Out and About - Have you heard the one about location?

Of course, you have, but you're probably thinking of geography. As important as location is in a city, neighborhood, street or block, so is it crucial in determining the value of the apartments in a building.

Everyone knows that the highest floors command the highest prices. But what else affects the amount at which a condo or co-op is offered? Views leap to mind. What value has a penthouse that faces blank walls? Amenities also are critical: Are those cabinets solid wood? Is there a fireplace and does it burn wood? How is the flow? Has the developer skimped on hardwood floors, replacing them with carpeting instead?

Sometimes the floor level is disproportionately critical. It is one thing to be on the first rather than the 14th floor. It is quite another to be on the first floor or terrace level when the residents have to look way, way up to glimpse the sun.

Such is the case with one of at least two stylish apartments on the market in a fancy new building that they're saying is situated in Georgetown Heights. (Observatory Circle would be more like it, but no matter.) Both of the two-bedroom, two-and-a-half-bath apartments are expensively finished with plank hardwood flooring; custom moldings; recessing lighting; dramatic kitchens with Viking appliances and other high-end accoutrements, even a wine cooler, 42-inch cabinets, and granite breakfast bar; full-size washer/dryer; excellent closet space; and two garage parking spaces.

The second-floor apartment has 1,430 square feet, a generous balcony, walls of French doors and a condo fee of $423 monthly. The condo is a corner unit. Its price is $898,900.

On the terrace level, the 1,642-SF apartment is said to face south. Among its features are a whirlpool tub, separate glass-enclosed shower, walk-in closets, a walk-in laundry and a monthly fee of $368. The price: $799,900. The tradeoff: space for sun.

Other properties listed by other agents and previewed recently:

• A three-bedroom, three-and-a-half-bath duplex with one-car attached garage in the Waverly Hills neighborhood of North Arlington. A pot of dead flowers on the doorstep welcomes visitors to this 2,050-SF home, which reeks of nothing expensive or expansive. The rooms are small, the kitchen is dated, and the totally windowless basement is finished, though why is a mystery. The asking price of $760,000 is said to be nearly $100,000 below the last comparable sale. It may yet be too much.
  
• On the northern fringe of Shaw, a curious wedge-shaped detached and renovated rowhouse with odd-shaped rooms, two bedrooms plus den, two baths, a partly completed in-law suite, newer systems, a curious mixture of seemingly haphazard maintenance and impressive details such as custom front door, and what is a cozy deck. It has lingered on the market for more than three weeks at a not unreasonable price of $649,900.
  
• In Glover Park, an odd-looking little brick rowhouse with a bright living room and small dining room, white updated kitchen with decent appliances and ordinary cabinetry, sunroom with slate floor, little more than a patio for a backyard, a one-car garage, three bedrooms and just one bath upstairs, and a below-grade lower level with that inescapable knotty pine paneling in the rec room as well as a full bath. At $715,000, this 1938 rowhouse should have been listed in the high $600s.
  
• Near Pentagon City in Arlington, a spacious, 1,351-SF condo with two bedrooms, two baths, lovely hardwood floors, washer/dryer, balcony and an open '70s kitchen. The 1989 building has amenities such as pool, fitness center and dog run. This corner unit, which went on the market more than three months ago for $505,000, has had its price reduced twice, now to $458,000 with a $609 monthly fee that includes utilities.
  
• Four condos in a gut renovated building on a Columbia Heights block that defines transitional neighborhood – characterized in marketing documents as "on the cusp of the Georgia Avenue revitalization project." Still nearing completion, the units are nicely finished with granite and stainless, plank hardwood flooring, energy efficient windows, in-unit washer/dryers, baths with tumbled stone tiling and cherry or maple vanities, and parking available for additional cost. The apartments are listed between $315,500 for the 580-SF one-bedroom unit upstairs to $534,500 for a two-bedroom, two-bath condo. A downstairs one-bedroom unit is offered at $349,500, and its huge windows face nothing but parking spaces. Monthly fees are unusually high, ranging between $259 and $479. These places will be a tough sell.
  
• In Logan Circle, a supposed one-bedroom condo – the bedroom is separated from the living area by a partial wall and a platform – in a renovated 1920s auto showroom. This apartment is more authentically a loft than many others sold as such. With an entrance essentially into the open kitchen with the requisite stainless and a center island, this unit has soaring ribbed ceilings, exposed masonry, a dynamite bath with glass tiles and Euro-style shower, and views from industrial windows. . . of a brick wall opposite. Including reserved parking, decent closet space, an in-unit washer/dryer and large extra storage space, this apartment was listed at $529,900 more than a month ago and now is offered at $499,900, at which price it should not find a buyer.
  
• A standard 1933 colonial in American University Park with a front porch, rear deck and ready access to the Metro and the neighborhood amenities of Friendship Heights. The house features small living and dining rooms well matched to the upstairs three bedrooms, which share a single bath, and a 1970s kitchen. The attic is finished, though not glamorously, and the in-law suite downstairs is not half bad. Originally listed at $799,000 one and a half months ago, this vacant dwelling now is offered at $749,000, which is not nearly enough of a reduction in this market.
  
