Wednesday, July 18, 2007

Article from Express this morning about Dupont Underground...A strip club?!?!

Newspaper Clipping. CLICK TO ENLARGE!


Anonymous said...

This is totally off the topic, but I didn't know how else to ask you a question.....

You seem to be extremely knowledgeable about DC.... What are your thoughts about the 14th & U corridor; specifically the Union Row building.... I know you're not a big fan of PN Hoffman, but what are your thoughts on the project/location?

Jesse Kaye said...

Hey there anonymous!

Well there are two different topics to consider here. PN Hoffman and the area.

As far as PN Hoffman goes they have the best and worst of everything. They have wonderful curb appeal, design and finishes. Many clients that I have brought through them (as per request) have loved the feel of the units but arent satisfied with either my feedback from other PN Hoffman owners or their reputation with workmanship. The sad part is that I have never met a PN Hoffman owner that has been happy with their purchase. Even one of my clients who develops condo buildings purchased a unit on 18th st in Adams Morgan and couldnt regret her purchase more (as per her statement). As far as Union Row is concerned, Im sure they will do an incredible job on the property but I would be more concerned with the unit three years from now. Keep in mind that the city requires any new condo developer to keep a letter of credit on file with the city consisting of 10% construction costs should anything major go wrong within the first two years of ownership.

As for 14th & U...Great area, not the best corner. McDonalds doesnt help the area at night either with their 24 hour window. The area has come a long way over the past 5 years. There has been rapid gentrification and development. I would question what your motives are for purchasing there. My opinion is that the area still has a bit of gentrification to go and that there can still be strong equity growth over the next 2-3 years. The area is convenient and centrally located. If your main concern is investment I might consider pointing you towards H St NE near Union Station. They are building an above ground trolley there next year and Marriott is investing $58 million in their new hotel on Union Stations tracks. Additionally, the area next to Galludet, on Florida, is being developed, there is a condo project on the intersection of Florida and New York and the Wendy's is being torn out to build a circle. Talk about change!

I hope this helps!

Anonymous said...

I think that area has alot of potential. Union Row will bring about 6 new shops to the street; Right next door, the YMCA is being torn down and they're building condos/retail/YMCA; A block down, View 14 is being built; right next door, 2400 14th Street is being built... All together, in those 2 blocks, there's about $400M being spent in the next 3 years. You won't recognize the area in a few years.

Good luck!