Luxury Condos and Cooperatives
The Washington, DC Metro region has one of the richest and most diverse real estate markets in the nation, with a large concentration of luxury condos and cooperatives for sale. The area includes the District itself, plus parts of Northern Virginia and Maryland. Alexandria, Arlington, Fairfax County, Bethesda and Chevy Chase (the latter existing on both sides of the DC/Maryland border) are among the most desirable areas to live in.
While condos and townhouses for sale play an important role in virtually all major cities in the U.S., cooperatives, also known more familiarly as coops or co-ops, are more region specific. Cooperatives are synonymous with the housing market in New York City. Chicago is also known for coops, while Washington, DC has long been known for this particular segment of the real estate wrinkle.
Luxury Condos for Sale
The Difference Between Condos and Co-ops
Condominiums and cooperatives each have a long history, dating as far back as ancient Rome. There are some important distinctions between the two forms of ownership. A condo buyer purchases the unit itself, as well as a share of the common use areas. A cooperative is formed when a building is purchased by a group of people who pool their resources and form a corporation and a board. New residents buy shares of the corporation upon approval of the board and are then granted the right to live in a selected unit.
Generally speaking, co-op purchase prices in the Washington, DC area are more affordable than buying a condo. That said, monthly co-op fees can be more expensive than condo fees. These lines of distinction can be blurry however, depending on the building, the address, the amenities offered, and of course, the size and desirability of the unit itself.
Examples of Luxury Condos and Co-ops
Luxury condos and co-ops in the Washington area have a wide range of architectural designs, from cutting edge modernism to older and more traditional styles. Generally speaking, cooperatives tend to be older buildings, as most current day commercial developers make their money by selling units rather than shares in a corporation.
The Ritz-Carlton global hospitality brand has a significant position in the DC area condo market, with three addresses: The Ritz-Carlton Georgetown, The Ritz-Carlton West End, and the new Ritz-Carlton Chevy Chase. These are mixed-use, full service buildings that offer hotel-style white glove amenities to condo residents.
One of the most modern luxury condominiums in DC is Westlight in the West End neighborhood, a glass and steel structure designed by Enrique Norton of TEN-Arquitectos, featuring a distinctive cantilevered façade. The mixed-use complex includes the new West End Library at street level, along with retail, condos, and luxury apartment rentals.
Luxury Coops for Sale
Perhaps the most famous cooperative residences in Washington can be found at The Watergate, a sprawling 10-acre community on the banks of the Potomac River in the Foggy Bottom neighborhood. Designed by Italian architect Luigi Moretti, the ambitious mid-century modern development was constructed of a ten-year period between 1961 and 1971, with a hotel, an office building, a retail center, restaurants, and high-end co-ops featuring stunning waterfront views.
Located in the affluent Kalorama neighborhood, 2101 Connecticut Avenue is a grand old building dating to 1928, with an incredible lobby, dedicated front staff, and elegantly appointed apartments ranging up to 6,400 square feet of living space. The building is listed prominently in James Goode’s “Best Addresses: A Century of Washington’s Distinguished Apartment Houses.”
To learn more about the differences between condos and cooperatives, and which offer the most luxurious lifestyle packages, please contact Andre Perez at District Partners at Compass, 202-798-3600.
