Friday, May 26, 2006

Coop Goes for Record Sale

Need a condo but have only $10 million to spend? Not a problem: The Watergate is offering what will be the highest priced condo or coop in the Washington DC area if it can get anywhere near its asking price. Listed at $9.65 million, the 5400 square foot coop – formed from the conversion of the old hotel that will close this summer for renovation - will carry all the "must- have" names: Viking Professional, Miele, Subzero, and Pogenpohl, not to mention not-so-humble views up and down the Potomac and a wraparound balcony. At nearly $1800 per square foot, the Watergate easily outpaces its closest competitor, a 6100 square foot condo at the Ritz-Carlton of Georgetown, which listed at $9.25 million but sold at the red-dot special price of $6.25 million in 2005, according to the multiple listing service. Don’t forget to factor in the $8000 per month coop fee when getting your pre- approval letter ... but don’t worry, electricity is included. A $7 million unit at Turnberry Towers, a highrise-to-be just across the river in Arlington, has been on the market for the past year with no apparent takers.


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