Highlight of the Week
Highlight of the Week:
Two-Bedroom Energy Saver in Columbia Heights
Price: $675,000 — $375 per square foot
Living Room at 1322 Fairmont
There are four condos in the Fairmont Row condominium complex in Columbia Heights. The two units on the top floor were on the market for less than a week before they went to contract. A third unit has yet to be listed. The last condo is profiled in this article, but with the way things are going, it will not be on the market long.
This 1,800 square-foot, two-bedroom duplex is brand new from top to bottom, and everything in the property is aimed at saving the owner money on utilities. The dishwashers use less water and less energy than traditional models, the spray-foam insulation results in monthly energy savings of up to 50 percent versus a house built to code and even the toilets use less water to flush down your…waste.
Specifics
Unit A is on the bottom two floors of the four-unit complex. The main floor consists of a moderate-sized room in front that would work as a dining room, a kitchen and half bath in the middle, and a large living area in the back that leads out to a small deck. The kitchen looks out into the living room, and the counter curves into an island that can fit three stools. The living room has a gas fireplace and double doors that lead out to the covered deck.
Both bedrooms are on the lower level, one in the front and one in the back. The back room is far more private and while it is not the easiest way to get there, you can climb out of the room’s window to get to a second terrace. The front bedroom has its own entrance, a nice feature if you plan on renting it out at some point. Not only do both bedrooms have their own bathrooms, but each has a walk-in closet. There is also a storage room and washer/dryer in between the rooms.
A parking space in the back of the complex can be purchased along with the unit for $35,000. The property also comes equipped with a security system, central A/C and is wired for cable and internet.
How Does This Property Stack Up In The Area?
For new construction, 1322 Fairmont compares favorably to similarly priced units in Columbia Heights. A two-bedroom unit at the new condo development Kenyon Square is currently on the market at the same price and here is how they stack up:
| 1322 Fairmont Street, Unit A | 1390 Kenyon Street NW, #721 | |
|---|---|---|
| Square Footage | 1,750 | 1,111 |
| Number of Bedrooms | Two | Two |
| Parking Situation | Space Available for $35,000 | Two-Car Tandem Garage |
| Patio/Back Yard | Small Back Terrace | Communal Roof Terrace |
| Laundry | Yes | Yes |
| Condo Fees | $251/month | $471/month |
Dining Room
Who Should Buy This Property?
The property taxes come out to an estimated $5,500 for the year and the monthly condo fee (which includes water and trash removal) is $251. If the buyer can put down 15 percent or right around 100 grand, and locks in a 6.6 percent interest rate on a loan over a thirty-year period, the total monthly payments come out to $4,391.
So, with these numbers who should be buying?
We would venture to say that, because the way the rooms are oriented, this is not a property that would be fitting for a family with one or two children. However, it may be perfect for either a couple with enough money for the down payment and modest incomes that total around $150,000 a year or a young professional with a similarly high income. The great thing about this property is that there are no restrictions on subletting the rooms. So, the owner could knock anywhere between $1,100 and $1,300 off the price if they decide to rent out the front bedroom.
Kitchen
Parking & Transportation
The property is four blocks south of the Columbia Heights Metro and about five blocks west of the U Street Metro both of which are on the Green and Yellow lines. “Because this is not a cut-through street to NE, it has remained very quiet as other area streets have gotten noisier,“ listing broker Linda Low told UrbanTurf.
A parking space with an automatic door is available with the unit for a one-time payment of $35,000 and a monthly fee of $10.46. If that is a little too steep in addition to the property price tag, you can take your chances with street parking which is relatively easy to find right now, but that could change as Columbia Heights becomes a more popular destination for home buyers.
Quick Answers
Closest Grocery Stores — There is a Target Store at 3100 14th Street, about a five-minute walk from the condo that has become a weekend destination for DC residents. There is also a Giant Food at 1345 Park Road that is a slightly longer walk.
Closest Gym — There is a Washington Sports Club at 3100 14th Street, the same complex that houses the Target.
How Long Has The Property Been on the Market? — Originally listed around May 1, 2008
Photos & Resources
- Listing for this property
- Listing Broker: Linda Low of Long & Foster
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