• In Dupont Circle, four apartments in a converted rowhouse. Rare is the gut renovation that is completed so exquisitely, and the developer spared no expense in creating the sleekest of units. The kitchens are gorgeous, including Italian cabinets, stainless-steel countertops, Wolfe dual-fuel ranges, Sub-Zero refrigerators and Bosch dishwashers. There is much to commend these condos, which have ceiling heights ranging from eight feet - for the English basement, which has a bedroom, one and a half baths, parking space and a den – to 11 feet - for the one-bedroom unit with balcony just above street level - or up to 14 feet in places – for the studio, which has a 315-SF deck. For units without parking, two spaces are available for $35,000 each. Yes, these are splendid apartments – each occupying one floor of an attached dwelling. But why pay from $650,000 for the studio to $815,000 for the one-bedroom when sums like that will buy an entire home?
  
• A Forest Hills 1952 Cape Cod cottage that has been expanded and renovated into a spacious and airy contemporary home on a cul-de-sac. The upscale kitchen opens into the family room added to the rear with huge windows looking over a memorably landscaped rear yard. The second floor was an attic, now transformed into a two-bedroom suite. The lower level has been turned into a pleasant enough subterranean media room, and there are guest bedrooms on the main floor. At $925,000, this home is priced correctly.
  
• In Mount Pleasant, a 1936 Tudor rowhouse adapted handsomely into an arts and crafts showcase inside. The galley kitchen has unusual Swedish beech wood cabinets that complete its excellent renovation. The two-story home features three bedrooms, two-and-a-quarter baths, covered front porch, rear deck, exposed beams, leaded glass windows, central air conditioning and a semi-detached garage. It should sell quickly at its price of $739,900.
  
• Four condominiums in Tenleytown that were mistakenly created from what apparently was a modest single-family home. These new units try hard, but they skimp on living room space, offer open kitchens and call enclosed porches "bedrooms." It's a stretch, but prices up to $495,000 for up to two-bedroom apartments, including parking spaces, with monthly fees up to $305 are not beyond reason.
  
• In Kalorama, a nearly 1,400-SF new condo half below grade with one bedroom and a second bedroom that technically is a den. Including a patio that, however, is overshadowed by nearby walls, nice flow, modern table-space kitchen, two baths with Durango stone tile, attached garage parking and pleasant flow, this apartment offers good value at $529,0o00 with a $226 monthly fee.

--M.C.

Assignment: still looking. . . for a single family house west of Rock Creek Park or close-in Montgomery County with three or more bedrooms and two or more baths in decent shape for around $750,000.

Lots to see in AU Park! The first is a 1922 bungalow with a charming front porch. It's listed at $745,000 (down from $775,000) for three bedrooms and two baths. Unfortunately, one of the bedrooms is directly off the living room, the other two are small, and the bathroom and kitchen are older. The family room addition off the kitchen would be well-used but the overall placement of rooms, the lack of a second bathroom on this floor, and the need to renovate the kitchen and bath all say no! On the market for a month so far.

Next is a tiny late 30s brick Colonial with three (tiny) bedrooms and one bath up, nicely done but smaller than many rowhouses. The lovely condition and great location can't make up for its size, and the $739,000 price (down from $749,000) is an added barrier. On the market for 70+ days and likely to stay there for a while.

A little old (1940) Dutch Colonial with three bedrooms and two full and two half baths with updates typical of years ago. Great location, loads of potential, too high at $775,000 for a month - and counting.

Another late 30s brick Colonial with three bedrooms and one bath up. This one features poor condition and cracked orange laminate counters in the kitchen. Priced at $730,000 and on the market over a month. 'Nuff said.

And finally, in AU Park, an early 30s Colonial with three small bedrooms and one bath up, a partially finished attic, and some updates. Originally priced at $799,000 and now down to $749,000 after two months on the market. Too small at too high a price.

Across Western Avenue to the Crestview neighborhood of Bethesda to another three-bedroom brick Colonial, this one with two baths up. Many updates over the years have made it impossible to tell where you are in the house when you come in the door – never a good start. Then there's the hideous new bumpy dark green tiled backsplash in the kitchen with the tacky green and black vinyl tile floor and the weird "loft" in one of the bedrooms. And the mystifying flow. On the market three plus weeks at $799,000.

Further into Bethesda to Alta Vista Terrace and yet another brick Colonial with three bedrooms and one bath up, this one built in 1951. Originally priced at $819,900, now reduced to $759,000 after more than two months. This house has a small, but recently done, kitchen with granite counters, half bath and decent-sized living room with den on the first floor. An out-of-scale family room with access from the den and living room overlooking a lovely landscaped garden with walkout access to a patio is tacked on the back. The upstairs is small. A partially finished walkout basement has a full bath. Problems here: lack of a front hallway or foyer, three small bedrooms and one small bath up, and a family room with no access from the kitchen.

Over to Kensington to see a classic 1958 split-level with four bedrooms and three full baths, originally priced at $749,000, reduced to $695,000 after more than two months on the market. Tons of space but not laid out where you want it – the usual problem with split levels. Just waiting for someone to add a bit of charm!

And around the corner to a small fifties rambler with four bedrooms and three baths priced at $769,000 and on the market since March. This house has been renovated but high-end appliances, granite counters, wood cabinets in the kitchen can't solve the problem of a tiny space, awkwardly angled.

--A.M.