Developer's offer turns neighbor against neighbor in Northwest
A developer with deep pockets has set its sights on a cluster of condominiums in Northwest D.C.
But instead leading to a quick sale, the deal is turning neighbor against neighbor.
The target is former low-income housing in a high-price neighborhood. Back in the 90s, the District sold off the units at about $120,000 for a three- or four-bedroom unit.
Now Monument Realty is offering the owners $800,000 to sell, which is almost twice the assessed value.
The 54 units in question are part of the Frontiers West and East Condominiums. West is on 14th, East at 11th and N, NW.
It usually takes a long time to work out this kind of deal. Some of the property owners believe the longer they hold out the more money they will get. For the deal to go through, the home owners would all have to agree to sell.
At this point, that looks doubtful.
Some say that if they sold and moved out of the District, they would never be able to afford to move back.
But with new condos going up and limited land left for development, even those who don't want to go believe eventually they will have to leave.