Under Contract: 327 Square-Foot Studio, Chevy Chase Bungalow

by Mark Wellborn

In Under Contract, UrbanTurf looks back at properties it has featured over the past couple weeks to see which were snatched up by DC’s alert buyers.

Enormous Condo Near the Swedish Embassy


We featured this three-bedroom condo in Georgetown a few weeks ago in our If I Had $3 Million feature, and it is now under contract. We mistakenly labeled it as located in a luxury development in the Embassy of Sweden when it is actually located in a building near the embassy. The massive condo has over 4,100 square feet of interior space, but its main amenity is over 2,700 square feet of terrace space that offers views of the Potomac River and Kennedy Center.

  • Address: 2900 K Street NW, #606 (map)
  • Bedrooms: Three
  • Bathrooms: 4.5
  • Square Footage: 4,162
  • Days on the Market: 39

Renovated Three-Bedroom in American University Park


It didn’t take long after we featured this three-bedroom home in Best Open Houses for it to not only go under contract, but close for $50,000 less than it was listed for. The interior of the property was fully renovated, the original hardwood floors restored, and the kitchen now has Jenn-Air stainless appliances, Kohler fixtures, and silestone countertops.

4431 46th Street NW (map)

  • Listing Price: $899,000
  • Sale Price: $850,000
  • Bedrooms: Three
  • Bathrooms: 3.5

What $169,500 Buys You in DC: 327 Square Feet


Apparently someone saw this 327 square-foot unit and liked it a lot, as it is now under contract only 10 days after going on the market. Featured in our What X Buys You series, this studio near the U Street Corridor is certainly small by most people’s standards, but the past owner did a nice job with the space, and the windows offer a ton of natural light. Looking at the sales history for the unit, it also seems like quite a deal. Sold for $215,000 in 2005, the unit was listed at a 25 percent discount.

  • Address: 1822 15th Street NW, #1 (map)
  • Price: $169,500
  • Bedrooms: 0
  • Bathrooms: One
  • Square Footage: 327
  • Days on the Market: 10

Large Renovated Bungalow in Chevy Chase


About a week ago, we featured a renovated 1923 bungalow in Chevy Chase for our If I Had $1 Million feature. In addition to being quite large, the home has been renovated from top to bottom. The first floor includes a large living room with a wood-burning fireplace, a dining room, a family room and a gourmet kitchen addition with a breakfast bar and access to the back patio and a landscaped garden. The second floor has three bedrooms including a master suite with a separate dressing room and private bath that has a steam shower and heated towel racks. The home is now under contract, and we understand that there were multiple offers.

  • Address: 3727 Northampton Street NW (map)
  • Price: $1,250,000
  • Bedrooms: Three
  • Bathrooms: 3.5
  • Days on the Market: 10

Notable Price Drop: Investor Special in Adams Morgan


The price on a one-bedroom unit in Adams Morgan that we dubbed an “Investor Special” has dropped to $210,000, an almost $40K reduction from its original price. When we featured this unit awhile back we voiced a number of concerns: 1) It is a foreclosure; 2) It is tenant-occupied until 2011; and 3) There are no photos. Despite these issues, we speculated that an investor might see this as a steal. A thirty percent down payment would mean that your monthly payments (with taxes and fees) would be around $1,300, and the monthly rent in this section of DC is likely higher than that. While you periodically would have to deal with repairs and calls from the tenant, it seems like it could be a good investment in the long-term. For the full listing, click here.

2305 18th Street NW, #301 (map)

  • Original Price: $249,000
  • Reduced Price: $210,000
  • Bedrooms: One
  • Bathrooms: One
  • Year Built: 1911
  • Days on the Market: 36

This article originally published at http://dc.urbanturf.com/articles/blog/under_contract_27_square_foot_studio_chevy_chase_bungalow/1829


  1. former Georgetowner said at 5:49 pm on Tuesday March 2, 2010:

    Re: the Adams Morgan investor special. 

    What kind of person with $78K in cash would want to live in a studio? 

    Or what kind of “investor” would put $78K on a property that would generate no income?  There are no pictures, but assuming that this studio rents for $1500 a month, this would mean that the investor wold actually have negative cash flow.

    Assuming 2% on $78K in a savings account:
    that’s $130 month in opportunity cost
    $50/month for property management (WAG)
    $100/month for upkeep

    That would mean that landlord would be spending $1580 a month.  So he would be losing money.

    He could just keep his $78K, sit on his ass, and make more than that.

  1. Janson said at 6:01 pm on Tuesday March 2, 2010:

    Great set of listings. The market sure looks strong for good properties. I went by the 1822 15th st unit and am impressed that it got the asking price - I didn’t think it would go that fast. Thanks for listing

  1. LaszloB said at 3:54 pm on Wednesday March 3, 2010:

    I understand the tenant in the Adams Morgan unit is paying under market at $1,000 per month.

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