Tuesday’s Deal of the Week

by Mark Wellborn


This week’s Deal of the Week is a one-bedroom, one-bath co-op at 1657 31st Street NW (see map here) in Georgetown. The bright second floor unit is in need of some updating, but it has a spacious living room with a gas fireplace and a large bedroom that just needs some small renovations. The unit is just around the corner from Dumbarton Oaks, and there is a private garden attached to the co-op development. The monthly fees include most utilities and property taxes. The unit was originally listed for $360,000, had its price reduced to $324,000 and we think that an offer of $310,000 would be accepted.

  • Price: $324,000
  • Beds: One
  • Baths: One
  • Co-op Fees: $470/month
  • For the full listing, click here.

Here are some monthly payment calculations based on a 15 percent down payment and a 30-year fixed rate mortgage at 4.82%.

  • Loan Amount: $275,400
  • Principal and Interest: $1,448
  • Taxes and Fees: $470
  • Est. Mortgage Insurance: $70
  • Total Monthly Payments: $1,988

Living Room
Community Garden

See other articles related to: deal of the week, dclofts

This article originally published at http://dc.urbanturf.com/articles/blog/tuesdays_deal_of_the_week10/923


  1. Georgetowner said at 10:42 am on Tuesday May 19, 2009:

    This property has been on the market for almost a year.  Here is the pricing history:
    6/13/2008 $360K at this price for 81 days
    9/2/2008 $348K for 161 days
    2/10/2009 $329K for 97 days

    Now, as a buyer, $5K is NOT that much money.  If $324K is a good price, this would have been snapped up many months ago even while the list price was $329K.

    It hasn’t been snapped up because it is NOT a good price.  Especially for a co-op.  This co-op is tiny, the building is old, A/C is through window units (ewww), and there is no washer or dryer in the unit.

    For $5K more, you might as well buy this place: http://www.redfin.com/DC/Washington/2516-Q-St-NW-20007/unit-Q102/home/12299358

    ... which seems to be similarly sized but is brand new, has CAC, washer/dryer, etc.  And most importantly, you can rent it to anyone as you damn please whenever you want.

    I pay $1300/month for my 3rd floor 1 bedroom in Georgetown.  My place is pretty decent.  The building is old, but I have beautiful hardwood floors, tall ceilings, big windows with a nice view, etc… My apartment similarly doesn’t have a washer/dryer and CAC. 

    I wouldn’t even look at this place unless it was priced at around $250K.  If it were a condo, maybe I would consider it if it were priced at around $275K… but hey that’s me. 

    If you guys want to spend $324K on this place, then more power to you.

  1. maria said at 10:54 am on Tuesday May 19, 2009:

    Georgetowner, getting a place in Gtown for under $300,000 is a pipe dream. While $324,000 might be a tad high, the location alone justifies $310,000 as a deal like the article says. Granted some work needs to be done, but there is a good deal of investment potential for this coop.

  1. Georgetowner said at 12:06 pm on Tuesday May 19, 2009:

    yes I realize $250K hasn’t been seen in Gtown in awhile… But we’re talking about a “good deal” right?

    And currently there are similar quality condos right now in Glover Park and Palisades/Foxhall for $200-$260k.  And a bunch of them have been listed for quite some time.  And they are condos, not co-ops.

    We’ll see what happens.

  1. maria said at 12:23 pm on Tuesday May 19, 2009:

    Right, a good deal in Georgetown. Location obviously played a part in why they chose this as a deal. If it was in Glover Park or Palisades it would not be a deal at this price, but also those are considered not as desirable neighborhoods to live in as Gtown.

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