Adams Morgan Luxury Cooperatives
As one of Washington’s hippest neighborhoods, Adams Morgan is a popular real estate marketplace, including luxury cooperatives. Also known as coops or co-ops, this form of housing is much less common than condominium ownership, but it has long had a foothold in the nation’s capital. In fact, the first cooperative in DC was the Concord in 1891. Briefly explained, the difference between a condo and a co-op lies in the type of ownership. A condominium owner will buy a particular unit along with a share of the common grounds, whereas co-op residents purchase a share of the building, along with the right to live in a chosen unit.
Adams Morgan Cooperatives for Sale
Cooperatives in Adams Morgan and throughout DC are often older, elegant buildings, some of which have long been co-ops, and others that converted from apartments or hotels somewhere along the way. One shining example is 1661 Crescent Place, a lovely brownstone designed by Joseph Younger in 1926 and featured as one of Washington’s “Best Addresses” in James Goode’s delight table book. Other noteworthy cooperatives in Adams Morgan include The Haddington, Mintwood Place, and the six-story Westmoreland with its distinctive Beaux-Arts design.
More About Luxury Co-ops in Adams Morgan
The basic idea behind cooperative ownership, is that people pool their resources in order to purchase a building, thus controlling their own environment. The practice dates back to ancient Rome, became increasingly popular in 19th century France and England, and subsequently hopped the ocean to New York City, Chicago, DC, and other U.S. cities. It remains the predominant form of apartment housing in Manhattan. You’ll find a number of cooperatives throughout Washington, including the famous Watergate complex in Foggy Bottom. As for Adams Morgan with its colorful rowhouses and industrial chic lofts, cooperatives reflect yet another option, and often, a reminder of a time when full service hotel-style living was incredibly popular with DC politicians and other power brokers, who came and went with the tides of various administrations.
Today’s Adams Morgan is a vibrant neighborhood, known for its exciting 18th Street corridor with restaurants, bars, live entertainment, boutique shops, art galleries, coffeehouses, and more. It’s one of DC’s most walk-friendly places, bordered by other popular communities such as Dupont Circle and Woodley Park. Luxury co-op buildings are just one option in the local real estate market. From street theater to cocktails, Adams Morgan is one of Washington’s most enduring neighborhoods, with an eclectic vibe not unlike New York’s East Village.
To learn more about luxury cooperatives in Adams Morgan, call Andre Perez at District Partners at Compass, 202-929-3600.
Adams Morgan Coops, District of Columbia FAQs
Frequently Asked Questions
Q: If I purchase a cooperative apartment, will I actually own it?
A: No, you will be buying shares in a non-profit corporation that owns the building, and you will then be granted a proprietary lease to the apartment you chose.
Q: How many shares do I get in the cooperative building if I choose to move forward with the transaction?
A: Typically, the number of shares is determined by the square footage of the unit.
Q: Can I ultimately sell the shares if I choose to move out from my apartment?
A: Yes, but the new prospective buyer will have to be approved by the cooperative board, in the same way that you had to get approval before you moved in.
Q: Cooperative rules sound complicated. What is the best way of approaching a purchase/lease?
A: It is helpful to work a real estate professional who has experience in Washington, DC cooperative transactions.
