The Best New Listings in the DC Area

• October 19, 2009

by Mark Wellborn

This week’s best new listings in the DC area include a good priced two-bedroom co-op at The Chastleton on 16th Street, a perfectly situated one-bedroom condo in the West End and a picturesque three-bedroom colonial in Chevy Chase that is currently for sale by owner.

Good Priced Two-Bedroom Co-op in The Chastleton

1701 16th Street NW, #524 (see map here)

• Price: $429,000
• Bedrooms: Two
• Bathrooms: One
• Square Footage: 950
• Price per SF: $452

There have been rumblings on UrbanTurf that the Chastleton has its issues (underlying mortgage, poor workmanship in the units), however perhaps this two-bedroom co-op at the building on 16th Street will prove the naysayers wrong. Aside from the great price, the corner unit has an enormous master bedroom with multiple exposures to go along with a good-sized living area with room for a dining room table. The kitchen will need updating at some point and the second bedroom is on the smaller side, but we challenge you to find a better price on a comparable two-bedroom in the area. For the full listing, click here.

A Perfectly Situated One-Bedroom Condo in the West End

1318 22nd Street NW, #502 (see map here)

• Price: $369,000
• Bedrooms: One
• Bathrooms: One
• Year Built: 1977

This spacious one-bedroom in the West End is very well situated if you work and play downtown. It is located a few blocks from the Dupont Circle Metro, a ten-minute walk from Farragut North and is in close proximity to Georgetown’s East Village. The unit itself has oversized windows and a large skylight that flood the unit with light, a wood-burning fireplace, and an updated kitchen with stainless appliances. The bedroom also has plenty of space, and a parking space is available at an additional cost. For the full listing, click here.

Picturesque Three-Bedroom Colonial in Chevy Chase

4606 Merivale Road, Chevy Chase, MD (see map here)

• Price: $899,000
• Bedrooms: Three
• Bathrooms: Three
• Year Built: 1938

This three-bedroom colonial just outside the DC borders in Chevy Chase has the makings of an all-American home: enormous front and back yards that are fenced-in along a very quiet, tree-lined street. Inside, the home has a large living area and completely updated kitchen. The basement has been finished with enough space for a rec room and an additional bedroom. For the full listing, click here.

11 Comments

1. meh said at 9:04 am on Monday October 19, 2009:

   um the Co-op fee for the Chastleton is 559.00 or 6700 dollars a year.  That is on top of a mortgage on avg of 2200.00…argh..you could pay the same mortgage(+condofee) for a row house in capital hill, petworth, columbia heights.  I don;t actually think its a good price..with that condo fee its like buying a 500-520K house.(note: I’m not sure what this condo fee covers, and I’m sure home insurance, power, water, etc may be in it and that affects the true cost)..but I’d rather own a house than a cond0..but I’m sure there are others that would rather own a condo.

1. LookingtoBuy said at 11:12 am on Monday October 19, 2009:

   riiiight, and a two-bedroom rental in this area is probably between $2,500 and $3,000, so it actually is well-priced. and find me a decent row house on cap hill where I can pay a $2,500 mortgage.

1. meh said at 1:13 pm on Monday October 19, 2009:

   riiiiiiight..I have more “i"s…I rented a two bd/2bt for 2100 on 19th and r. Not saying that is typical, but they are out there..and I’m under contract with a row house in capital hill with a mortgage just over 2500…rental unit included…for me the condo fees make this a bit expensive..for you not so much. not sure why you had to throw out “riiiiight”...

1. bone said at 1:45 pm on Monday October 19, 2009:

   Coop fees cover property tax so you essentially don’t pay any property tax if you consider coop fees the equivalent of condo fees.  On a $429,000 property that’s $256/month if you are taking the homestead deduction.  That may be the biggest advantage of a coop over a condo.

   Condo/coop fees typically include water and trash and some buildings may cover more than that.  I believe the Chastleton’s fees include cable tv.  There are also things like hallway lighting and elevators to consider.  The Chastleton also has a concierge IIRC.  The fees also pay for maintenance and insurance on the building.  Homeowner’s insurance for condos is pretty cheap since you’re only covering things from the drywall in (and maybe a couple other things like windows).

   Condo/coop fees seem ridiculous at first glance but in reality they cover a decent amount of stuff.

1. John said at 1:45 pm on Monday October 19, 2009:

   meh, so you paid about $625K for a rowhouse in cap hill? do you have to put a lot of work into it? just curious because it seems like a very good price.

1. Michael said at 2:18 pm on Monday October 19, 2009:

   I’m confused… if this is a co-op, isn’t the “co-op fee” included in the underlying mortgage, and therefore not an additional monthly cost?

1. Michael said at 2:19 pm on Monday October 19, 2009:

   Whereas as condo fee would be on top of the mortgage?

1. Steven said at 4:11 pm on Monday October 19, 2009:

   The co-op fee includes payments on the underlying mortgage (not the other way around).  A co-op owner would have to pay the co-op fee and make payments on the mortgage used to buy into the co-op.

1. Margaret said at 6:19 pm on Monday October 19, 2009:

   I think the coop fee/underlying mortgage confusion comes from the fact that, if there is an underlying mortgage, DC requires that the pro-rated amount be included in the listing price of a unit, even though it will be paid in the coop fees, rather than financed through the individual’s mortgage. So, it can make the listing price + monthly assessment seem huge because it’s essentially double counted in the MLS listing. I think it’s sort of one of those consumer awareness/protection things that just confuses as many people as it helps. (It does, tangentially, relate to one of the things that I think is a real advantage of coops over condos - large renovations, upgrades and the like can be financed by the coop board through an underlying mortgage, rather than having to be paid for through special assessments. So, you can spread them over a longer period of time, take a mortage interest deduction for them and pass them, transparently, along to subsequent buyers. All other things being equal, if you couple that with really small numbers of absentee owners, I think it can be easier for a well financed coop to be better maintained over time than a condo, especially with respect to expensive upkeep like windows, hvac systems and the like.)

1. Jonathan said at 10:24 pm on Monday October 19, 2009:

   But what do you all think of the Chastleton as a place to live? I used to think it was a dumpy building but now I am told it is elegant and nice. Which is true? Thanks!

1. Roy said at 9:53 am on Wednesday March 10, 2010:

   Just looked at a place there last weekend. The building is beautiful and looks like it’s maintained well. You seem to get a lot for your monthly fees. The unit itself was also very nice, with an amazing view.