Susans and storage specifically made for cookie trays. The walk-in closets in every unit have all been left unfinished, but fear not — Velocity gives each buyer a $1,000 credit to use at closing to outfit the closet to their personal taste.

In terms of amenities, Velocity has almost everything that a resident could want, including a rooftop swimming pool and sundeck (with wet bar, bathroom and ice maker), underground parking for each unit, a state-of-the-art fitness center, a community lounge with a fireplace, TV and wireless internet, and a meeting room with an attached kitchen. Velocity also has some rather unique offerings, including an indoor loading dock for when residents move in that is large enough to fit an 18-wheeler; plastic doggy bags and water bowls set up at building exits; and Justin’s Cafe, a restaurant and watering hole on the ground floor. Justin’s is owned by Velocity resident and DC native Justin Ross, so closing time is when the last building resident is ready to head home.

Description	Square footage	Starting prices
Studios	644 to 678	$249,999
One-bedrooms	787 to 1,065	$359,900
Two-bedrooms	1,065 to 1,500	Low $450,000s

Above is a chart that outlines starting square footage and prices for the remaining units at Velocity. For more information, visit Velocity’s website or call 202-863-0260.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/sponsored_velocity_buying_into_the_capitol_riverfront/3309.