Jump to content
House Price Crash Forum
Sign in to follow this  
The Masked Tulip

Watergate Hotel Fails To Sell At Auction

Recommended Posts

The Watergate Hotel, prime riverside location in Washington DC and now part of US history, fails to sell at auction - reserve price 25 million - so it goes back to the bank that foreclosed on it.

It is in a prime US location so really surprising that no one snapped it up. Very telling about the US economy.

Share this post


Link to post
Share on other sites
why buy that when you can buy a terrace (in need of selective updating) in London for just 2 million more?

http://www.rightmove.co.uk/property-for-sa...y-14037319.html

:o:o:o At least another 5 million quid of "updating" (read - gutting and starting again) needed I reckon. If not much, much more.

Actually, does anyone else not find it a bit weird that a "full description" of a 27 million quid property can be done in just three sentences?

Edited by 6538

Share this post


Link to post
Share on other sites

It's reputation for luxury is founded back in the 1960's. By modern standards it's not a very nice hotel building. Even if it's fully gutted and refitted, you will still end up with a very well decorated ugly concrete block.

Wategate Hotel:

pic-watergetehotel.jpg

Edited by RJG18

Share this post


Link to post
Share on other sites
Guest happy?
The Watergate Hotel, prime riverside location in Washington DC and now part of US history, fails to sell at auction - reserve price 25 million - so it goes back to the bank that foreclosed on it.

It is in a prime US location so really surprising that no one snapped it up. Very telling about the US economy.

You'd think the Nixon Trust would want to snap it up and house his private papers in a special museum there.

Man to desk clerk:

"Can you tell me where the Watergate Tapes are housed."

"There on [expletive deleted] floor Sir."

Share this post


Link to post
Share on other sites

According to Fivelive last a firm bought it in 2007 for 40 mill aiming to turn it into, wait for it, luxury condos but the money markets dried and it was left to go into disrepair.

According to a guest on Fivelive it needs 100 million spent on it and rumour has it that it is only worth 1 million due to the 100 million cost.

I would have thought, in a prime location in Washington DC, that you could build loads of luxury apartments there and charge what you want once the recovery comes so am surprised it did not go even for 25 million.

There are 250 rooms in the 3 hotel towers plus a 4th tower with condos and offices in. Assume you spend 125 million converting that to luxury apartments then surely you could charge 1 million per condo and make a nice profit. I understand Washington DC is even more than immune to a downturn in the housing market because of all the US Govt lobbyists, etc, who must live there.

Apparently it was once owned by the Vatican.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   295 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.