DC Buyer: Manhattan Couple Looking for Outdoor Space (If Possible) in Logan Circle

• February 24, 2010

by Martin Smith

DC Buyer is a series on UrbanTurf where we look at buyers from various demographics and provide available housing options for them in the current DC market. After presenting some choices, we will ask readers to help them make their choice.

1812 13th Street NW

This week, we look at Andrew, 42 and Neal, 36, a couple who have recently relocated from New York City for Neal’s new job with HUD.

Neal earns $117,000 a year, and has a strong FICO score of 736. He has a limited amount of debt from a graduate degree, and only carries minimal balances on his credit cards. His total monthly debt is about $450. Andrew found a senior management position with a downtown nonprofit earning $96,000. He also has a good FICO score of 722, and minimal consumer debt that leaves his payments under $200 per month.

After having spent a considerable amount of time neighborhood searching, Andrew and Neal have settled on the Logan Circle area as the area they want to call home. They intend to roll positive equity from their Manhattan co-op over into their new purchase, providing about $300,000 as a down payment, although that amount could go up or down depending on the final purchase price of their new home. They entertain often, and both have family far away, so they would like a property that provides an open living area and an extra bedroom, preferably with a second bathroom as well. Neal and Andrew didn’t own a car in New York, but are planning to purchase one here, so parking is an important bonus. In addition, they would be thrilled to have outdoor space after many years in a Manhattan high-rise. They are mostly looking at properties in the $625,000 to $675,000 range.

20 Logan Circle

The first property on the list is a two-bedroom, two-bathroom condo on the circle itself at 20 Logan Circle NW. Anyone who is familiar with the neighborhood knows how rarely properties on the circle come on the market, so this is a rather unique find. Priced at $675,000, this bi-level unit offers ideal entertaining space on the lower level, a fireplace in the living room, and two large bedrooms upstairs. The condo fee is $317 per month. While it does offer an excellent address, the one thing this unit does not provide is off-street parking.

Our second suggestion is another bi-level two-bedroom, two-bath condo just north of the circle at 1812 13th Street NW. Available for $669,000 with a low $206 condo fee, this spacious unit makes the most of the top two floors of a classic Logan Victorian and offers the added bonus of a loft over part of the living room, with a vaulted ceiling along the front of the home. In addition the unit meets Andrew and Neal’s outdoor space and parking needs: it has a fairly good-sized deck off of the living room and an off-street parking space. The unit almost feels like a separate house with the private street entrance.

The last property that may fit the bill for Andrew and Neal is 1312 P Street NW. This two-bedroom, two-and-a-half bath property half a block west of the Circle had its price reduced to $569,000 recently, almost $100K less than the other units featured in this post. The unit has a pretty large entertaining space (with a powder room) on the main level that walks out to a large outdoor area. Upstairs, twin master suites provide plenty of space for both the owners and an overnight guest. The downsides are that the kitchen, while nicely finished, isn’t quite as upscale as the other two choices, and the first floor is in the basement level of the building. Despite this fact, the lower level still offers full-size windows and there is a patio space in the back.

Given these three choices, where should Andrew and Neal put in their offer?

8 Comments

1. SimonF said at 8:35 am on Wednesday February 24, 2010:

   I would go with the 13th Street unit, although it is a tough call as the P Street property seems like a great deal. The parking unit puts the 13th Street place over the top.

1. emerald said at 9:57 am on Wednesday February 24, 2010:

   I like the 13th street unit as well and would choose this property.  I usually go for a good deal such as the P street unit but the unit’s location on the basement level is not appealing.

1. LCircleRessy said at 10:00 am on Wednesday February 24, 2010:

   The one right on Logan Circle looks great, although having lived in the neighborhood for a few years with a car, I can not tell you how much of a luxury a parking space is. It would be a non-brainer (for me) if this unit had a space.

1. Simon Landau said at 11:26 am on Wednesday February 24, 2010:

   The 13th Street unit sounds amazing.  The last property scares me off because of the kitchen not being super duper, and I love to cook.  The first unit is slightly intimidating because of it being on the circle itself, which could get slightly noisy at times.  And then there’s the 13th Street condo. If I’m Goldilocks, then this bed fits just right.

1. Mike said at 1:52 pm on Wednesday February 24, 2010:

   I’d wait to see waht else comes on the market.

1. Chris said at 4:46 pm on Wednesday February 24, 2010:

   Wait it out—or trying going north to the U St. area.

1. Janson said at 5:50 pm on Wednesday February 24, 2010:

   For a premium property like this, the idea of being in the ground (partially basement) seems totally unnecessary and eliminates the P street unit.

   Driving around DC is completely overrated in my opinion. It’s much cheaper and more freeing to take a cab any where any time, but psychologically the trickling out of cash versus the big one-time payment seems to penalize the trickling. Do the math on the car (it’s always more expensive and riskier), sign up for zipcar, take cabs and get the place right on Logan Circle!

1. Nick said at 11:02 am on Thursday February 25, 2010:

   The 13th street property is by far the best and it sits between the activity of the U Street corridor an the upscale development occurring in Logan and up and down 14th street. This property should also be quieter than the P and Logan Circle condos which have constant traffic and the accompanying car horns!